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.

Project management teams use an array of products to manage different projects that they manage. They also use various tools or software to take care of tasks such as time tracking, raising invoices, etc. It is wise to use a PSA or Professional Service Automation software instead to do all the activities mentioned above with ease. There is so much action in a CPA or Certified Public Accountant Firms than in any other firm. Many companies have developed PSAs or Professional Services Automation Software for CPA Firms these days. Selecting the best product will help you to manage the tasks better. With the evolution of Technology, every industry is getting process oriented and so are CPA firms getting more organized and professional in their way of working. The software provides the immense capability for CPA’s to look into there Books of Accounts, manage their allocation for clients, Create Project Plan, Perform accurate Invoicing and what not. Impact on CPA firms with PSA As CPA firms complain about process orientation and adoption of software tools, as per our existing New York-based CPA firms, Project Service Automation (PSA) has helped them streamline the process and the inter-communication between the departments have becomes seamless and more optimal. Organized Central Repository of Data PSA being the data source and a single point where the data is stored makes it more powerful. System Administrators have a full view of the data and can provide access restrictions to who should have access to the data, what is visible and what can be modified. This is impossible without the central repository of data. The power unleashes itself, with solid reporting and dashboard, that allows you to take a dive in how and what’s of the business. Seamless Mobile Experience With the era of Smart Phones, applications are becoming smart enough to be accessed from mobile phones. PSA has a seamless mobile experience and when clubbed with Power BI reporting makes it one of its kind. A lot of strategic decisions can be made based on these Power BI reports. People while driving back home on the signal can do their time entries, raise expenses, access their opportunities, type in notes and what not via Mobile phones. Allocations Vs Time Entry & Expense Entry needs Technology keeps a business structured and so is Resource Allocation a good example of what PSA offers in its bucket. While the management can take a decision as to which employee is more billable and who is busy working on a client project, who is billable can all be taken out if the CPA’s are well allocated. While CPA’s do not believe in allocation, but this is the only way to run a result and data-driven the organisation. This is a proven fact with one of our CPA based firms. Along with Allocations by default comes the Time Entries. CPA’s if they do their Time Entries regularly are more likely to save 10% – 15% of revenue loss per annum. Also, what I heard from a CPA firm was even shocking “We do expense approvals based on trust”. PSA allows you to remove that factor as already mentioned, doing time and expense entries is a matter or seconds and can be easily done via mobile phone even when you are waiting at a signal. The receipts of the expenses also can be uploaded right at that time via your camera phone to make it more user-friendly.   Project Management and Accounting makes PSA a choice of CPA firms Right from the sales cycle i.e. OpportunityàQuoteàContract and then from there to Project in PSA, CPA firms get benefitted since PSA guides them the processes at various levels as to keep the business organized. Like for e.g. our existing clients, a CPA firm, used to initiate the work even without the contract getting signed by the customer. Wherein PSA asks you to confirm the contract, post the same is signed by the customer. With the integration of SharePoint Online, CPA’s can access the signed contract directly from the Opportunity. All of the above drills down to how effectively CPA’s can Invoice it to the customer and this can be done with the practise of Time Entries and Expense Entries in the system religiously. PSA caters to all Fixed Bid and Time and Material projects which CPA firms make a choice between. Improvised Skill Selection and Schedule view Every allocation, before getting done asks for a variety of questions like, where can the Resource Manager see the schedule of all the Team. Which Resource bears what Skills. All such typical allocation questions are well addressed via PSA. Every Hour counts Yes, it true a thing as to every hour, in fact even a minute spent of CPA advisors are precious. It is Technology that can only help them get it converted into effective revenue. With PSA the effective way of working and dedicating time to a client gets better with time. A Happy CPA firm will only be when they will be able to offer enhanced services to the clients, offer stability and reduce errors. It is tough for a CPA firm to walk aligned with software as getting the right value from the same needs complete streamlining of processes. The opportunity is abundant if utilized well. CPA’s being not technically sound can rely on what is dictated by PSA to get a better outcome and indirectly improvise billing. This also helps the clients as the service offerings improve and hence the billing so too.