The work of accounting firms is taxing and often overwhelming. With the numbers they need to crunch, it's surprising they can handle the stress while staying on top of their workload. Now, there's no need to shoulder every task. They can lighten the workload by leveraging the workflow automation of Firm360, the practice management software for accountants, by accountants.

The job of an accountant is repetitive and time-consuming, yet it is altogether rewarding when done efficiently. This is evident in the high client satisfaction and high-performance evaluation given to them by their bosses. With workflow automation, accountants can significantly reduce their workload and focus their efforts elsewhere.

Why Is Workflow Automation Important for Accounting Firms?

Workflow automation is important for accounting firms because it saves them significant time and reduces errors caused by manual entry. By using this accounting practice management software feature, firms can focus on significant aspects of the business, improving their relationship with the clients or implementing new strategies.

Workflow automation also improves compliance among accountants. By establishing rules beforehand, accounting firms can remain consistent in the services they deliver, maintaining the quality standard to achieve their KPIs.

What Is Firm360?

Firm360 is a cloud-based accounting practice management software created by accountants for accountants. It is developed by a company called Firm Software, headed by Brandon Gray, a CPA active in his profession. With his team of accounting experts, Brandon Gray designed Firm360 to simplify the operations of accounting firms.

At the starting price of $49/month, accountants have an all-in-one solution to manage all their financial and client transactions. It contains essential features that make accounting easy. There's always difficulty in delivering the best services to satisfy the client. However, there's always a way to make the job easy, like using the workflow automation of an accounting practice management software.

Workflow automation refers to using technology to automate tedious or repetitive tasks. By establishing a set of rules and conditions, an accounting practice management software like Firm360 can automatically perform any action it has been conditioned to deliver. This includes sending notifications, updating records, and alerting clients of unpaid invoices.

Workflow Automation of Firm360

Accounting firms typically handle over a thousand clients. The tasks of these firms differ on a weekly, monthly, and annual basis. Upon completion, a project is often transferred to different firm members for verification, revision, or final submission.

As a practice management software for accountants, Firm360 can save the effort of manual distribution through its workflow automation. It can also automatically assign projects, create tasks, notify clients, and collect essential data to reduce the efforts of managers and accountants.

Research suggests that automation allows accounting firms to save up to 25%, averaging 8-10 hours per week per person. With workflow automation, project management becomes organized and efficient for every team member, including the clients.

Application of Workflow Automation

To put it simply, Firm360 can streamline the operations of accounting firms through workflow automation. Let's illustrate a scenario of how the accounting practice management software is capable of automating the workflows of firms:

A client contacts the firm through the client portal of Firm360, asking for someone to handle their taxes. An accountant then gets assigned to the client to handle the transaction. By using Firm360, the accountant can update the status of the task and can easily notify other members of the firm for other operations.

Since every information related to the client is housed in the secure platform of Firm360, processing and reviewing documents is easy for anyone who has access. Members of the firm can go through the client's past transactions and make informed decisions to properly deliver what is needed.

When the task has been completed, the client gets notified via email to go over the accomplished taxes. Firms can also use Firm360 to automatically send an invoice to the client for the completed tax services, which the latter can pay directly through the accounting practice management software via credit card or direct depository (ACH).

Other Features of Firm360

As an all-in-one accounting practice management software, Firm360 is equipped with other features that streamline the operations of accounting firms. These are its other features:

Project management offers transparency in the workload of each accountant and enables firms to efficiently track the progress of each task or project.

Document Management centralizes all documents securely in one platform where clients can access files through the client portal, and accountants can organize and edit them with the built-in PDF editor.

Client Portal & Messaging enables firms to host all client communications in one platform where all information related to the client is displayed.

Integrations allow firms to synchronize the accounting practice management software with other tools (QuickBooks Online, Email from Office365, Gmail, MS Office document editing, Stripe Payment Processing, Bank Statement Fetching, Electronic Signatures).

Conclusion

Overall, firms can effectively manage and streamline their operations by using a cloud-based product like Firm360. With features essential to optimizing financial and client transactions, it's one of the best accounting practice management software to use at an affordable price. With Firm360, accounting firms can focus more on the core operations of the business instead of wasting time on repetitive tasks.

With workflow automation, firms not only save more time and money but also reduce errors and improve the accuracy of their data. Moreover, it can ensure cash flow into the business as it automates alerts for unpaid invoices and boosts the productivity of the firm's members, resulting in an improved ROI.

Want to see how Firm360 can automate the workflows of your accounting firm? Book a demo now.