From XU Magazine, 
Issue 34

What’s the right practice management software for your firm?

7 steps to implementing the right technology approach

If you’re looking for practice management software, what are some of the critical considerations to assess, to ensure you’re choosing the right software for your firm’s unique needs?
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
You can find the original post here:

Practice management software brings together the people, process and technology that drive an accounting firm forward.

Choosing the right practice management solution is critical to gaining a competitive edge. More than ever firms are under pressure to manage profit margins, resource planning, shortage of talent, and the increasing demands of clients. Firms must focus on enhancing their practice management capabilities or growth might multiply current problems and make it is almost impossible to meet changing client behaviours and expectations.

In this article and follow up guide, we share some insights to help you decide on the right practice management technology approach for your firm.

What is practice management software for accounting firms

Practice management software enables accounting firms to organise and manage their front- and back-office operations.

  • streamline the running of their practice
  • automate tasks and data flows
  • assign, track and collaborate on jobs and tasks
  • provide powerful real-time insights.

With firms dealing with hundreds, even thousands of tasks across the business, a practice management system keeps everything organised and everyone on the same page.

Practice management for accounting will continue to adapt rapidly in response to the growing focus on digital transformation. The pandemic lockdowns and remote working have only accelerated its use across the world. Many firms moved to the cloud during the pandemic, which meant that even with team members working remotely – accounting firms could easily organise and track jobs, manage tasks, maximise resource utilisation and billable hours and ultimately margins.

To achieve the maximum benefits, your practice management software needs to enable maximum efficiency. Spending most of your time and energy on urgent organisational demands at the cost of strategic objectives hinders your ability to grow your client base or focus your team on higher value work.

In the case of Australian accounting firm, Hartmann-Cox, a good practice management system was the critical factor in being able to take on the additional workload during the global pandemic – without taking on additional staff. For New Zealand firm Inspired Accountants, the resource planning functionality in their practice management software alone has saved 96 hours per year – time which could be better utilised on billable work.

When choosing an accounting practice management solution the question has to be: what solution will help me manage my firm and gain the competitive advantage I need? When you know where you want to take your firm you can determine your practice management software needs.

Seven steps to choosing the right software

There are multiple factors that go into your decision-making process before investing in practice management software and many factors to assess, such as:

  • Cloud-based model
  • Managing data securely
  • Supporting intelligent practice workflows
  • Enabling virtual growth and client communications
  • Software integrations with other tools
  • Visibility over your practice
  • Support available
  • Cost vs value

We have developed this complimentary guide to help you develop the right technology approach in choosing the right practice management software for your firm and support your purchasing journey.

Wolters Kluwer is a leader in guiding accounting and tax firms through digital transformation. Across Asia Pacific, Wolters Kluwer inspires productivity, innovation and collaboration through CCH iFirm solutions.

CCH iFirm is a unified cloud-based platform providing an integrated software suite designed specifically for accountants.

The CCH iFirm suite helps accounting firms run and grow their practice through deeply integrated modules, increasing automation and productivity. The solutions include: Practice Manager, Cloud Tax (for ATO or IR lodgments), Intranet, Client Portal, Document Manager, CRM, Digital Signatures, Workflow Automation, Reporting, and much more.

Download this complimentary eBook guide

Why leave it there?

To download our complimentary guide: “7 steps to choosing the right practice management software”

Straight to your inbox

Subscribe to our newsletter for updates as they happen
We hate spam too. We NEVER sell our mailing list.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.