As digital transformation continues to reshape the accounting industry, accounting firms are on the lookout for tools that can help them do more with less.
Most manual accounting can now be automated by cloud-based software such as QuickBooks Online and Xero. But what about the operational side of things? This is where practice management software comes in.
Accounting practice management software combines all the tools you need to run a highly efficient accounting practice. In this article, we’ll provide some valuable tips for adopting practice management software effectively.
Why your firm needs accounting practice management software
Accounting practice management transforms the way firms operate by providing a central hub for their workflows, tools, and data. Accounting businesses that adopt it can unlock powerful benefits:
- Automated workflows: 39% of accountants spend more than half their day on manual tasks. Practice management software automates these tasks, enabling your team to bring real value to your firm.
- Improved scalability: With entire workflows running on autopilot, you can take on more clients and scale your business without needing to grow your team.
- Enhanced collaboration: Practice management software provides a central platform for team collaboration and task management. This improves transparency and accountability, ensuring that everyone stays aligned and productive.
- Improved client experience: A 5% increase in client retention can increase your firm’s profitability by 75%. With automated communication, client portals, and mobile apps, practice management software provides a slick, digital experience for your clients.
- Consolidated tech stack: With multiple tools and capabilities, you can replace multiple standalone apps with a single unified platform. This improves efficiency and saves you money.
Preparing your team for new software implementation
While the benefits of adopting practice management software are huge, making the switch can be challenging for staff. The key to successful implementation is careful planning and preparation. Here are some key steps to follow:
- Engage your team early: Explain the upcoming changes to staff well before they take place. This will help set expectations and avoid unwanted surprises.
- Communicate the benefits: To get buy-in from your team, you’ll need to communicate how it will make their lives easier and their work more productive.
- Evaluate current workflows: With your team, analyze your current processes to identify bottlenecks and inefficiencies that can be solved or automated using practice management software.
- Set clear goals: Work with accountants to define what you want to achieve using the new software — e.g. reducing time spent on administrative tasks, improving client communication, or growing your client base.
- Create a timeline: Create a detailed implementation roadmap that shows key milestones for team onboarding, training, and testing. Communicate this timeline with your staff.
Effective training techniques for smooth software transition
Effective training is crucial to the successful adoption of new tools. If your team doesn’t know how to maximize the value of your software, you’ll fail to capture ROI. Here are some practical tips for getting your team up to speed on your new practice management software:
- Tailor training by role: To ensure that training is highly relevant, provide sessions that are tailored to different roles, user needs, and levels of seniority
- Leverage vendor resources: Take advantage of any training materials your software provider offers, including courses, webinars, and help articles.
- Provide hands-on experience: Allow your staff to practice using the software in a test environment before full deployment.
- Appoint software champions: Identify tech-savvy power users who your staff can turn to if they have any issues.
- Encourage continuous learning: Schedule follow-up training sessions to cover advanced features or the latest software updates.
Overcoming common challenges in software adoption
Switching to new software can be fraught with potential challenges. In this section, we’ll look at three of the most common ones — and how you can overcome them:
- Resistance to change: Accountants may be reluctant to move away from systems and processes they know. The key to overcoming this issue is communication. By explaining how the new software will benefit your team on a day-to-day basis, they’ll be motivated to make the change.
- Technical issues: Deploying new software can be a challenge from a technical perspective — especially for smaller firms without in-house expertise. Work with your software provider’s support team to resolve any issues quickly.
- Low adoption rates: By monitoring usage data, you can identify users who need additional support, as well as specific features that are slow to be adopted. You can then tailor your training to resolve any issues that are holding staff back from full adoption.
Tips for maximizing the ROI of your accounting software
You can invest in the best software available, but its true value depends on how effectively you utilize it. Here are some tips to ensure that you’re getting the most out of your new practice management system.
- Work with your software provider to migrate data, set up workflows, and configure settings
- Track key performance metrics to understand the impact the software is having
- Gather feedback from users and clients to understand what’s working and what isn’t
- Deliver training sessions that cover product updates and changing trends
- Make the most of advanced features, such as workflow automation and analytics
Conclusion
Practice management software is a genuine game-changer for accounting firms. By consolidating all your tools in one centralized hub, you can unlock new levels of efficiency and quality. At the same time, you can deliver an incredible client experience.
Implementing new technology is full of challenges. But with careful planning and forethought, you can ensure a smooth, hassle-free transition. The tips we’ve outlined in this guide will certainly help.