It sounds like a facetious question, but we’re consistently talking about the importance of practice management and supporting technology like it’s a given.
In reality, there is no one right way to set up your practice management software, particularly if you’re a smaller or newer firm, so we’re here to show you why practice management matters and why it’s the bedrock of all other efficiencies within your firm.
Setting definitions
First of all, what do we mean by practice management?
We speak about it in relation to software. Practice management solutions are pieces of software, like CCH or Xero or Karbon, that help you to track and complete the tasks which relate to your practice or firm.
Examples of these tasks include:
- Tracking incoming and outgoing payments
- Invoicing
- Storing accurate data
- Generating reports
- Managing to-do lists
- Booking and managing appointments
Where the magic happens
The real feather in the cap of practice management software is the array of integrations and apps which are available to help you build a bespoke solution.
This is what takes your software from a generic product to a tailored solution. It’s also where we come in.
As accountants ourselves, we understand the difficulty that comes with building the set-up that’s exactly right for your practice.
Incorporating practice management principles and tools into accounting practices is proven to significantly improve efficiency, accuracy, and client satisfaction, ultimately leading to better business outcomes.
In today’s competitive market, it’s important to have proper practice management in place for accounting firms to thrive, otherwise you may risk falling behind competitors.
At Summa Tech, we provide cutting-edge innovative software that enables firms to plug the gaps in their practice management systems and are also happy to assist and consult on what works best for you and your firm.
Benefits of practice management software
Practice management software can be crucial for modern accounting firms to improve their overall productivity. It comes with several advantages:
- Improved organisation – Practice management software helps in organising client data, tasks and deadlines all in one system, reducing the risk of manual errors and tasks being missed. Ultimately streamlining the workflow.
- Enhanced client engagement – Accounting firms can enhance client communication via secure portals and automated reminders. This will save time and also encourage engagement with the client, leading to better relationships.
- Automation feature – When used correctly, automation features can be a time-saving asset. You can automate anything from invoices be sent and paid to document sharing and approval, providing additional time for your team to focus on other tasks.
- Improved data security and compliance – Practice management solutions can provide security features to protect sensitive client data from breaches and ensure you abide by industry regulations and standards.
- Encourage collaboration – By incorporating these tools into your business it can improve the way your team work together, particularly if they work from different locations, as it allows your team to share access to files securely and provide real-time updates to tasks.
Practice management solutions can be a game-changer for your firm, no matter the size of your company. However, it can be particularly useful if you have plans to grow your company, as some of the practice management tools are equipped to handle large volumes of clients and tasks. It allows firms to manage increased workloads without compromising quality or efficiency.
If you would like to find out more about practice management and how your firm can use it to enhance your proficiency, please get in touch today.