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This seems to be a very common quote, but human beings tend not to do most common things and Practice Management for accountancy practice is one of that act.
Why do we need practice management solutions
Success of growth depends on how you will manage that growth. Practice management is not about keeping all your contact information at one place or how do you manage your client documents, but how efficiently you can manage all of your client activities through single window platform.
Failure of practice management solutions are because accountancy practices are not ready for this. Today accounting and tax software’s are the need for any accountancy practice and they keep on exploring better products. This is because we know that we cannot run this process with pen and paper.
Let us understand the situation with most common example.
Why do we need managers if team is the one who do all the work.
It is because team can do allocated task, but managers are the one who manage the process and that is why they exist and paid more than normal team member.
Isn’t the same which applies to your practice as well?
Team members in practice work more efficiently when it is managed. So who is managing your practice (Most common answer is Practice Owner/Partner) and how you are managing it (By spending 60% of my time on those noncore activities which does not pay me)
Origination of automated Practice Management comes from this only. When we use Accounting and tax software’s to make our life easy (As we have to deal with number of customers and their tasks) , why should not we use other practice automation tools to make life easy with management as well.
Various practice management solutions available in industry provides solutions to these problems .Now you can run your practice from single window platform. Activities like document management , deadline management , client communication management , client accounting , your business and marketing plan etc can be well taken care by these automated tools.
If so much is available, why there is no strong presence of these solutions in industry , why can’t practice owners take this as a mandatory requirement for their practice.
Failures of practice management solutions are primarily because of unplanned implementation and unclear expectations from solutions. 9 out of 10 small and mid-sized practices cannot visualize what advantages they can have if practice management is in place (Even though product brochures say a lot about them). Implementation is also another issue which plays key role in success of practice management.
To understand the failures of Practice management solutions, we need to understand how any CRM solutions works.
CRM solutions works on the basis of information fetch in the system and how various sections of CRM are configured as per the expectation of client .Information transformation from existing system into CRM is long and time taking task (Even if it is done at client end), this is the phase when client generally lose patience and interest in solution (As they do not have dedicated team who is responsible for implementation).
Large practices are supported by their IT divisions, making these solutions works for partners and their teams. But smaller and midsized practices have to depend on solution provider. NDCL offers services for pre and post implementations which saves time and resources at practice end.