Practice management software isn’t about keeping track of credits and debits. It’s about keeping track of the success and growth of your company!
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Dave Nielsen lives in Salt Lake City. He holds a PhD from the University of Cincinnati and writes regularly about business and healthcare.
Are you looking for accounting software or practice management software? Or, are you still not sure? Well, we can help! There’s actually a big difference between a practice management solution and accounting software and we’re going to demystify the big bad world of these different products today - getting you back on track and finding the solutions you need!
First, don’t feel bad. Practice Management solutions and Accounting solutions are very similar and often answer similar needs. And if you’re an accountant to begin with, what’s not to like about accounting software?
The fact of the matter is, accounting software is not practice management software, and if you’re mixing the two up you could be missing out on tools you need to grow your business. Let’s take a closer look.
First up: accounting software. Accounting software is a cost-efficient way for small business owners—and maybe even heads of households—to keep track of their finances.
Owners of small businesses—i.e., auto garages, laundromats, roofing companies, restaurants, dry cleaners, dental offices, local orchestras, the list could go on for a long time, right?—use accounting software to make sure they earn more than they spend. Depending on the product, their accounting software could come with a few more bells and whistles than that, but not many.
Note to self: remember to save such and such percentage of the invoice for taxes—that sort of thing.
Second up: practice management software. Practice Management software, by contrast, is for running, operating, maximizing, streamlining, and transforming your accounting practice—we’re talking about every aspect of it—into a well-oiled machine.
Practice management software isn’t about keeping track of credits and debits. It’s about keeping track of the success and growth of your company!
A more appropriate action verb than run would be something like streamline. Amplify. Supercharge. Unclunk. What practice management software really does is clear the runway so you’re accounting practice can takeoff.
If you don’t currently have an accounting practice management software, you undoubtedly have parts of one: your half a dozen subscriptions or accounts with various apps and software programs for managing day-to-day operations—from scheduling appointments with clients to creating invoices, sharing and editing documents, automating workflow, storing and archiving documents, and even keeping track of email, just to name a few.
Accounting practice management software brings all of these services—all of these mission-critical functions—into one place, onto the same dashboard. In other words, no more going back and forth. No more keeping track of 17 passwords and usernames. No more wondering where something is saved or figuring out the best way to share it with a client or colleague.
The shortlist of an accounting practice management software’s key components might look something like this:
You just learned about the difference between accounting software and accounting practice management software. Do you know what that means? With this new knowledge, you can make educated, informed decisions about the products and strategies your company uses to take care of clients, win new ones, and grow your bottom line. You can take your firm to the next level!
Of course, there’s still a lot to learn about accounting practice management software. Let the experts at Canopy help you.
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Canopy takes the headaches out of client management by offering a way to keep client info organized.
I love how easy it is to setup a new client in this software. Once set up, it's one click to get IRS transcripts downloaded for my review. This saves me at least an hour each week in comparison to the software I used to use.
This makes workflow for tax resolution manageable. This business is a bunch of hurry up and wait. This system helps to refresh my memory while transitioning to different clients.
The ability to securely share documents with clients as well as complete POAs from client contact data already in Canopy. The ability to route workflow between team members with color coded statuses allows us to work efficiently.
Cool features, outstanding customer service, constantly updating to make it better. I love that I can upload files easily to a secure client portal and we don't have to email files anymore. Absolutely can't imagine not having this software.
It's safe and secure. Clients are able to upload documents and the documents are saved their portal which as a result, keeps us better organized. The task feature keeps us organized and we know exactly the status of each client.
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