With the help of advancing technology, accountancy firms and other modern businesses can afford to focus some of their attention on streamlining their operations, with the aim of providing a more efficient service to increasingly expectant clients.

Here at Capium, we’ve worked hard to design practice management software for accountants that’s capable of achieving these goals, providing value for money for clients while ensuring greater levels of efficiency for in-house accountancy teams.

To help you discover more about how practice management software for accounting firms can transform your operations, we’ve explored the ways in which you and your team can boost efficiency by using our advanced accountancy tools.

Streamlining internal operations

The management of client tasks on a daily basis can be one of the most time consuming responsibilities undertaken by accounting teams. However, one of the best technological advancements to emerge from accounting software developments is the simplifying of task management.

Specifically, Capium’s Practice Management module makes it easy to manage your practice’s daily routine, allowing the easy assignment of tasks to the correct staff member in moments and ensuring all team members check in as required when their tasks are complete.

The same practice management software can also streamline your internal operations from the point of view of your clients. Rather than estimating invoice amounts or the number of hours your team will spend on each client, you can use easy invoicing to provide an automated invoice based on the system’s measurements of your work time. This process can not only prevent timely invoice creation for your practice, but also ensure your clients feel they’re receiving the best possible value for money by choosing your services over those of your competitors.

Amalgamating sales and purchases

By using accounting practice management software, you and your accounting team can easily view and manage your clients’ sales and purchase information from one easy-to-use dashboard. This tool provides an easy insight into professional sales data for each of your clients, as well as sales summaries, debtors lists and balance due dates, so you’re always aware of their financial position.

The same dashboard can also be used to create sales invoices, gathering all the necessary data from your sales invoices and receipts to create bespoke invoices in a matter of seconds. Whether your clients favour PDF files, emails or exported spreadsheets, it’s easy to create the perfect invoice at the click of a button with this intuitive invoice software.

In terms of purchases, a dedicated purchase dashboard is available as part of Capium’s accountancy practice management software package. Within seconds, you can easily add purchases and expenses to the system to make payments and the creation of purchase reports easier than ever. It’s also quick and simple to view or download a quick snapshot of all purchases made by your clients across the last month, so you’re never kept in the dark.

Handling tax standards

One of the most daunting tasks facing modern accountancy firms is ensuring continued compliance with tax legislation. As the government begins to embrace digital tax methods, accounting practices are responsible for complying with frequently altering standards for every aspect of the tax process, many of which require varying combinations of manual and online calculations.

For example, Capium Corporation Tax Software keeps the creation of CT600 returns simple while ensuring real-time updates are installed, so your clients’ HMRC submissions are always configured with the latest legislation as dictated by HMRC and Companies House.

Modern accountancy practice management software also allows complete integration of iXBRL tagging, which not only ensures the accuracy of the data but also ensures compliance with HMRC and Companies House submission standards.

Once iXBRL tagging is applied, it’s also possible to submit your clients’ calculations directly to HMRC while simultaneously checking that they’re error free. Pre-validation checks are included as standard with all online tax tools and are subject to the same regular update schedule that is applied to the rest of Capium’s software. Pre-filing validation checks specifically ensure that you and your team are made aware of any calculation or documentation errors before you submit taxes, so your clients do not experience any delays.

Communicating with clients

Although a failure to validate taxes before they’re submitted can cause problems, one of the biggest causes of delays is poor communication between your practice team and your clients. There are many ways modern accounting practice management software can prevent these interruptions, some of which have been highlighted above. All of these tools make communication with clients simpler through easy transfer of documents and easy access to important documents for your team.

However, communication with clients can also be enhanced through a number of dedicated communication tools, starting with easy customisation. Using Capium’s software, your team can easily send draft reports directly to clients via the online system. New notes can then be added by both parties, along with amendments and extensions, to ensure each document is up to scratch before it’s sent to official government bodies.

As cloud based software, Capium also allows the easy transfer of documents to a wide range of devices within seconds, so your clients can bypass the delays associated with the traditional posting of documents and receive their information in seconds rather than days.

This system also provides significant benefits to you and your team. Namely, Capium makes it easy for clients to make any necessary changes to documents from any mobile device and send it back immediately. As a result, you no longer have to suffer extended delays when attempting to submit tax documents by strict government deadlines.

Managing bank feeds

A dedicated bank dashboard makes the monitoring and management of client bank feeds simple. Using Capium’s booking software, you can view real-time bank feeds on behalf of your clients, easily importing CSV directly into bank accounts and labelling bulk transactions in moments.

API Yodlee also makes it easy to link bank accounts to the bank feed, ensuring you can view all bank accounts on your clients behalf. Data is imported automatically each day, guaranteeing real-time accuracy and preventing delays in the updating of client accounts.

VAT submissions are also quick and simple thanks to Capium’s dedicated tools. Manage VAT submissions via the wizard to easily complete all forms and submit them directly to HMRC. Detailed VAT reporting options also make it easy for you and your team to view your clients’ VAT information under the same dashboard, so everyone is on the same page.

To find out more about how Capium’s range of web based accounts production software could boost the efficiency of your accountancy firm, please call our support line on 020 3322 5578 or visit our website to book a demo.

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  • cloud fronts December 19, 2020

    Great post. Thank you for sharing this article.

  • Gopi August 9, 2021


    While many accountants & owners might think and have attitude towards accounting that its trivial, but it actually affects business in broader way. If accounting makes you miserable, the issue can spread to other parts of your operations. Your ability to lead employees, serve customers, and make decisions could suffer. I believe automation & intelligence driven accounting software could help!

    Try Nimble Accounting – We’ve been using it & it’s empowering!
    check: htpps://nimbleaccounting.com

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