3 key points to consider when selecting new software\u00a0<\/h3>\n
Practice management software can be a game-changer for busy accounting practices, helping streamline processes, automate manual work and even change the way you interact with clients. But with hundreds of accounting apps and solutions out there, it\u2019s not always easy to find the right practice management solution \u2014 or solutions \u2014 for your practice.<\/p>\n
How do you sift through the options and find technology that fits your needs? While price, capacity and integrations will be factors, along with things like support services and region-specific tools, it\u2019s also crucial to consider how you will be using the software and the challenges it could help your practice solve.<\/p>\n
Here\u2019s a look at the challenges facing accounting practices \u2013 and key questions to ask when you\u2019re looking for solutions.<\/p>\n
Why the right practice management software is so important<\/h2>\n
Why is choosing the right practice management software particularly important for accounting practices? The software that fits your practice will give you a clear view of your day-to-day and set you up for future growth. Crucially, it should also help you save time on tedious manual work so you can focus on your clients. It\u2019s a shortcut to efficiency and smoother service delivery.<\/p>\n
Get it wrong, and you could end up with a software system that\u2019s not set up to meet those needs. This could mean a lack of capacity, which could stifle future growth, miss functionality, or reduce visibility across your practice. Down the line, this could lead to lost opportunities and dissatisfied clients. Worse, an unsuitable software system can be a major cost in both money and time, so it\u2019s important to get it right.<\/p>\n
While every accounting practice has its own set of challenges, there are some common challenges across the industry.<\/p>\n
Inefficient processes and workflows<\/h3>\n
Thanks to high client expectations and more self-service accounting options hitting the market, practices are under increasing pressure to maximise productivity and speed up operational workflows across teams. However unsuitable software, missing links in internal processes, and lack of integration can make this difficult.<\/p>\n
Lack of client engagement<\/h3>\n
Client engagement is another common issue for accounting practices. Practices may be able to deliver standard services but struggle to build strong relationships with clients or elevate client service above that level. Not only that, but practices that spend the bulk of their time on service delivery may not have the time available to engage with clients in a meaningful way.\u00a0 This can limit opportunities and growth in the long term. \u00a0<\/p>\n
Struggling to attract and retain talent<\/h3>\n
As the accounting workforce gets older and the sector evolves, building thriving, engaged teams is increasingly tough for some practices.\u00a0<\/p>\n The key to choosing the right practice management software is aligning functionality to your business challenges.<\/p>\n With common issues in mind, here are three questions to consider:\u00a0<\/p>\n Time-savings and increased productivity are two of the key promises of practice management software, but not all software delivers efficiency at the same level. Think about the specific ways potential practice management software will help you streamline processes and automate tasks in your practice.<\/p>\n This could include things like centralised job management, simpler client communication, expense and timesheet tracking, billing and reporting. It\u2019s also important to look at workflow functionality \u2014 can you create tasks and send action items to other team members through the platform? Can you connect all the parts of your invoicing and payment process?\u00a0\u00a0\u00a0<\/p>\n Building and maintaining client relationships is a crucial part of the job for accountants, so practice management software needs to support this goal. When you\u2019re shopping for a new system, look closely at client engagement functions like automated onboarding, built-in communication and collaboration tools. For example, some platforms let you send clients action items and automatic updates about tasks or projects.<\/p>\n Every accounting practice wants a thriving, loyal team. While your practice management software might seem unrelated to team satisfaction and loyalty, it actually can have a real impact. Smoother workflows save time for your employees, an intuitive UI means less time spent switching between tasks and dealing with software issues, and employee management tools can make life easier for everyone involved.<\/p>\n Looking for functional, flexible accounting solutions for your practice? Start with MYOB Practice solutions. MYOB Practice Management<\/a> and MYOB Practice Compliance, which includes the newly released Client Accounting<\/a>, is designed to empower your practice to accelerate workflows across teams and tasks, elevate client service delivery without increasing your workload, and give your people more time to focus on higher-value advisory work.<\/p>\n Here\u2019s what MYOB Practice solutions can do for your practice:<\/p>\n Do you have disconnected internal processes that slow down your service delivery? Client Accounting provides a direct data flow from your clients\u2019 software into online workpapers and financial statements, reducing manual handling and improving accuracy in your document preparation. Connected and automated, it\u2019s a win for your practice and your teams.<\/p>\n Want to add value for clients without adding extra work for your team? \u00a0<\/p>\n Automated client onboarding ensures that you capture all key details when a client starts working with your practice \u2014 making you look professional and tech-savvy at the same time. Secure document sharing through the client portal makes it easier to collaborate on work, check details, and get workpapers signed off promptly. You can also automate some client communication \u2014 for example, you might set up an email that\u2019s triggered when a client needs to upload financial details or sign a document.<\/p>\n Boost visibility and make it easier for your employees to collaborate with Client Accounting. The product simplifies the review process and offers complete transparency across document creation, with built-in progress tracking, side-by-side comparisons, audit trails, and messaging. It offers a smooth review process for managers and gives you a clear, traceable audit trail if needed.<\/p>\n Client Accounting streamlines the preparation and delivery of financial documentation, along with data collection, helping increase efficiency and simplify compliance. Standardised workpapers and financial statements are accessible in the cloud, supported by handy AI assistants. The result is consistent, high quality documentation without the same level of manual work.<\/p>\n You can also save time with AI-assisted ledger mapping, which transforms fragmented client data into a streamlined chart of accounts.<\/p>\n Client Accounting now includes workflows and standardised workpapers for company and trust structures<\/a>, with more structures rolling out soon.<\/p>\n Choosing\u00a0practice management software solutions involves finding a balance between your budget, integration needs, capacity requirements and business goals. <\/p>\n![\"Choosing](\"https:\/\/pulse-uploads.myob.com\/uploads\/2020\/06\/shutterstock_587671376-1024x366.jpg\")
<\/figure>\n3 considerations for practice management software selection<\/h2>\n
1. How will the software boost productivity?<\/h3>\n
2. Will the software help you improve client relationships? \u00a0<\/h3>\n
3. How will the practice management software help your teams thrive? \u00a0<\/h3>\n
How MYOB\u2019s practice solutions empower accounting practices<\/h2>\n
Boost internal processes and workflows with automation<\/h3>\n
Unlock more value for clients<\/h3>\n
Collaborate,track and review in the cloud<\/h3>\n
Standardise and simplify financial preparation<\/h3>\n
Your practice management wishlist<\/h2>\n