What’s the Best ERP for Accounting Firms?

If you’re an accountant with a thriving business, you might be searching for the best ERP for accounting firms. Accounting firms face many of the same pressures of other small businesses, along with additional challenges such as ensuring regulatory and fiscal compliance. The benefits of ERP are numerous for accountants and other financial professionals.

ERP software (enterprise resource planning) helps streamline business operations and improve data visibility for many different types of businesses. They improve cash flow and easily handle basic accounting functions, including managing accounts receivable, accounts payable, and general ledger. They also provide additional functionality, including supply chain management, human resources management, and better financial reporting. They’re perfect for accounting and financial management. Better business management software improves customer relationships and turns more clients into long-time customers.

Retailers, distributors, manufacturers and more all use ERP software solutions to help run their businesses more efficiently. Enterprise resource planning systems help business leaders and employees save time and reduce manual data entry with a single source for all financial and operational data.

For CPA firms, it’s important to make sure that you are using an ERP system designed to meet the needs of finance professionals like you. They provide access to real time client data and improve business processes.

Why Do Accounting Firms Need an ERP System?

Before we get into how to pick the best ERP software for CPA firms, it’s important to consider why accounting firms need an ERP system. Similarly, you should also consider the benefits of accounting ERP systems.

Accounting firms use ERPs for project management, document management, workflow management, scheduling and resource management, and to maintain financials for accurate reporting. They provide automated and up-to-date financial statements.

The top reasons to use an ERP system for accounting include: 

• Better Compliance – As anyone who works with money knows, remaining in compliance is a big deal. There can be stiff penalties for firms or people who don’t maintain appropriate regulatory compliance. However, regulations change. This can make it difficult to remain compliant. The right CPA firm management software makes maintain fiscal compliance easy because it does the heavy lifting for you.
• Seamless Integration – Your accounting firm may be relying on multiple disconnected systems to handle different parts of your business. Project management may occur in one software solution, while scheduling and resource management occurs in another. Reconciling data between these systems takes time and effort. It also could lead to errors and poor business decisions. A comprehensive ERP solution handles all business functions in one place. That means integrated project management, document management, workflow management, and scheduling and resource management for your employees. It also means better reporting for management and better service for your clients.
• Rapid Deployment – Deploying and maintaining software solutions takes time. Deploying and maintaining multiple different systems takes ever more time. There is an upfront investment in time and money when switching to or implementing a new system. However, with the right ERP system, your accounting firm can be up and running by the end of the day with your new CPA firm management software. The right software solution will help your practice grow. It will scale with your business and handle an ever-expanding number of clients with ease.
• Consolidated Reporting – Stop wasting time consolidating reports across your business. Enjoy easy, intuitive dashboards, drill-down reporting, multi-dimensional analysis, and more. ERPs make it easy to access all financial data and better manage or grow your clients’ assets. You’ll be able to assess all financial information from a single platform.
• Better Customer Relationships – Faster, better access to real time data allows you to make faster, better recommendations for your clients. You’ll be able to grow their wealth and make decisions that reduces the risk for your clients.
• Real Time Visibility – ERPs provide real time data visibility across your business into all financial and operational data. This includes both your firm data and customer data, meaning you can make better, faster recommendations to grow your clients’ wealth.

Best CPA ERP for Accounting Firms

The best ERP software for your accounting firm will depend on the needs of your business. While many ERPs offer similar functionality, they are not all the same. Some software solutions will be a better fit for your business than others.

As you evaluate different types of ERP accountant software, you should keep the following questions in mind: 

• Does my firm need an on-premise or cloud ERP solution?
• When will employees need to access your ERP system, and what types of devices will they be using?
• Is your business able to support your ERP in-house, or will you be relying on an outside or outsourced ERP management team?
• What ERP functionality counts as “must have” and what functionality counts as “nice but not essential?”
• How many software systems are you currently using that your ERP would replace?
• How long does it take to train people on all your current systems, and to reconcile data from your different systems?
• What are the main pain points involved with your current processes? How much time or money would you save if you resolved them
• How much value will a new ERP system bring to your business?
• What does the ecosystem surrounding the ERP software look like? Often, if the ERP software itself does not include all the functionality your firm needs, add-on solutions from affiliated software firms might. So it’s worth considering the types of add-ons and support available in the wider ERP software ecosystem.

Cloud-Based ERP Software

Sage Intacct is a cloud-based ERP solution. It’s perfect for CPA firms. In fact, it’s the first and only AICPA-preferred financial management software solution. This is an honor that Sage Intacct has held since 2009, when the organization decided to help firms adopt cloud technology.

About Us

CertiPro is your full-service solutions provider. We are experts in Sage Intacct and in ERP implementations, including helping companies pick the best type of software for their business. We’ve implemented many ERPs that help companies manage their finance and accounting functions, as well as other operations throughout their business. Contact us or schedule a demo to see what Sage Intacct can do for your CPA firm.