View Padgett President Roger Harris' congressional testimony on the impact of the Corporate Transparency Act and the BOI reporting requirements here.
Effective management of an accounting firm goes far beyond simply coordinating day-to-day operations. It’s about creating a streamlined, efficient system that touches every part of your practice—from scheduling and maintaining client relationships to optimizing workflow and managing billing and collections.
With the right management strategies in place, firm owners can save time, reduce costs, and enhance client service, ensuring that everything runs smoothly. But effective practice management offers more than just operational benefits. It enables you to attract better clients, set premium fees, and retain top talent. By running a firm that operates at its highest potential, you also build a reputation that drives more referrals—creating a cycle of growth.
Beyond these immediate benefits, strong practice management allows you to build a business that supports your personal well-being and lifestyle. With efficient systems and a healthy firm culture, you avoid burnout, leaving you with more time for yourself and your family. Plus, a well-managed practice is more valuable when the time comes to sell, ensuring you have a stronger product to offer potential buyers when it’s time to retire.
The “cloud” is a global network of servers that stores data, manages data, and runs applications. It allows businesses to access data and services without having everything stored “on-site.” Cloud-based technology — including cloud-based accounting firm management software — continues to transform how firms operate. It provides greater flexibility and better scalability to accounting firms. For example, cloud-based technology can allow accountants (and clients) to access data securely from any location with an internet connection — meaning remote work/collaboration is much easier than it has ever been before. Further, cloud platforms also offer real-time data updates. By leveraging cloud technology, small and midsized accounting practices can often reduce their tech-related costs.
As with managing any other business, managing an accounting practice has the potential to be an extraordinarily time-consuming process. For instance, imagine trying to create a schedule for your practice, staff, and clients entirely by hand. It would be a big waste of time for most businesses, especially fast-moving accounting practices. Automation can be essential for efficient and effective accounting practice management. By automating repetitive but still important tasks — things like data entry, reconciliation of transactions, scheduling, and report generation — accounting firms can reduce the time and resources spent on practice management. Doing so not only boosts productivity, but also allows professionals to focus more time on their own core competencies.
Client portals have become a crucial component of modern accounting practice management. The simple reality is that most clients want as much access as possible — even if they don’t plan on reviewing information often. Platforms provide a secure and convenient way for clients to view their financial documents, interact with their accountants, and make payments online. Portals enhance client engagement and satisfaction by offering 24/7 access to their information and simplifying communication. The right client portal technology helps accounting firms better educate their clients, thereby increasing client satisfaction.
Technology is not without its risks. A key issue in accounting practice management is an increased emphasis on cybersecurity. Sadly, attacks are a growing concern — and they can lead to dramatic losses for businesses, including accounting firms, when things go wrong. According to data cited by IBM, the average total cost of a data breach in 2024 is $4.8 million. As accounting firms, by definition, are required to handle an enormous amount of highly sensitive financial data, cybersecurity must be a strong priority. The trend towards improved data protection focuses on implementing advanced security measures — such as multi-factor authentication and end-to-end encryption — and regular security audits. By strengthening their cybersecurity frameworks, firms can protect themselves from data breaches while also building trust with their clients.
One of the newest and potentially most promising trends in accounting practice management is the use of AI-related technology. Along with other things, this includes improved data analytics. Indeed, AI and data analytics may transform accounting practices by providing deeper insights into financial data and predicting future trends. AI algorithms can analyze large volumes of data quickly and with high accuracy, identifying patterns that may not be evident through traditional methods. While still in their early stages for both accounting and accounting practice management, these tools could potentially allow firms to offer proactive advice and tailored solutions to their clients.
Considering the Padgett opportunity for your firm? There are many major advantages to franchising with Padgett., and one of the key benefits is how we simplify accounting practice management. For small businesses, the economies of scale that come with our national network can make a dramatic difference. With Padgett, you gain discounted rates from our trusted technology partners, ensuring you only use tools that have been effective for firms like yours.
Our franchisees benefit from higher levels of support, including one-on-one coaching, industry-specific templates, and best practices drawn from across our network. We also maintain a rigorous research and vetting process for the technology we recommend, so you won’t waste time or money on ineffective solutions. This means you can focus on what you do best—providing top-notch accounting services to your clients—while we support you with the tools and expertise needed to run a more efficient and profitable firm.
Find out more about joining Padgett today
At Padgett, we are here to help you grow your accounting practice. If you have any questions or concerns about joining our comprehensive franchise network , please do not hesitate to give us a call. With more than five decades of experience, our team is proud to work with small and midsized accounting practices nationwide.
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