March 1, 2021 Wolters Kluwer Tax and Accounting
Keeping your firm running smoothly is like keeping a car fine-tuned. That is, if the tires are flat, it doesn’t matter how powerful the engine is—you’re not going anywhere. For optimal operations, streamlining three specific areas of practice management can help ensure you’re firing on all cylinders. Although paper timesheets and hourly billing are tried-and-true in accounting firms, there are more modern practice management trends that may be more efficient. Improving your firm’s timekeeping, billing and invoicing, and contact management will get your firm in gear for peak performance -
There are a plethora of technological timekeeping solutions on the market. But if the one you choose doesn’t have both functionality and flexibility, it’s difficult for your staff to use the tool to its best advantage—or to remember to use it at all. Look for a solution with automated timers within the software, the ability to capture detailed client notes, and a mobile-friendly interface to simplify timekeeping on the go.
Flexible Billing & Invoicing
Once your firm is efficiently tracking time, the next step is to actually bill for it in a timely manner. Whether you’re using billable time or value billing, a flexible approach can be beneficial for both you and your clients. With billable time, for example, having a place to keep detailed notes right where you’re tracking time helps you provide an accurate invoice. This in turn builds trust and transparency with your clients. If your firm value billing, it’s essential that clients understand the value they are receiving from your services. A flexible solution allows you to build benchmarks from historical timekeeping data. And then you can adjust prices when necessary based on current and ongoing data.
Managing Client Information
In modern accounting firms, there is no shortage of data. Invoices, timekeeping notes, and archived work files all hold parts of the overall story. But without a plan to leverage the information you need to meet your goals, how valuable is it? Centralised data is easier to access and easier to understand thanks to real-time dashboards and data visualisations. And all of these features help you identify opportunities for growth.
For more ways to incorporate practice management trends into your firm operations, download the “3 Points to Fine Tune for Peak Firm Performance” ebook.