In recent conversations with clients and prospects we constantly run into the same reasons that motivate firms to review their processes – even when they are managing a small number of clients. In our second White Paper focused on Practice Management Software, we describe the common challenges faced by partners and present best practice solutions to improving processes. Many firms still see a Practice Management solution as a “luxury” rather than a necessity for maximum return on investment.
Perhaps that’s because many are often complicated by using multiple systems and / or manual processes. These conditions not only drive up costs; they make it very difficult to gain an insight into how to align staff or maximize the value of a system. Consequently, as managers begin to face pressures of reducing costs, they often find it challenging to quantify the benefits that result. To maximize the real value to the firm, managers must boost efficiency and clearly demonstrate how a system contributes to the firm’s success and align the team with the company’s overall strategic
An integrated Practice Management platform enables partners / managers to achieve these goals. It consolidates all of the tools and services needed to support the entire business life cycle into one system. It facilitates tremendous efficiency gains by eliminating manual process steps, data entry tasks and dramatically reducing time spent managing or searching for information.
Traditional methods vs New Cloud Technology
Traditional methods (including Excel) purely emphasize record-keeping. It is predominantly about to-do lists and calendars. Most basic Practice Management systems can tell users:
What job has been done?
Who is doing what job?
What job needs to be done?
When is something due?
Benefiting from an integrated Practice Management System
A good integrated PM system can be considered a “Shared Central Services Platform” whereby tasks, staff and clients can collaborate effectively. This type of service doesn’t have to be benefited by only the larger firms.
It can also help in other important ways:
The resulting factor of having everything integrated?
Making the right decisions on your next investment in software is crucial. An effective Practice Management system must go beyond tracking the deadlines of your clients.