October 5, 2023
10 min read

8 Reasons Why Your CA Firm Needs a Practice Management Software

Header image

A streamlined and automated workflow is essential for accounting professionals as it improves client relationships, ensures timely payment, and boosts productivity by 30%.  

So, if you want to improve your client retention rates and get paid on time, investing in practice management software is a no-brainer. Good software can save you at least $100 per month/user, maximizing your ROI. 

Still not convinced? Continue reading to understand why your CA firm needs practice management software. 

1. Efficient Workflow Management

Modern practice management requires a project management app, workflow automation features, and analytics features. With software like Cone’s practice management software, you can get all these apps in one platform, that too, for free. 

Here’s how this benefits you:

  • Defining standardized workflows ensures respective stakeholders follow every step in the process consistently. Automation reduces the risk of errors and accelerates project completion.
  • Automating low-value and time-consuming tasks frees up time and resources for more strategic and high-value activities. This ultimately improves your productivity and bottom lines. 
  • Plus, you get comprehensive reports comprising insights to enhance your firm’s performance. This helps you make informed decisions, identify areas of improvement, and enhance the overall efficiency of your practice. 

2. Enhance Client Relation Management

Over 87% of clients expect better service levels without paying more! Trying to juggle these expectations without affecting your bottom lines might sound daunting. But it doesn’t have to be. 

Cone’s practice management solution for CAs allows you to use advanced client management features. You get features such as a custom-branded client portal, mobile app, and automatic compelling proposals generation — all in one platform: 

  • Give them a personalized experience with a branded app, ensuring they have a seamless and efficient experience with you.
  • Stay connected with your clients through mobile apps. The app also makes it easier for your clients to access important financial information and communicate with you easily. This can make your life easier; imagine not getting consistent phone calls during the season.
  • Being able to chat with your clients ensures issues are resolved in real-time. And if you’re not available, your clients will be redirected to email communication so you can get back to them at your convenience. 

3. Streamlined Knowledge Management

Knowledge and data are the foundation of your firm, so why have it lying around on pieces of paper or different software? 

Your practice management software can become your single source of truth: 

  • A centralized source of information allows you to track the status of every job. This improves visibility and coordination so that no task is overlooked.
  • Securely store, manage and share accounting documents and ensure that sensitive financial information is protected. It streamlines document-related tasks, reducing the risk of data breaches and ensuring compliance with confidentiality requirements.
  • Cone’s practice management software has a native PDF editor integrated into the software. So make necessary changes wherever you want, without downloading any software. 

4. Quick Client Onboarding

Customizable digital questionnaires simplify the client onboarding process. So, gather information quickly and easily, eliminating the need for clunky PDFs, generic organizers, and time-consuming back-and-forths. This speeds up the onboarding process, making it more efficient for both CAs and clients.

Plus, with the digital signature feature, getting clients’ signatures becomes quick and hassle-free.

5. Enhance Client Interaction

About 44% of business owners in the US feel their accountants are more reactive than proactive. A practice management solution solves a part of this problem by making communication quick, easy, and seamless: 

  • You can connect with your clients via WhatsApp without switching apps and never lose track of conversations. It helps you manage a strong client relationship while minimizing disruptions to your workflow. 
  • Use the ‘secure message’ feature to request data, reach out to clients, and remind them to complete tasks. This makes your workflow more efficient and enhances client management. 
  • Some practice management solution for CAs—like Cone's—comes with a feed feature. It is a centralized news feed of your firm’s activity. It gives you a consolidated view of client interactions, emails, secure messages, and task assignments. This makes it easier for you to stay updated and make informed decisions.

6. Streamline Email Management

An average professional spends over 2 hours on their email inbox. Now, if you have 2–3 inboxes like most people, you might be spending nearly 6 hours on email. There’s a better way to manage emails.

A practice management solution can sync your inboxes. Yes, it can reduce inbox clutter, and keep you on top of client problems. Clients responding to your email instead of your work email? The software takes care of it.

Plus, it integrates email into your workflows, eliminating inbox silos. It ensures all emails are organized within your practice management solution, improving your communication and efficiency.

7. Improve Team Management

Practice management software allows CAs to create and assign tasks to team members, set deadlines, and track progress. So you can ensure everyone is aware of their responsibilities and deadlines, reducing the chances of missing important dates.

Plus, you can streamline communication with your team and improve coordination. You can also align your team and hold them accountable or monitor their progress. This improves your efficiency and ensures timely completion of projects. 

8. Billing and Invoicing Efficiency

Practice management software for accounting professionals comes with an integrated invoicing and payment system. So, you can automatically create and share invoices.

This ensures you get timely payments from clients, without you having to chase them. This improves your cash flow and eliminates the time-consuming process of manual reconciliation. 

Plus, you can track your billable hours using the same system to increase your productivity. It ensures your billable hours are accurately recorded and invoiced, reducing revenue leakage. This eventually improves your firm's profitability and saves you time.

Ready to Future-proof Your Practice? 

92% of accountants feel they’re not future-ready with all the technology and automation coming in. While it’s fair to be skeptical, give yourself a chance to experience the wonders of automation by trying Cone’s practice management software for free. 

Plus, there’s no extensive learning curve that will hinder your day-to-day tasks or progress. So why wait? Sign up for free here.