CA firms around the world are migrating to practice management software for conducting everyday operations. Like any technological advancement, the main implication of practice management software is an instant upward swing in efficiency, a benefit that everyone wants. Apart from this very obvious reason, practice management software benefits a CA firm in the following ways.
Data is what a CA firm thrives on; accuracy, availability, and accessibility of relevant data makes processes smooth. Robust practice management software has features for data storage, retrieval, and security. Additionally a cloud based storage support ensures that data can be accessed from anywhere at any time.
One of the primary practice management software benefits is effective task management. A regular day in a CA firm has a multitude of tasks that range in terms of priority. More often than not, tasks that are of high priority and high visibility get attended to immediately. In the rush of doing things needed for such tasks, seemingly routine tasks get postponed until they become an emergency too. Task management features of a well designed software ensure that attention on all tasks is constant.
The end goal of any activity in a CA firm is client satisfaction like any other entity operating in professional services. Since the parity of activities in a CA firm is of a wide variety, seamless and crystal clear communication with a client is important. A common scenario is acquiring information from client. As a task, it is ideally a 10 min job. However, in the real world it can span anywhere between 10 minutes to 10 days to 10 months. Having the tenacity to remind and collect information from client is an art in itself. The implications of practice management software on client communication are system based reminders, confirmations, and updates that lead to crystal clear communication.
Working in isolation is passé. It is time for collaboration. This is applicable to individuals, teams both small and large and organizations. Practice management software allows for collaboration on tasks, a job, or a project based on the way information is fed. Since cloud based data storage is a feature of good quality practice management software, teams can collaborate remotely to accomplish a task.
Report making for different stakeholders periodically is a routine task in a CA firm. The report can be related to the status of a particular job across all clients, for instance Income Tax returns, pending information, incomplete documentation and so on. One of the key practice management software benefits is that reports can be drawn from the software with filter values. They can be made available in multiple formats like a spreadsheet, word document, or a PDF file. These reports provide a bird’s eye view to top management aiding quick decision making.
The intellect of a human being is very powerful. It is the discerning factor that makes for good or bad decisions. A clouded intellect can mar the clarity of understanding leading to bad decisions. Practice management software takes over routine tasks thereby reducing cognitive workload for a human resource. Since the software takes over operational areas of work, the human potential of a CA firm can be directed towards enhancement of operations, various office functions, understanding deeper details of a clients business vis a vis a policy change. In short, collective intellect of a human resource is used optimally.
According to many studies on efficient office practices, automation of operational activities results in increased productivity. As discussed in the above mentioned points, when all these elements are incorporated in an everyday work life in a CA firm, productivity can only go one way – high up.
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