The Importance of Practice Management Software for Accounting Firms

10th Jul 2019
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Practice management software is a tool that can help you manage and improve your firm’s efficiency. Ideally, such software should integrate seamlessly within your practice, be easy to navigate, and not cost a fortune.

This article highlights just why practice management software is so important for accounting firms, and how you can take advantage of it with Taxfiler.

Why does my practice need practice management software?

It’s no secret that accounting firms have plenty of deadlines to juggle when it comes to their clients and filing submissions.

Thanks to the UK’s infamously complex tax system, accountants need to keep on top of a multitude of different filing deadlines for their clients, whether they relate to monthly payroll submissions, quarterly Making Tax Digital for VAT returns, annual personal or corporate tax returns, or Companies House submissions, to name just a few.

Against this backdrop of competing client deadlines, it’s no wonder why more and more firms have turned to practice management software to help keep track of clients’ tasks and upcoming deliverables.

To give an example of how practice management software can help firms, let’s look at the process a firm would typically go through to prepare and submit a client’s corporation tax return (CT600).

In general, an accounting practice would take the following steps, from information-gathering to submission:

  • Review the client file, including the prior year tax return and accounts, noting any ongoing issues or carried forward amounts;
  • Send an information request to the client relating to the current year’s tax return;
  • Review the information received and ask any follow-up questions;
  • Prepare the corporation tax computation and return and send to the client for review;
  • Submit the computation, return, and supporting materials to HMRC before the relevant filing deadline.

Typically, the above steps take place over many months, and multiple members of a team might be involved at various stages of the process.

Without practice management software, it can become difficult keeping track of which team members are involved with that client, and what the status of the return preparation is.

However, with practice management software, a firm can keep digital track of the status of a particular task, as well as who’s assigned to that client. This not only lets firms manage their day-to-day workflow better, but it also helps ensure that no client tasks slip through the net.

Improve your practice’s efficiency with Taxfiler’s Practice Management Software

Based on the three principles of Initiation, Execution, and Submission, Taxfiler’s practice management software is designed to make your firm’s life easier by:

  • Highlighting your upcoming client tasks, deadlines, and general workload through the dashboard;
  • Providing you with an overview of all the services you provide for a client, from admin to accounts and tax preparation; and
  • Breaking down client jobs into manageable tasks, to which different team members can be assigned.

What’s more, Taxfiler’s practice management software has been incorporated into all our packages, so you can benefit from its functionality whether you’re a small start-up practice or an established firm.

For more information on how practice management software can benefit your business, speak to a member of the team or contact us at [email protected].