Top 5 accounting practice management software solutions for 2020
CPA and accounting firms today face many challenges at the start of the third decade of the 21st century. Constant changes to the taxation process, retaining experienced employees and fighting the ever-growing competitive environment are the three most notable. Other challenges include time management, keeping up with technology while also remaining cost-effective.
A phenomenal industry growing quickly, globally:
Globally, the accounting industry is nearing the $500 billion mark and, in an industry, known for its efficiency CPA’s need to consider how to maintain this by looking for the best software solutions. Up until now, most accounting firms have relied on using various software solutions to ensure that their clients and employees are never compromised in any situations. Today, there is a plethora of accounting practice management software solutions that can be deployed giving them the opportunity to be efficiently faster and to cost-effectively keep their clients content as they also grow their business. These are the 5 top accounting software options as 2020 fast approaches:
5 Popular options:
Currently, the Accounting Practice management Software by Firm 360 is considered to be the state-of-the-art product in accounting software. This is an “all-in-one” tool which makes it easier for accounting employees and clients to communicate efficiently with a smooth flow of document presentation and efficient time tracking. The completely cloud-based system allows easy access from anywhere in the world and from any device 24/7 and offers complete security for any CPA and its clients. (Visit their website for more: https://www.myfirm360.com/)
A strong contender because it’s easy to use, FreshBooks is suitable for a small business or freelance accountants. It does allow some collaboration between team members and has recently got a newly designed dashboard that allows users to prioritize tasks and manage payments. It can be integrated into other systems and offers a free trial period.
Financial management can be made simple with NetSuite ERP but it is essentially a CRM tool for sales force and marketing automation. This is a great product that offers some scalability features and robust automation for financial and revenue management and billing. However, it needs to be used in conjunction with other software for the accounting firm to have document management workflow routing and cloud storage.
Tipalti is a cloud payment automation and management software that is suitable for companies that have a global presence. It helps to simplify the daily task of keeping financial data and processes running accurately and on time. A lack of document management workflow routing will necessitate that other software solutions will be required.
This accounting software automates bank feeds, sends payment reminders and allows for easy tracking of retainer invoices. Zoho Books also offers mobile organization, API integration with other business apps and other enhanced features.
How to decide which is the best accounting practice management software for 2020?
It’s always best to do some research when looking for accounting practice management software, but for those looking for a complete system with a cloud-based solution that offers accessibility from anywhere at any time, then they may find that some stand out more than others in the top 5. Furthermore, for those looking for document management workflow routing, there is a big difference between the 5 with one standing out above all the others.
Full control offered by all the automation features is important for accounting firms and makes it easier for them and their employees to work on one system that is easy for everyone to understand and manage.
Even though the needs of each accounting firm are different, the one accounting management software that stands out is Firm 360. It offers a complete range of services, taking away the need for subscribing to a range of other software. Combined subscriptions to typical software options needed to run an accounting firm can add up to K20 per year, whereas using the Firm 360 cloud-based solution there is a 40% saving.
So what accounting software will be the best to manage an entire practice and take care of document management? Do your homework and the answer will become quite clear. Yes, 2020 brings with it many exciting developments and advances. These include RPA, AI, 5G and cloud hosting to a larger scale than ever before. The accounting industry and the constant changes that it faces will need to be prepared to take full advantage of the fast-paced changes in these new technologies.