Organizations that consistently use project management practices have a 92% success rate in meeting project goals, compared to just a 32% success rate for organizations with low project management maturity.
It’s no secret that utilizing project management best practices increases efficiency and organization. But how exactly do you become part of that 92% success rate, and what does this mean for accountants specifically?
Here, we’ll take a look at common project management challenges, benefits, and best practices for accountants and those in the financial services industry.
Challenges of Project Management for Accountants
While all professional services organizations encounter challenges, accountants face unique hurdles that can be reduced with the right project management tools.
Balancing Multiple Projects
Accountants and financial services firms are constantly monitoring whether a project will be completed on time and on budget. When you multiply that responsibility by the number of projects your accounting firm may have at once, staying on top of strict deadlines can become its own full-time job.
Technology like project management software can automate a large part of this monitoring and alert teams when a deadline is coming up or may be jeopardized.
Keeping Up With Industry Changes
The accounting industry boasts an ever-evolving regulatory landscape with strict requirements and documentation that must be met to avoid legal trouble.
Project management software can help ensure all legal requirements are covered for each project by creating individual tasks that must be checked off for the project to be shown as complete.
Managing Client Expectations
Accounting clients sometimes have high expectations around factors such as how quickly a project can be completed. Project management software tools enable you to set realistic timelines by predicting the length of each project using historical project data.
Benefits of Project Management for Accountants
Project management software gives your accounting firm access to more timely, accurate, and complete data. This can help reduce data errors alongside the reduction of manual processes that are associated with human error. Accountants benefit from an improved accounts receivable turnover ratio.
A Bird’s-Eye View
With project management software, accountants can quickly see exactly where each project is at in its timeline and deliverables with one quick look at its dashboard. This enables firms to stay on top of any projects that may be at risk of not meeting deadlines and better allocate workloads.
Maximized Project Efficiency
Imagine how much more billable work your team could take on if you no longer needed to email back and forth for project status updates. Instead, your entire organization can access transparent dashboards and see who is responsible for each deliverable and the real-time progress that has been made.
Project management software can track all your data to provide tailored business intelligence on which you can make better business decisions, such as:
- Year-over-year comparisons
- Resource allocation and availability
- Profitability modeling
- Time spent in meetings
- Employee retention rate
- Employee productivity levels
Best Practices: Accountant Project Management
While simply implementing accounting project management tools and processes is a step in the right direction, your firm will need to ensure you’re maximizing your investment to produce the best results.
Implement the Right Technology Solution
Introducing new technology solutions into a business environment requires time and money. The last thing you want is to choose a project management software only to realize it’s not the best fit for your accounting firm.
When looking for an accountant project management software, here are just a few features you’ll want to be sure your choice offers:
- Real-time billable hours reporting
- Customizable business intelligence measurements
- Integrated communication and collaboration tools
- Accurate timecard management
- Project management that integrates with job descriptions and payroll
Track Billable Hours Reporting in Real Time
Some project management systems enable you to track billable hours in real time by transferring them from each team member’s calendar directly into your billing module. This reduces the amount of time it takes for your accounts receivable team to submit hours for client payment and, subsequently, the time it takes you to get paid.
Use Advanced Analytics to Model Costs & Profitability
Take advantage of software with built-in hourly and flat-fee bill rates to forecast profitability and costs and provide the flexibility you need to maximize your profits.
Utilize Time-Tracking Tools to Enhance Resource Allocation
Maximize Your Profits With Project Management Software Designed for Accountants
Project management tools modernize your workplace and also make it easier to stay on top of projects in the work-from-anywhere era. coAmplifi’s software was built to be optimized specifically for those in the financial services industry. Schedule your demo now!