Accounting practice performance management:
6 reasons you need MYOB Practice Management

If you plan to grow your accounting practice or even just maintain its position, you need to keep a firm handle on your cash, resources and efficiency. All that is a lot easier when you’re using excellent practice management software like MYOB Practice Management.

The system was designed with growing accounting firms in mind, and focused solely on practice management – that’s all MYOB Practice Management does, and it does it exceptionally well in the cloud. With it, you’ll be able to remove the grunt work of managing end-to-end workflow – from booking time to getting it billed. The value comes from it being in one system, so you’re never double-handling data and your team is working from a single point of truth.

Here’s what you can do with MYOB Practice Management on your side.

• Manage your debtors and aged accounts
  When timesheets are booked within MYOB Practice Management, it then becomes a seamless process to create and send invoices either based on time spent or a previously agreed fixed fee. You’ll know you’re billing all the hours you’re owed, and since everything is receipted back into the system, it’s easy to track who’s paid and who’s falling behind. MYOB Practice Management also lets you set up automated reminders to debtors, so you’ll be dealing with fewer aged receivables and get cash in faster. Even better, you can track data at a family level and drill down when you need to.
• Improve staff planning and utilisation
  When you’re paying staff, you want to know you’re making the most of their time. MYOB Practice Management’s Planner makes that easy. Assign staff to different stages of the workflow for each project or client so you always know where team members will be spending their time. The graphic dashboard shows who’s working on what, so you can spot resource gaps early and keep senior people on high-level work. Planned time can be immediately added to a timesheet so you can see how you’re tracking against project budgets in real-time.
• Instantly bill time booked
  In MYOB Practice Management, you can automatically book time against planned projects – and that time is immediately available to be billed. This gives you a valuable real-time overview of what you have in the workflow, and allows you to check whether you’re billing precise figures or not at any point in the project. By contrast, accounting firms without this throughput of information must wait until the end of the week, month or project before they can calculate the amounts to be billed.
• Visibility with real-time practice reports
  The secret to a successful business is to make decisions on real data, not gut instinct. MYOB Practice Management pulls together business metrics in real-time to give you exceptional visibility over your practice. This gives you the information you need to proactively manage your staff productivity, performance, chargeability, work in progress, lock-up time and more.
• More choice with integrations
  While MYOB Practice Management delivers the best in practice management, it also integrates with key best-in-class software providers like Xero Tax, MYOB Business and more. This gives you the freedom to pick and choose how you manage your full practice general ledger.
• Boost your business with automation
  MYOB Practice Management’s clever automation lets you set up alerts and reports to be delivered to specific staff at specific times. This saves your people time – instead of spending work hours searching for information or reports, they get the information they need when they need it. They’ll be more efficient day to day while their time is freed to focus on the work that needs doing.

The greatness of MYOB Practice Management

MYOB Practice Management is a speciality system. It gives you the best in usability and functionality – and the chance to link to other excellent platforms. For any growing accounting practice, it’s a great way to give yourself a competitive edge in the market with real-time visibility, throughput of information and clever business automation.

These all add up to a system that will help you sort your efficiency and productivity, so you can focus on the things that will drive your accounting practice forward.

Ready to explore MYOB Practice Management for your accounting practice? Get started now by submitting the form below and our MYOB experts will contact you soon.