Smithink - helping accountants turn their practices into great businesses
What’s next in Practice Management systems
Jun 19, 2024
This podcast delves into the evolution of practice management systems in accounting firms over the past 50 years, highlighting the challenges faced by suppliers in adapting to new technology. It discusses the potential impact of artificial intelligence, the importance of cloud-based systems, and the utilization of AI for efficiency improvement. The chapter also explores the capabilities of AI and Robotic Process Automation in enhancing user productivity and offers insights on navigating the selection and implementation process of practice management systems.
37:51
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Quick takeaways
- Practice management systems have evolved to provide insights and functions for improved performance.
- Integration across various functionalities is a key challenge facing practice management systems for enhanced efficiency.
Deep dives
Evolution of Practice Management Systems
Practice management systems have evolved over time, adapting to technological changes. The podcast highlights how incumbent suppliers face challenges in balancing the development of new products while maintaining existing ones. New technologies like AI are expected to bring paradigm shifts, potentially changing the game. The emergence of cloud systems is seen as compelling, offering accessibility, reliable internet, and streamlined system management.
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