3 Practice management trends that will move your firm full-speed ahead

Keeping your firm running smoothly is like keeping a car fine-tuned. That is, if the tires are flat, it doesn’t matter how powerful the engine is—you’re not going anywhere. For optimal operations, streamlining three specific areas of practice management can help ensure you’re firing on all cylinders. Although paper timesheets and hourly billing are tried-and-true in accounting firms, there are more modern practice management trends that may be more efficient. Improving your firm’s timekeeping, billing and invoicing, and contact management will get your firm in gear for peak performance.

Integrated Timekeeping

There are a plethora of technological timekeeping solutions on the market. But if the one you choose doesn’t have both functionality and flexibility, it’s difficult for your staff to use the tool to its best advantage—or to remember to use it at all. Look for a solution with automated timers within the software, the ability to capture detailed client notes, and a mobile-friendly interface to simplify timekeeping on the go.

Flexible Billing & Invoicing

Once your firm is efficiently tracking time, the next step is to actually bill for it in a timely manner. Whether you’re using billable time or value billing, a flexible approach can be beneficial for both you and your clients. With billable time, for example, having a place to keep detailed notes right where you’re tracking time helps you provide an accurate invoice. This in turn builds trust and transparency with clients. If your firm value billing, it’s essential that clients understand the value they are receiving from your services. A flexible solution allows you to build benchmarks from historical timekeeping data. And then you can adjust prices when necessary based on current and ongoing data.

Managing Client Information

In modern accounting firms, there is no shortage of data. Invoices, timekeeping notes, and archived work files all hold parts of the overall story. But without a plan to leverage the information you need to meet your goals, how valuable is it? Centralized data is easier to access and easier to understand thanks to real-time dashboards and data visualizations. And all of these features help you identify opportunities for growth.

For more ways to incorporate practice management trends into your firm operations, download the “3 Points to Fine‑Tune for Peak Firm Performance” ebook.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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