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.

Intro

3min

Evolution and Challenges in Practice Management Systems

24min

Exploring the Capabilities of AI and Robotic Process Automation in Practice Management Systems

3min

Navigating the Selection and Implementation of Practice Management Systems

4min

Discussion on Practice Management, Webinar Partner Acknowledgement, and Young Guns Conference Promotion

4min

It’s almost 50 years since the first practice management computer system became available for small to medium accounting firms. The core functionality of tracking work and billing clients continue but systems have evolved to provide a host of other insights and functions to significantly improve practice performance. David will highlight the changes that occur in this important application for firms in his latest webinar.

PRESENTED BY: David Smith

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