Most accounting practices will tell you the importance of having the ideal practice management solution. The right accounting practice management software can be the liJanlood of an accounting practice. After all, it’s the heart of the operations: responsible for ensuring business processes run smoothly; and workflows are optimized.
Accounting practices are often hesitant to upgrade or review their existing practice management solution. That’s because replacing your practice management solution can be time-consuming. In addition, you also have to consider costs. However, more importantly, training staff to become familiar with a new practice management solution can be particularly challenging. As a result, most accounting practices view replacing an existing accounting practice management solution as impractical.
Meta: Accounting practice management solutions, like any software applications, can become outdated. Here’s a blog listing some signs you need to review your existing practice management solution.
However, the reality is that in today’s rapidly evolving world, you’ll need an accounting practice management solution that’s modern and constantly improving.

Signs You Need to Review Your Practice Management Solution

Here are some signs you need to review your practice management solution. They include:

Poor Access to Data and Insights

Having access to data and insights is crucial. You might already gather significant amounts of data using your existing practice management solution. However, does your existing solution enable you to access data easily? If the answer’s no, you’ll need to review your practice management solution. If your team members and other stakeholders can’t access data easily, they’ll struggle to generate any beneficial insights from it.
Ideally, you want an accounting practice management solution that helps you track client status and employee assignments. Accountant Workspace’s intelligent analytics feature enables you to track client acquisition, retention, and attrition. In addition, it also helps you monitor employee assignments.

Data Duplication

Data duplication is a significant problem. If you have multiple team members entering similar data, you’ve got a problem. For starters, productivity falls because employees are wasting time doing similar processes. In addition, data duplication increases the odds of human errors. You’ll want an accounting practice management software that eliminates the need to enter data manually. Accounting practice management solutions exist to automate workflows and streamline business processes. If your existing solution isn’t fulfilling those requirements, you’ll be better off exploring other options.

Manual Periodic Reporting

Accounting practices have periodic reporting of financial statements and tax filings. Most accounting practices handle tax filings at the end of the year. However, depending on the client’s requirements, you might need to prepare quarterly financial statements. If you have to prepare your quarterly or annual financial statements manually, you’ve got a problem. Your existing accounting practice solution isn’t fulfilling your needs. You’ll need new practice management software.

Goal Tracking for Team Members

Ideally, your existing practice management solution should provide real-time visibility for employee assignments. Doing so helps both you and your employees keep track of their goals and whether they’re meeting them. Likewise, your existing solution should also showcase similar visibility for your accounting firm’s goals.

Job and Budget Visibility

Meta: Accounting practice management solutions, like any software applications, can become outdated. Here’s a blog listing some signs you need to review your existing practice management solution.
Does your existing practice management solution provide access to a client’s existing status? If not, consider reviewing and replacing it. Ideally, your practice management software should show you an individual client’s job progress. You’ll want to view the team member working on the project and how the project is faring.

Team Capacity and Workload

Your existing solution should provide you with a bird’ eye view of your team’s projects. Moreover, it should show each team member’s workload and overall capacity.

Consider Upgrading to Accountant Workspace

Accountant Workspace is a cloud-based practice management platform designed by experienced CPAs for tax professionals.
If you’re seeking practice management software that could change your business, consider Accountant Workspace. You can view the platform’s full features list here
Visit our website for more information. Alternatively, contact us to learn more. We’re currently providing free access to our accounting firm management software for the first three months.