Quick Recap: Is Accounting Management Software Needed?

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While not required, accounting management software can markedly enhance efficiency & productivity. Akin to a personal aide, it helps accountants & firms to 

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1. Automate mundane tasks
2. Foster cross-team collaboration
3. Confirm compliance standards with contracts & deadlines
4. Access to advanced analytics all centralized in one location

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As a result, there’s more liberty to undertake fewer but more crucial tasks: saving time, money, personnel needs, etc… You may be wondering, should I use Dime or Canopy? Both seem like great options but I’m not sure which one is right. In this article, we’ll do a deep dive into both & address all of their most important features.

Snapshot of Dime vs. Canopy

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Workflow Automation & Project Management

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Automating allows accountants to reclaim time spent on routine administrative duties, enabling them to concentrate on higher-level analytical and advisory roles. Work management software offers numerous automation possibilities tailored to accountants' needs.

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What Are the Similarities?

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• Client Portal: Centralized hub to handle any request process between firms & clients. 
• Task Automation: Decrease mental workload by assigning & automating tasks. Firms can see email sent dates, status updates & give reminders when the deadline is approaching.
• Detailed Analytics Dashboard: Attain real-time data with visually engaging representations. 

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What Are the Differences? 

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Dime

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• Trial Balance: Feature that easily creates financial documents such as balances, cash flow statements, and accompanying schedules in seconds. This ensures that firms can access critical insights swiftly, facilitating informed decision-making and financial management.
• Client Onboarding: Usage of AI to streamline the client acquisition process. Includes AI-assisted drafting to create detailed proposals & contracts that resonate with potential clients. By doing this, firms save time but also increase their accuracy and consistency. This frees up time for firms to build valuable relationships and scale their business.
• Data Extraction: Distill difficult legal & tax documents, contracts & extract the most important info. 

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Canopy

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• Robust Workflow Templates: Easily add automation rules to any tasks & requests within these pre-made templates. Select from an array of conditions & actions to trigger specific responses.
• Mobile Application: Create & provide insights on tasks. Easy to navigate. 
• Integrated CRM Manager: Easily view clients & their most pertinent details.

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Team Collaboration

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With team collaboration, firms are able to facilitate seamless communication and cooperation to better the workflows & efficiency in all their accounting processes. By leveraging the right accounting management software, knowledge sharing is exponentially increased, enhancing the performance of the firms as a whole. 

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What Are the Similarities?

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• Team Task Coordination: Members get access to intuitive tools to assign, track and manage all tasks throughout the firm. Everyone can allocate assignments, monitor progress, and oversee workflows, boosting collaboration across teams & departments. 

• Managed Tools: Ability to review and manage documents with enhanced security features. Individuals can flag items to bring it to attention and edit categories within the client portal interface. This aids with speed & compliance with confidentiality requirements.
• Branded Experience: Upload documents and exchange messages by centralizing these functions into a central, easily accessible platform. 

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What Are the Differences? 

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Dime

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• Team Insights: Deep-dive into productivity & capacity to identify various prospects and obstacles in the way
• Email Triggers: When assignments are completed, documents are received, etc…

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Canopy

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• Document Organization: Manage important files through a virtual drive or desktop assistant.

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Time and Billing

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Tracking time is important for accounting firms and accountants when it comes to optimizing for  resource utilization. By budgeting & discerning the time allocated to each client and task, it pushes them to  frequently reassess the pricing structures in response to heightened work demands.

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What Are the Similarities?

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• Time Tracking: Track, allocate and report on time. All seamlessly integrated across multiple projects
• Automated Billing: Choose how you want to invoice (one-time, recurring, scheduled)
• Customizable Invoices: Show or hide specific columns as needed. 
• Advanced Billing Reporting: Uses essential data points to drive business forecasting & decisions 
• Online Payment Processing Option: Can be paid via credit card or ACH through self-serve client portal.

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What Are the Differences? 

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Dime

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• One-Time Payment Links: Generate secure links through credit card or ACH

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Canopy

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• Work-in-Progress (WIP): Offers a WIP Summary for firms to see progression. Helps to keep track & flow it directly to invoicing. 
• Automated Late Fees: If past due date, fees will be automatically applied. Encourages timely payments. 

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Dime vs. Canopy Pricing

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Dime offers very transparent pricing! There are three pricing tiers (pro, business & enterprise). 

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More details below:

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

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

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Let's Chat!

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While Canopy offers a wide array of features, Dime does have a lot of advanced AI customizable functions that could bring your firm to the next level. 

Want to check it out for yourself! Book a product demo with us: https://www.joindime.io/#demo.

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