Time is money. It’s a longstanding adage because… well, it’s true. It’s also true that tracking time to use for client billing and estimating projects is essential. However, if that’s all your practice management system can do, you’re missing a big piece of the puzzle.
In a survey conducted by Accounting Today on behalf of Wolters Kluwer, nearly three-quarters (71%) of firms reported implementing some version of a practice management solution. But if the solution you choose is limited to time and billing functions, it can’t help you improve project tracking and management, which are key to reaching your strategic goals.
A modern practice management system should support your growth goals by making project management more efficient, streamlining processes, and providing data to help the firm make more informed decisions about everything from staffing to customer service.
As with most solutions, when things are working smoothly internally, the right system also helps enhance customer service and client satisfaction.
What to look for in a practice management solution
So how do you select a practice management solution to do all that? The right choice should:
- Simplify client billing with flexible, built-in functionality that allows you to bill the way that works best for your firm—hourly, fixed-fee, project-based, or progress-based
- Support electronic payments in a way that they can easily be imported in batches or automatically appear directly in your A/R system
- Track time automatically for every task in today’s work anywhere, anytime environment
- Store data in a centralized manner to support near real-time dashboards and KPI reporting
- Give you a clear view of who’s working on what and how long each project takes
- Help your staff gain capacity by taking mundane administrative tasks off their plate
Adding a tool like CCH Axcess™ Practice to your tech stack allows your firm to not only track time and invoice accurately and efficiently but also helps you analyze profitability, improve agility, and increase customer satisfaction.
Find other ways to leverage technology to reach your strategic goals in our White Paper, “Building Your Small Firm’s Ideal Tech Stack.”
