What is Accounting Practice Management?

‍

Accounting practice management software plays an important role in optimizing the operations of accounting firms. By providing a centralized platform with various tools and functionalities, such software helps firms manage their daily activities more efficiently and effectively. This includes:

‍

• Communicating with Clients: Features such as client portals allow firms to pass information back and forth with clients securely. Both can also share documents, send messages, and provide updates on any financial matters.
  ‍
• Managing Documents: Firms can store, organize & access client documents and files in an ultra-secure manner. Workflows are streamlined where all relevant documents can be easily found if needed
  ‍
• Automating Mundane Tasks: Ability to save firms time and risk of error when it comes to repetitive tasks like data entry, report creation, or reminders for tight deadlines. This allows staff members to focus on more creative & higher-value
  activities.
  ‍
• Time and Billing: Through these tracking & billing features, firms can accurately understand the time spent on various projects & automatically generate client invoices as needed. As a result, accuracy is generally improved while firms are compensated correctly for their time deployed.
  ‍
• Collaborating with Other Team Members: Firms have access to shared calendars, the ability to assign different tasks & staff get to work on projects in real-time. This helps promote camaraderie firm-wide, ensuring everyone is valued & on the same page.
  ‍
• Client Relationship Management (CRM): This functionality helps firms manage their client relationship by having a clear idea of their contact info, and past interactions & finding new opportunities to bundle & cross-sell more of their services. 

What are the Benefits of My Firm Using It?

‍

Overall, accounting practice management software serves as a comprehensive solution for accounting firms. Some of the listed benefits include:

‍

• Enhanced productivity so firms & staff members can dedicate more attention to critical responsibilities.
  ‍
• Streamlined communication which minimizes the reliance on extensive email exchanges and phone calls
  ‍
• Increased precision which leads to a reduction in error & fosters better financial reporting when it comes to meeting regulatory requirements.
  ‍
• Higher client satisfaction rate in firms reporting using it. Clients have a better experience & end up returning to the same firms for services. 

Dime

‍

Description: 

Dime is an advanced practice management platform driven by AI, engineered not just to streamline workflows, but to adapt seamlessly to the distinct needs of every firm. Utilizing cutting-edge learning language models and machine learning techniques, the software automates repetitive tasks, uncovers invaluable insights, and empowers accountants to deliver unparalleled client service.

Envision a tool capable of interpreting client emails, accurately categorizing expenses, identifying tax-saving opportunities, and crafting intelligent responses—all while evolving with each interaction.

‍

Should I Use Dime?

Dime is a comprehensive software solution designed for CPA firms, full-service accounting, tax, and bookkeeping firms with teams of three or more professionals.

Best for firms looking to use the best-in-class technology to unify their accounting practices. Offering full-on automation on workflow operations, improving client relations & unlocking the potential for lots of human-AI collaborations.

‍

Dime Pricing:

Dime has three pricing tiers (pro, business & enterprise). More details below:

‍

Annually:

Pro: $59 USD/month, per internal seat

Business: $79 USD/month, per internal seat

Enterprise: Custom (talk to us!)

‍

Monthly:

Pro: $69 USD/month, per internal seat

Business: $89 USD/month, per internal seat

Enterprise: Custom (talk to us!)

‍

Features:

• Integrated Trial Balance (Included in Pro, Business & Enterprise)
  ‍
• Workflow Automation (Included in Pro, Business & Enterprise)
  ‍
• Time & Billing (Included in Pro, Business & Enterprise)
  ‍
• Document Management (Included in Pro, Business & Enterprise)
  ‍
• Automated Payment Collection (Included in Pro, Business & Enterprise)
  ‍
• Client Portal (Included in Pro, Business & Enterprise)
  ‍
• Integrated Email (Included in Business & Enterprise)
  ‍
• Custom-branded Client Portal (Included in Business & Enterprise)
  ‍
• Unlimited Trial Balance (Included in Business & Enterprise)
  ‍
• Client Audit Risk Monitoring (Included in Business & Enterprise)
  ‍
• Priority support (Included in Business & Enterprise)
  ‍
• Trial Balance Intelligent Auto-fill (Coming soon in Business & Enterprise!)
  ‍
• Unlimited members for your workspace and unlimited teams to organize multiple sub-organizations (Included in Enterprise)
  ‍
• Individual roles and permissions (Included in Enterprise)
  ‍
• Advanced custom workflows (Included in Enterprise)

‍

Pros:

• One of the most advanced client portals giving firms a centralized place to upload messages & communicate with clients. 
  ‍
• Integration of AI assistant to research, draft documents & increase overall productivity
  ‍
• Robust internal collaboration tools for individuals to flag items, give updates & track tasks across the entire firm
  ‍
• Forefront security when it comes to invoicing & payments
  ‍
• Customized dashboards providing visualizations across projects
  ‍
• Affordable pricing

‍

Cons:

• Number of integrations with other accounting software could be increased 
  ‍
• Functionality is oriented towards firms looking for more advanced features 

TaxDome 

‍

Description:

TaxDome is a comprehensive solution for tax, bookkeeping, or accounting practices. One can efficiently oversee all aspects of team management, client relations, and workflow optimization. Firms can boost productivity and cut expenses through automation, ensure prompt payment via recurring invoices, and facilitate seamless collaboration among clients and team members.

‍

Should I Use TaxDome?

TaxDome is for firms looking to access a wide variety of features without requiring extensive usage & depth

‍

Pricing:

TaxDome has one pricing tier - TaxDome Pro. The price depends on how long you opt into:

‍

• One-Year: $66 USD/month, per user
  ‍
• Two-Year: $58 USD/month, per user
  ‍
• Three-Year: $50 USD/month, per user

‍

Features:

• Mobile application for clients
  ‍
• Client access portal
  ‍
• Customer Relationship Management (CRM)
  ‍
• Automated workflows
  ‍
• Invoice generation and payment handling
  ‍
• Electronic signature functionality
  ‍
• Document organization
  ‍
• Website building service

‍

Pros:

• Ease of document sharing, which greatly simplifies collaboration
  ‍
• Affordable pricing, offering great value for your investment
  ‍
• Platform is user-friendly with easy-to-use navigation channels 
  ‍
• Exceptional library of tutorial videos to assist in overcoming any learning curve

‍

Cons:

• Absence of integrated reporting and analytics, along with customizable dashboards for business insights.
  ‍
• Notification system for updates/changes to organizers is absent; no alerts are provided
  ‍
• Incapability to gather leads from the site & lack of ability to chat with the team regarding tasks

Canopy

‍

Description:

Canopy is an all-encompassing cloud-based platform for accounting firms, tax pros & agents where they have the flexibility to select the components to boost efficiency & create the best client experience. 

‍

Should I Use Canopy?

Canopy is a great platform for firms looking to build their sales pipeline management, tax document collection, and streamline workflow during tax preparation. 

‍

Pricing:

Canopy offers modular pricing and has two plans (standard & pro). Both include up to 250 free contacts (upwards to 2k) with special add-ons:

‍

Standard:

• $40 USD/month, per user (Document Management)
  ‍
• $35 USD/month, per user (Workflow)
  ‍
• $25 USD/month, per user (Time & Billing)
  ‍
• $50 USD/month, per user (Tax Resolution)
  ‍
• $50 USD/month, per user (Transcripts & Notices)

‍

Pro:

• $40 USD/month, per user (Document Management)
  ‍
• $45 USD/month, per user (Workflow)
  ‍
• $35 USD/month, per user (Time & Billing)
  ‍
• $50 USD/month, per user (Tax Resolution)
  ‍
• $50 USD/month, per user (Transcripts & Notices)

‍

If there’s less than 4 members at a firm, Canopy offers two unique plans:

‍

Annually:

• Starter: $45/month (Client Engagement & Document Management)
• Essential: $66/month (Complete Practice Management Solution)

‍

Monthly:

• Starter: $60/month (Client Engagement & Document Management)
• Essential: $88/month (Complete Practice Management Solution)

‍

Features:

• Client Intake
  ‍
• Proposals Sendouts
  ‍
• Project Tracking
  ‍
• Email Tools
  ‍
• Team Collaboration
  ‍
• Centralized client hub
  ‍
• eSignatures collections
  ‍
• Client list tags & filters
  ‍
• Storage for internal work & client files
  ‍
• Permissions & controls
  ‍
• Dashboards for business insights & analytics
  ‍
• Time tracking & invoice management

‍

Pros:

• Great task management functionality that supports delegation of tasks and enhances project management efficiency
  ‍
• Time-saving tax resolution module that automates tasks such as IRS phone calls and form creation
  ‍
• Intuitive & well-designed file sharing feature which makes it easy to access previous documents

‍

Cons:

• Lack of customized reports showing all clients & their status
  ‍
• Complicated pricing structure (ex. requires to pay for increments of 50 users at a time) & lots of add-ons for additional money
  ‍
• Workflow capabilities are restricted

Karbon

‍

Description:

Karbon is a collaborative practice management platform built for accounting firms, fostering seamless communication and workflows to enhance visibility, efficiency, and team connectivity.

‍

Should I Use Karbon?

Karbon is best for accounting firms looking for the most robust capabilities possible. Compared to competitors, it offers specialized features like team tools, project & document management.

‍

Pricing‍

Karbon has three pricing tiers (team business & enterprise). More details below:

‍

Annually:

Team Plan: $59 USD/month, per user

Business Plan: $89 USD/month, per user

Enterprise Plan: Custom 

‍

Monthly:

Team Plan: $79 USD/ month, per user

Business Plan: $99 USD/month, per user

Enterprise Plan: Custom

‍

Features

• Team Collaboration
  ‍
• Workflow Automation
  ‍
• Project Management
  ‍
• Billing & Payments
  ‍
• Email Management
  ‍
• Calendar Integration
  ‍
• Client Management
  ‍
• Centralized Knowledge
  ‍
• Business Analytics
  ‍
• Document Management
  ‍
• Client Portal
  ‍
• Ecosystem Integrations
  ‍
• Enterprise-grade Security

‍

Pros

• Extensive range of features compared other accounting software solutions
  ‍
• Has a triage feature that helps to streamline tasks & emails efficiently 
  ‍
• Lots of premade templates for tasks
  ‍
• Accessible to both Android & Mac users

‍

Cons

• Pricing is on the more expensive side
  ‍
• Higher learning curve
  ‍
• Lots of pre-setup work for total usability 

Financial Cents

‍

Description:

Financial Cents offers a cloud-based accounting practice management software that specializes in efficiently managing projects and streamlining workflows for accounting professionals.

‍

Should I Use Financial Cents?

Financial Cents is suitable for firms managing multiple projects & clients at an hourly rate. It provides an all-in-one hub for firms to create & manage multiple projects in one location. There’s effective reporting that computes accurate hourly rates by looking at the tracked time & billed amount for every client. 

‍

Pricing

Financial Cents has two pricing tiers (team & scale). More details below:

‍

Annually:

Team Plan: $39 USD/month, per user

Scale Plan: $59 USD/month, per user

‍

Monthly:

Team Plan: $49 USD/month, per user

Scale Plan: $69 USD/month, per user

‍

Features

• Workflow Management
  ‍
• Client Requests & Auto Reminders
  ‍
• Client Database
  ‍
• Time Tracking & Invoicing
  ‍
• Email Integration
  ‍
• Capacity Management

‍

Pros

• Ready-to-use templates for easy project setup
  ‍
• Ultra detailed hourly rate reports
  ‍
• Strong project management functionalities 
  ‍
• Affordable pricing

‍

Cons

• Lack of integration with other accounting softwares (except Quickbooks)
  ‍
• Has no on-platform invoicing capabilities 
  ‍
• No centralized hub for document management

Learn more about Dime!

‍

We gave you an overview of some of the top accounting practice software in 2024. If Dime sounds like a fit for you, let’s hop on a call to learn more!

‍

In the meantime, check out some testimonials from our customers:

‍‍

"We used to spend 30+ hours a month reconciling accounts. Now it takes less than 5 hours thanks to Dime's automated workflows." - Stephen Lam, Founder @ Lam CPA

"As a bookkeeping firm owner, I can take on more clients without adding more staff thanks to the process automation." - William Lee, Founder @ ProBooks NY

‍

‍