Although most of the working world puts up a good front, the fact is that most businesses struggle to implement processes that provide structure without compromising efficiency. Accounting firms in particular struggle with managing projects without the project management itself bogging up the workflow.
However, if your profits (and your sanity) are suffering from this phenomenon, modern solutions exist which can turn your office into a well-oiled machine. Time and billing software for accountants can perform many tasks automatically, drastically reducing the need for project management and increasing office efficiency. Below are some ways CPA time and billing software can help refine your workflow.
Minimize Time & Billing Errors
Invoicing errors are all too common in the accounting industry, even though you’d think they wouldn’t be. Time and billing software minimizes the risk of error by automatically compiling costs and quotes, tracking billable time, and generating invoices from other saved information. This reduces the number of steps in creating an accurate invoice, thereby reducing the chance for human error.
Process Data Easily and Accurately
Most popular spreadsheet programs require the user to enter formulas and equations. While some formulas are pretty basic, others are difficult to apply correctly. If a formula is entered incorrectly, the spreadsheet program cannot tell you what the problem is, and the user is forced to stop their workflow in order to diagnose the problem. With CPA time and billing software, the software performs the math without any equations necessary. It can also integrate with popular tax software like Quickbooks, which are more reliable and customized to accounting tasks. Finally, if there are any problems, the user is usually able to call a customer support desk to resolve the issue.
Improve Your Client Relationship Management
Time and billing software for accountants doesn’t just improve your time entry process, or your billing efficiency, although these are the main benefits. It also helps improve your client relationship management, as well. Since invoicing errors can cause mistrust and confusion between you and your clients, a tool that reduces the chance of error improves the trust between your staff and your clients. Another factor to consider is that time and billing software allows you to provide clients with a modern, high-quality service. Using practice management technology that’s modern, multi-functional, and built specifically for accounting firms doesn’t just streamline your internal efficiency; the client receives a better product, faster, with less hassle. They might not know exactly why they are receiving these benefits, but they will feel the positive impact.
Automate Client Payments
Now that we are entering a brand new decade, automatic billing technology is no longer really optional. Clients expect to be able to pay their bills online with a few clicks. The good news is, most time and billing software for accountants comes with an automatic payment portal feature, so there is no need to pay extra for an additional tool; your firm can simply use the same software it uses to track time and create invoices. If your clients can automatically pay their bills with a few clicks, you’re far more likely to get paid on time. That’s great news for CPAs with “problem clients” who always seem to forget to pay their bills!
Maximize Your Firm’s Profitability with ImagineTime
Say goodbye to spreadsheets, sticky notes, and the backs of receipts. ImagineTime’s time and billing software for accountants helps individual accountants and entire CPA firms track their time efficiently and accurately, so you can work more efficiently and boost your bottom line. To see our products in action, request a free, no-commitment demo by filling out our easy contact form.