It does not matter if an accounting firm is small or big, they can greatly benefit when they use Professional Services Automation Software for CPA Firms. This software provides valuable insights and actionable data related to activities concerning accounting. In a nutshell, PSA software helps in streamlining the processes and will ensure that CPA firms become efficient and productive delivering the work on time.
Why Use PSA Software?
As per PMI or Project Management Institute, almost any task related to accounting can be considered as a ‘project.’ Therefore, projects that are considered unique in CPA firms are projects that focus on client-specified deliverables. Tasks such as company audit, tax return, or balance sheet fall under this thing. The accounting processes that we use to complete each of these tasks is different. Thus, we need to approach these cases differently.
How PSA Software supports CPAs?
PSA software provides CPS firms with digital tools that will enable them to streamline and standardize their processes pertaining to their accounting activities or projects. Since CPA firms provide or sell a wide range of accounting services to their clients, mastering the processes is the only way to become successful in the business and to beat the competition. In so many studies that PMI has carried out, it is understood that corporations that standardize the processes and have a structured or methodical practices are more successful.
As per a few studies they did carry out, the CPA firms who took this approach completed the projects on time and within the stipulated budget 89 per cent of the time. Whereas companies that did not follow this format completed projects within time and within budget only 36 per cent of the time. CPAs can now tailor and automate the accounting activities using a PSA software so that they can complete their projects in time and within the budget that they have.
PSA Software for Accountants
Project account which is a crucial component in PSA or professional service automation is quite different from financial accounting in so many different ways. Here is a quick list of some of them for your reference:
- Financial accounting focuses more on the economic evolution of a company that happens over a period of time such as weekly, quarterly, and annually. Project accounting focuses primarily on deliverables that need to complete in a specified timeframe.
- While financial accounting focuses on cost centres as well as the departments, project accounting focuses on activities and tasks.
- Financial accounting is useful mainly for a business leader or a stakeholder that has some knowledge and understanding of the accounting principles. Project accounting, however, is a tool that an accountant can use to keep track of things and to focus on completing jobs that are of high priority within time. An accountant is a beneficiary of it rather than a stakeholder.
Software that companies design to tackle financial accounting may not work for project accounting. Get Professional Services Automation Software for CPA Firms if you want to become efficient and to stand out from the tough competition that is out there in the market.