Nevertheless, the headway toward advanced practice management remains at the stage of infancy for most accountancy practices. The reasons can be manifold: the solution takes time to implement, the tools are difficult to use, or the applications are infrastructure heavy.
This is where Practice Engine has been able to make a world of difference for such firms. The leading-edge solution provider comes in with a full-featured, browser-based, device agnostic practice management solution. Practice Engine, the company’s practice management solution is designed specifically for accounting and other professional services firms (PSF) looking for a strategic product with a demonstrable return on investment.
For more than 20 years, Practice Engine has helped numerous PSFs grow effectively and improve relationships with their clients.
Practice Engine’s success can be attributed to the diverse array of functions provided by its namesake solution, which include task scheduling, workflow tracking, managing contacts, preparing budgets, and calculating the expense. “Practice Engine helps you gain total control over your working capital and on-going customer management,” explains Mike Francis, founder and CEO of Practice Engine. The solution also has an intuitive and comprehensive time and billing system that can be used to speed up a client’s billing cycle and minimize accounting exposure. To streamline the process, the time and billing system allows a bill to be managed through a centralized dashboard, enabling practice staff to draft or verify the records, making it easier for the firm to track bills at each stage.
Practice Engine helps you gain total control over your working capital and on-going customer management
When it comes to collaborating with clients, Practice Engine’s modus operandi remains focused on ascertaining a deep understanding of each customer’s concerns to deliver a solution that can help them gain a competitive edge. In one instance, a large multi-office firm, with over a thousand employees, needed better visibility into their workflow. With the help of Practice Engine, the customer was able to create data visualizations which helped them gain valuable insight into the daily operations of each of their offices. In another scenario, a customer was able to save close to $90,000 a year in terms of postage and stationery costs by moving from a manual invoicing routine to Practice Engine’s paperless billing. After implementing a digital payment option, the firm also saw improved payment times from customers.
Following this excellent track record of satisfied clients, in March 2019, Practice Engine was acquired by the IRIS Software Group, the largest UK privately held software company and a trusted provider of mission-critical software and services. With the support of its new owner, Practice Engine Systems is keen to expand its reach in North America and parts of Europe. More importantly, Practice Engine has plans to launch its “Evolutionary Billing System,” which aims to completely automate the invoicing processes for companies. With such innovative solutions in progress, Practice Engine is geared to take the world of practice management by storm in the coming years.