Accounting firms and consulting practices have different priorities when it comes to what applications are considered mission-critical. For some practices, the management aspect — knowing how firm resources are being applied to service clients and maintain and build the practice — is a prime concern. For others, especially smaller or more directed practices, this aspect of practice management is of less concern.Revenue management, however, is one aspect of practice management that’s of primary concern in any firm, large or small. It doesn’t much matter whether you are billing your clients on an hourly basis, or whether you have been able to switch over to value billing. If clients aren’t billed in an accurate and timely manner, there’s little chance that they will pay in a timely (and hopefully accurate) manner. And without that cash flow, it doesn’t much matter how efficiently your practice is being managed. You still have to pay the rent, salaries and other ongoing bills.
This critical aspect of running a practice often gets short shift. If your practice doesn’t need the capabilities provided by a full-blown practice management application, the venerable time and billing packages that are available may be just the ticket. They allow you to manage the revenue-generation aspect of your practice by getting out invoices and statements in a timely manner, and track receivables so you can follow up with clients who fall behind in payment.
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