Accounting practice management software

Streamline your accounting firm processes from client management to revenue recognition without missing any billable minute.

Accounting firms and CPAs

It’s all about clients and matters

Tracking all business-related client activities, and relationships within the accounting practice management software helps ensure ONE single source of truth. An integrated KYC check caters for seamless compliance.

Time entry is a challenge since accountants usually work on multiple engagements simultaneously, mainly on minute-wise intervals which need to be registered. A time tracker that requires minimal clicks is key for not missing time spent on engagements. Long descriptions often require a different way of viewing and editing. Predefined descriptions and description rules are an effective approach to standardise and quality-assure time descriptions, while minimising the time required to create value-adding texts. ​

Invoicing is often done in a collaborative workflow process where the amount to be invoiced usually needs to be re-evaluated and distributed between resources based on their contributions to the engagement.​ Packaged services, subscription billing, time & material billing, scheduled billings, and excess fee billing are common billing practices. Regardless of the invoicing method you use, you need an easy and structured way to monitor progress and execute invoicing in a step-by-step process with full traceability.

Ready to scale your accounting firm or CPA with accounting practice management software?

Centralised client management in ONE single accounting practice management software instead of split manual processes. Get a complete picture of your client business-related activities in one place. From the client onboarding to the ongoing due diligence, as an integral part of your client management, ensure key client data is centrally captured with full traceability for reporting.

Client intake made easy. Designed to integrate with any KYC check software, or for manual processing. ​

Manage business relationships, and generate client insights.

Quick and easy matter setup in less than a minute. Creating a matter is time-consuming and cannot be done without an approval process related to Know-Your-Client.     ​

Matter creation as simple as ABC, done by anyone. Not only is creating a matter time-consuming, but it also usually requires support from the Finance team. There’re several things that need to be considered such as the task structure, pricing, client and matter acquirers, deadlines, and associations, but Finance should be able to focus on their core responsibilities.

Register time spent on clients using the time tracker regardless of how many assignments you are working on.

Having a time tracker that is easy to use and requires minimal clicks is essential to ensure that accountants are accurately tracking their time spent on different matters.​​ Quickly and easily log time up to the second.

Update timesheets with booked tasks in just one click. Never miss time entries again! Easily capture and record time as work is completed with automatically generated time records. No matter how many parallel assignments lawyers have been working on. ​​

Alternatively, input time directly in Outlook to submit the completed assignments or rather receive briefing emails with the current timesheet status for effortless review and prompt submission.      ​​

Finally, provide a more detailed account of the work performed by using pre-defined descriptions and description rules for your invoice specifications.

Streamline value-based invoicing in a standardised collaborative process. Billing matters often involves manual processes such as manual data entry making it time-consuming and prone to error. Free up resources that could otherwise be spent on billable client work.    ​

Employing diverse billing strategies such as packaged services, subscription billing, time & material billing, scheduled billings, and excess fee billing is a customary practice. Irrespective of the chosen invoicing method, it’s crucial to have a systematic and structured approach for monitoring progress and executing invoicing, ensuring full traceability.

Pre-defined descriptions, and approvals for more straightforward invoicing to ensure quality assurance. Thus, reduce the time span you now use for manually controlling and adjusting the extensive number of entries and long descriptions.   ​

Pro-rated calculation and re-evaluation based on performance. Apart from invoicing matters according to time and expense entry, sometimes you need to adjust the invoiced amount. The resulting amount has to be distributed among the contributing resources while ensuring that each resource is billed correctly for the time and effort they have put into a matter.​

Finally, calculate WIP and post it to G/L in a click for correct income statement. Get a detailed WIP report for full audit trail.   

Full access to detailed and trustful data from ONE source. Working with different systems or even with bridging Excel spreadsheets means that your accounting practice data is spread all over. This makes it almost impossible to have an overall view and identify areas of improvement to help you streamline your operations.  ​

Multiple on-demand drill-down data visualisation options for better analytics and reporting. With Power BI, get as many dashboards as you need to get full business insights into your accounting firm or CPA.

Matters
Profitability
Sales
Clients​
Engagement
Profitability
Fee earners
Performance
Commissions
Practice-wide
Lock up
WIP
Debtors

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FAQs

An accounting practice management software is designed specifically for use by acounting firms and CPAs. On the one hand, it is used to manage and automate various aspects of the accounting practice, such as client management, billing and invoicing. On the other hand, this software can also be integrated with other tools like document management, KYC software, etc. It helps in streamlining the workflow and in managing the accounting firm more efficiently. ​

Basically, automation frees up time for accountants for completing billable tasks. Automation can help you streamline repetitive tasks reducing the amount of time and effort required to complete them. Automation can also help reduce data errors and compliance risks that may occur when done manually. By eliminating Excel spreadsheets and outdated accounting software, you can get more done in less time. This can help your accounting firm be more efficient in terms of time and costs.  ​

Implementing an accounting practice management software that will help you automate repetitive tasks such as matter setup, client management, matter invoicing, etc.

With a cloud-based accounting software, you can access your data and applications from anywhere and from any device with an internet connection, allowing your team to work remotely. Additionally, they are highly scalable, which means that they can easily accommodate changes in the size and needs of your accounting firm. On top of that, cloud-based business management systems are automatically updated and backed up, so that your data is safe and secure. Last but not least, cloud-based software is often more cost-effective than on-premises solutions.

The cost of a subscription-based accounting practice management software can vary depending on a number of factors, such as the features and functionality included, the number of users, and the pricing model. Having said that, a subscription-based model (SaaS- Software as a service) can cost anywhere from a few euros per user per month to several hundred depending on the features and functionality. ​

The client intake in an accounting firm is the process of obtaining and collecting information from a potential client and determining whether to take on the client’s engagement. With pryme Matters you can manage the full client journey from intake through invoice to reporting and analytics.​ In the end, automated client intake will help your accounting firm be more efficient through eliminating manual data entry.

In the context of accounting firms, KYC stands for “Know your client”. That’s to say, a KYC check refers to the process of verifying and understanding the identity, background, and financial dealings of a client. Thus, a KYC check helps mitigate the risk of fraudulent activities and ensures that the accounting firm is engaging with legitimate clients.

KYC stands for “Know Your Client” and refers to the process of verifying the identity of a client. Consequently, KYC software is designed to assist you by automating the collection and verification of client information. ​

Firstly, in order to bill their clients accurately and efficiently fee earners typically track their time. There are several ways that fee earners can track their time such as manual time entries, standalone time tracking software or apps, or built-in time trackers within the accounting practice management software, being the latter the most efficient one when integrated within the accounting system.

The accounting industry widely accepts billing in 6-minute increments, also known as six-minute units. This practice is believed to have originated in the late 19th century. Since 6 minutes is considered a “round” number, it was an easy way to divide time spent on matters or engagements. Now it allows to bill for smaller amounts of time, which can be beneficial when working on matters that require a lot of small but important steps. Instead of manually recording time, an accounting practice management software like pryme Matters will help you seamlessly bill up to the minute. ​

A variety of business insights can measure the performance of your accounting firm or CPA. A few examples: productivity, debtor day, WIP days, lock up (WIP+debtors)…

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