Accounting firms rely on their clients for revenue. In a similar respect, clients rely on these firms for their services. While the relationship is mainly transactional, it's not always easy to manage the multiple client partnerships in any firm.
However, with an all-in-one platform, there's a quick way to centralize all information related to the client. Introducing Firm360, a cloud-based accounting practice management software to improve client accounting services. It offers a user-friendly interface, especially for non-tech proficient accounting professionals, and a client portal where accountants can communicate directly with their clients.
Firms deal with over a thousand clients, and each one of them requires different types of services. It's easy to lose track of the files, communications, or requests they ask from accountants as the transaction makes progress. By using Firm360, accounting firms can streamline their operations, including client accounting services.
What Are Client Accounting Services?
Client accounting services refer to those rendered by accounting firms or CPAs. They consist of bookkeeping, financial reports, tax filings, consultations, and business advisory. These services exist so clients can offload their accounting work to their respective accountants or firms.
Accounting firms that offer client accounting services can scale and grow as a business. These services enable them to retain clients while increasing their profits and revenues. A study from 2019 has shown that 8 in 10 accounting firms are attracting new clients since they started offering client accounting services, and 8 in 10 also report that these services provide superior revenue growth.
It is evident in the statistics how offering the best client accounting services can benefit both parties when delivered and managed effectively. Hence, it's equally beneficial for the client and the accounting firm to conduct their transactions in a reliable, secure platform like Firm360.
Why Firm360?
As an all-in-one accounting practice management software, Firm360 is balanced in its functions, utility, and price. It was created by a company called Firm Software, run by Brandon Gray, a CPA active in his profession and knows the ins and outs of handling the operations of accounting firms such as client accounting services.
While this cloud-based software is relatively new, it has been praised for its ease of use and overall functionality, which has allowed firms to save time by 25%. This ratio averages 8-10 hours per week per person. Imagine all the cost savings a firm can have if it chooses to use affordable accounting practice management software at the starting price of $49/month.
Firm360 is also robust in its security system. It uses two-factor authentication for all its users and is hosted on the secure infrastructure of Amazon Web Services, where all login events are recorded and reviewed. All data stored in this accounting practice management software is protected with 256-bit encryption.
Moreover, Firm360 also complies with the strictest security standards, having earned its ISO 27001 and SOC2 certifications and qualifications as STAR Level 1 security from Cloud Security Alliance. With this, accounting firms and their clients are assured of a high level of protection and confidentiality in their business transactions.
Features of Firm360
Listed below are the features of Firm360 that can improve the delivery of client accounting services from accounting firms:
Project Management
The first step to ensure quality client accounting services is efficient project management. Firm360 enables firms to track and manage the tasks of their accountants. Each status of every project is made visible to each member, holding everyone accountable to accomplish their tasks and meet their client deadlines.
Document Management
Accounting practice management software can also optimize the document management of accounting firms. Clients can easily access documents through the client portal. Meanwhile, firms can house all files, keeping everything organized and confidential.
Firm360 also enables editing PDFs and collecting electronic signatures directly through its cloud-based platform, accelerating client transactions and making it convenient for both parties.
Client Portal & Messaging
Firms can streamline client communication with integrations to Gmail, Email from Office 365, and other existing tools. Firm360 also enables the sending of bulk messages to clients. Clients get updated quickly through the automation of the accounting practice management software whenever the status of their project changes in the workflow of the firms.
Time & Billing
Time and billing play an important role, especially in the final stages of the client accounting service. Based on the terms or agreements made between the firm and the client, whether the charge is by the hour or per project, Firm360 can automate the invoices and send them to the clients via email.
The accounting practice management software already features payment methods like credit card or direct depository for fast payment transactions. If their payment is almost due, Firm360 notifies the client directly with a follow-up action for compensation.
Reporting
Firm360 can also automate the generation of reports for client realization, staff utilization, staff workload, and accounts receivable. These reports enable firms to assess the allocation of their resources and how they can improve their performance to achieve KPIs like boosting client retention or increased revenue.
Application of Firm360
Delivering tax returns often takes up too much staff time to be completed. Yet, with the use of accounting practice management software like Firm360, firms can lessen the time their accountants spend on every transaction.
To prove the capability of Firm360 to streamline client transactions, let's apply its features in a client delivery tax return scenario:
Firms can directly print the client tax return documents once received through the client portal since they are automatically stored in the document management system of Firm360. Clients can then sign the documents directly through the cloud-based software, and firms get notified automatically once they're in the system.
When completed, the accountant assigned can easily send the completed tax returns from the document management system to the secure client portal. The accountant can also follow up with the invoice, which can be paid directly through the accounting practice management software.
By using Firm360, the delivery of tax returns can become simpler and more efficient for accounting firms. It saves more time for both parties without having to worry about issues of security or technicality in using a cloud-based platform.
Conclusion
Overall, Firm360 can streamline client accounting services and other operations made by accounting firms to gain revenue and maintain high client satisfaction. It's complete in its solutions, including workflow automation, document management, and invoice generation. As an all-in-one solution, Firm360 is one of the best accounting practice management software sold at an affordable price.
Want to see how Firm360 can help your accounting firm? Book a demo now.
