Templeton Solutions Blogs

Fully Integrated Practice Management Tools – Can you have it all?

It took an accounting firm to develop a solution for … accounting firms.

We know that many accounting firms are juggling multiple software systems to manage their practice.

It’s frustrating, expensive and time-consuming.

According to a recent survey by Harris & Associates (Accounting Today, 2/15/2010), client retention and cross selling of services are paramount to staying competitive and bringing in new business “well over 90 percent of executives complained that their firm ‘isn’t spending enough time’ cross-selling to existing clients.”

Business development consultants to CPA firms note that most firms are unable to easily produce an internal report that categorizes the firm’s business by industry and discipline.  Firms ask specific questions such as, how much business did we do in the healthcare industry last year and how much of it is attributable to audit, tax, or consulting services?  How about our pipeline?  In what industries and service lines is the firm engaged in selling activities?

Once this information is accumulated, a focused cross-selling effort can be undertaken; however, most firms do not have the system or underlying technology to produce the data without significant time, effort, and pain.

Why?

We know that many accounting firms are juggling multiple software systems to manage their practice. It’s frustrating, expensive and time-consuming. Worst of all, the lack of visibility this causes cripples the firm’s ability of to develop a meaningful view of their relationship with each, which is the basis for cross selling and growing a successful practice.

This problem can be solved with an integrated Customer Relationship Management [CRM] technology.  Although CRM is the standard throughout financial services sectors, many in our industry have been reluctant to embrace it.

CRM has traditionally been implemented as just another freestanding technology – separate from the practice management functions of most accounting firms. Not surprisingly  (and most understandably) executives have been hesitant to invest in what they see as yet another layer of IT complexity at a high cost.

A New Way of Looking at an Old Problem

The solution is simple. Why not have everything you need to manage your firm within one comprehensive, integrated and affordable system? Consider this partial list of benefits:

• Access from Microsoft Outlook © which aids in ease of use and user adoption
• Time and billing
• Tax filing management and due-date tracking
• Resource management and personnel scheduling
• Engagement management with reporting capabilities and forecasting
• WIP and realization reports
• Document management
• Workflow
• Sales “pipeline” and CRM opportunity management system to nurture marketing efforts
• Contact and account management
• Deployed on premise, or in the cloud.
• Automated marketing campaigns with reporting feature

At Templeton, our technology consultants worked closely with our CPAs to create TC Practice Management (TCPM).  The decision to create a fully integrated CRM program came out of a cross-selling initiative where we realized the need to have CRM and practice management available in one easy-to-use and intuitive platform.  

Everybody in our firm uses TCPM. Our biggest “ah-ha” moment was that our experience using the program allowed us to reap the benefits of being on one automated platform, and as a result, our workflow processes are tighter, and our engagements are more efficient.  So yes, you can have it all. This new system solved our own management dilemma and we believe it will solve yours, too. To learn more about the power of TCPM, please contact info@templetonco.com.

CRM 2011 Dashboard "Security" - Visibility Control

As with anything, there are many different ways to skin this apple.  One simple way is to use embedded reports to deliver (or not) sensitive data using security role possession by the user as the determining factor.  The example below was implemented based on the need to limit firm-wide productivity metrics to only executive level users in our TC Practice Management vertical solution while allowing staff level users view their personal productivity metrics only.  The solution is composed of 3 key components:

1) A "blank" (meaning defined with no specific privilege settings) security role awarded to only executive level users

2) A fetch XML based report that validates the possession or not of the role above

3) A Dashboard that "hosts" the report in an embedded frame

 

The How To:

1) Create a security role with the name of your choice (in this case "TCPM Executive Dashboard") and assign to desired users

2) Create a "main" report and 2 sub reports (one with an "unauthorized" text message, and another delivering the restricted data).  You can also elect to use a subreport to deliver the restricted metrics and a simple textbox on the main report to display the "no access" message, or some other combination of report objects to accomplish the same end result

3) Create a fetch based dataset (see below) to pull the current user's role list, and use a formula (see below) to toggle the visibility of the objects created in Step #2 based on the existence of the role (created in Step #1) in the retrieved data

Fetch XML for current user's roles:

<fetch version="1.0" output-format="xml-platform" mapping="logical" distinct="true">
 <entity name="role">
  <attribute name="name" /> 
  <attribute name="businessunitid" /> 
  <attribute name="roleid" /> 
  <order attribute="name" descending="false" /> 
 <filter type="and">
  <condition attribute="name" operator="eq" value="TCPM Executive Dashboard" /> 
  </filter>
 <link-entity name="systemuserroles" from="roleid" to="roleid" visible="false" intersect="true">
 <link-entity name="systemuser" from="systemuserid" to="systemuserid" alias="aa">
 <filter type="and">
  <condition attribute="systemuserid" operator="eq-userid" /> 
  </filter>
  </link-entity>
  </link-entity>
  </entity>
  </fetch>

Visibility Toggle Formula:

=iif(CountRows("DataSet1")>0,true,false) - On the object to be shown when the user dawns the "special" role

=iif(CountRows("DataSet1")>0,false,true) - On the object to be shown when the user lacks the "special" role

The Outcome:

User experience with role

 

User experience without role

Combining Marketing Data with Time and Billing Information Leads to Stronger Client Relationships

By Jim Douglas, Templeton Solutions

We all know that strong relationships and excellent service are the keys to keeping clients loyal and your business growing.

But sometimes those relationships can be deepened – in a very subtle way.

By integrating your time and billing process with a customer relationship management system not only are you able to access a real global view of the marketplace but gain a heightened perspective of your customers.

Take for example this Chevy Geo and Cadillac Escalade story.

Say my daughter has a little Chevy Geo that she uses at college. Typical college kid, she drives it to and from school and runs it into the ground. I bought a Cadillac Escalade from the same dealership. I tell my daughter to take her car in for an oil change. When she gets there, the staff responds to my daughter within the context of the car she has – or in other words – blows her off, getting to the car when they have time because they don’t see her as big business. Do they get the job done eventually? Mechanically, yes. But relationship-wise they could have done a lot better.

Imagine the change in my daughter’s treatment had that staff known my family’s history with the dealership and that I bought an Escalade from them not too long ago. In the world of CRM, my daughter brings the car in and they see right away that behind the Geo is that Escalade and yet another Cadillac bought for my wife the year before. They also see that discussions have also started in regards to me purchasing a new car for my daughter. Now, and not surprisingly, not only do the mechanics greet her warmly and by name, but the sales manager comes over to chat with her as well.

Her customer experience has just increased dramatically.

The moral of the story? Having more information and deeper insight of who your clients are can lead to stronger connections and more business down the line. At the end of the day, it is not about fulfilling transactions, it’s about the relationship.

Using an automated system such as TCPM, allows you to capture this information and use it in beneficial ways for both your clients and your firm.

For example, most partners only see an invoice in passing – the process is almost a mechanical back office function, with the bill going out and the client being quickly moved into a new billing cycle. With front and back office (administrative information and billing data) integration, you have the ability to see that relationship holistically, gain insight as to the value of the client to the firm and the work coming down the pipeline from a business development perspective. All this information helps frame that next conversation between partner and client.

Our clients often tell us, “wow, our people now have 360 degree perspective on a client relationship, as opposed to just showing up on site to do the work.” This becomes a cultural change for firms and empowers management and employees to understand their clients better.

In short, by investing the time to know your client and anticipate their needs, they become accustomed to the white glove service and will feel confident with you being their trusted advisor. 

How to Kick-start a More Efficient Tax Season with CRM

Tired of working out of that infamous box in your tax partner’s office? Think there must be a better way to stay organized during busy season?

There is – and it all begins with a customer relationship management system.

For Isabella Lunsford, CPA and tax partner at Templeton & Company, using the CRM system within TCPM has changed the way the firm manages its tax engagements forever.

Gone are the days of digging through the bottom of a pile of tax returns to answer a client’s call. Gone are the days of having a staff member confused about their priorities. And gone are the days of not knowing the status of a certain client’s return.

“Where in the past we’ve had to get with our staff members and find out what they were working on, what they had, how much they had to work on, now the system will tell us all this,” Lunsford said. “We are more organized and more accurate in terms of what is here and not here.”

Lunsford said the system serves as a “live to-do list,” which for her, is the best part of being automated.

“You know what’s here, what needs to be worked on and what order it needs to be prioritized, compared to the old method of seeing the box and the returns stacked on the desk not knowing what’s there, what needs to be done and what needs to be done first,” she said.

Once an active engagement is created, everybody on staff goes through a prescribed series of steps that includes an analysis of proper review and approval – but the system has been designed to handle exceptions as well. For instance if a staff member is sick or leaves the firm, the CRM function of TCPM will help remind you to efficiently re-assign that work. It will also address a delay on the client side.

CRM works not only as a scheduling and dispatching system, but it sets alerts that provide automated insight on due dates and workload so upper level management can make a proactive decision before work gets backed up. Timing triggers events that will respond to set values that in turn respond to predicted bottlenecks.

For firms who have multiple offices, using a CRM system provides integration between locations.

“We are able to assign work to other offices and because everything is electronic with a seamless one firm outlook from the cross practice perspective, it was all right there,” Lunsford explained. “They could go through the process and know what was going on without even picking up the phone.”

Lunsford has been using CRM since 2007 and once she learned the system and worked with the firm’s IT staff to make some changes, the rest of the tax team was trained all at once. While it has taken a good year to understand and take advantage of all the powerful functionalities the system offers, the benefits have been substantial.

“It has taken about half the amount of time for searching and follow up,” she said.

Have you checked your billing manager’s workbench lately?

Your firm’s billers shouldn’t be spending their time doing paperwork.

And if they are, you may want to take another look at their system. Go ahead, look. Most likely, if your firm isn’t using CRM, their process is spread out over multiple programs, their time is spent looking for expense reports, trying to find people for review – and all of it slows down their day. Which, ultimately slows down money coming to you.

Your billers need to serve their client rather than shuffle paperwork. Period. Yet another reason to consider a CRM system – efficiency and productivity is enhanced because there is no need for multiple software systems. No more separate log-ins and passwords – just one centralized depository for client information that helps you manage your practice in a variety of ways.

With a CRM system such as TC Practice Management, one of those ways allows time and expenses to be entered with project work-in-progress (WIP) details. Without leaving the billing screen, invoices and expenses can be reviewed, unbilled time can be realized, and notes and comments can be read. Client invoices can be easily created and a user can choose from multiple billing handling options – meaning clients are billed faster and the firm’s cash flow improves.  It’s the biller’s workbench – and with CRM you can get a bird’s eye view.

An integrated system also allows the impact of a billing decision to be seen right upon realization – giving you a sense of the decisions you are making in terms of profitability.

There’s a perk for marketers as well - as the billing manager is usually the person to turn to for the most up to date client information. Instead of running around and begging people for data, CRM creates a common system for the firm’s contacts to be found. And during a big campaign when time and efficiencies are precious commodities, nothing could be more valuable.

For many firms billing is an arduous task. The process can be very manual-oriented; as many people need to take part sometimes across multiple offices and getting approval in a timely manner can be cumbersome. Investing in a common online tool to collaborate that is “point-and-click” – not only may end up saving you money but also frees uptime for your billers to do their number one job, serve clients.

Chhhhhanges … How to manage the cultural change a CRM system brings

So, your firm has made the big decision to invest and implement a customer relationship management system. Good for you. Now, it’s time to make sure the transition goes as smooth as possible.

Communicate and educate. First things first, leadership must communicate this decision to the rest of the firm. This means conduct an educational campaign explaining to the professional staff the reasons for the CRM system, when the rollout will start and what goals are ultimately trying to be accomplished. This process will be easier if management gets buy-in from a cross-section of the firm prior to this educational campaign, where this groups helps and is involved with the system and vendor selection process. Also consider setting up a focus group that meets regularly for continued feedback and development improvements.

Recognize the change. Most firms know that once they implement a CRM their approach to business changes. Siloed practices - where each partner is responsible for their personal book of business - defines the structure of most CPA firms today. When a firm is invested and using a CRM system, that structure shifts, as individuals are able to have access to other people’s information. This is a healthy thing for a firm and in some cases, reluctance to this change can expose those partners (or others) who might not seek the firm’s best interests.

Be accountable. Management must use the CRM system and model its importance for the rest of the firm. This does not have to be done with a big stick or intimidation, but it is important to set a new precedence for the firm that includes using the system as a best practice. Use activity reports to follow up on what people say they are accomplishing.  Have conversations with your business development director regarding analytics on prospects and leads. When a client calls asking about a letter sent out weeks ago, anyone within the firm – from the front desk receptionist to a partner – has the ability to go into the system and find out what happened to that letter. As a result, consistent client service can improve.  One CRM user summarized the quickest way he got his sales team and partner group using CRM, by establishing the credo, “If it’s not in CRM, it didn’t happen.”

Expect extra work. At first. Most employees look at a new system as if it’s going to be extra work. A CRM implementation is no different.  CRM creates efficiencies by allowing you to put a process around what you are already doing. Automating processes should help you be more efficient, at a minimum, and should help you become more effective. And yes, the first big mailing the firm puts out with the system may be more work than usual, but as time goes on and the contact list gets more scrubbed up, more ease will come. Just think: those Christmas cards you send out every year that has your marketing team pulling their hair out? Piece of cake.

Change takes time and education, but don’t be daunted by the process. Involve your firm and communicate your goals and your transition is bound to happen seamlessly.

 

Don’t be afraid of CRM – a Marketing Director’s Primer

Customer Relationship Management [CRM] systems tend to get a bad rap among CPA firms. Though progressive firms are starting to wake up to the benefits of investing in such a system to better manage their business development process, for many marketers introducing this type of investment can often be daunting – especially when partners have a hard time seeing past the initial cost.

Using a CRM system does not have to be scary! And it’s time to share this news with your firm’s partners.

First things first – a firm must have a vision that a CRM system is needed to drive the whole organization forward. That it’s not just for use by a handful of marketing people and that ultimately, an investment in the system will bring value to the entire firm. What Templeton & Co. has done, for example, is build out project management components within our CRM product to integrate with the operational system to create more than just a sales and marketing tool. That, we find, makes a big difference in user adoption and value to the firm.

Aside from cost, partners are often fearful of investing a chunk of money and resources to only realize their people aren’t using the system. They want to be assured (and rightfully so) that if they make this investment, their people will use the system to the fullest extent.

To move forward in introducing a CRM system to the partners in your firm, consider the following tips:

1)     Create a vision for CRM that goes beyond contact management, marketing campaigns, and sales pipelines to address the firm’s critical business processes.

2)     Identify your firm’s pain points. Historically, marketing directors have done a pretty good job of identifying the trouble spots in performing firm wide marketing initiatives without having an integrated solution that allows them to do e-marketing and analytics. Communicate to partners that these tools are needed if the firm wants to grow.

3)     Define what your firm’s success criteria for an implementation looks like. Like with any technology purchase, you need to decide what you are trying to accomplish and determine the best way to get there.

4)     Educate your top-level leadership. Marketing directors see the value of having a CRM system on everybody’s desktop, but convincing the managing partner is sometimes tough. That’s why it’s important to educate firm leadership on the different elements of the system and how it can help grow and nurture the business. Executive buy-in will be extremely important throughout the whole process.

5)     Show a ROI. This may seem obvious, but it is crucial in helping your partners understand the benefits as you see them. Help your partners get past the upfront sticker shock and understand the long-lasting value an investment in this system offers.

6)     Get people involved. Yes, it takes managing partner buy-in and some hand holding from the marketing director. But recognize the process will also involve your IT and business development people and your service line leaders and audit/tax group. Implementation will take muscle and it’s not a job for one or two people. Consistently send the message about how important this system is to the firm and make sure your firm leaders’ actions illustrate this.

Check back soon for our next post on how to manage the cultural change implementing a new CRM system can often bring.

 

 

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How In-Memory Analysis and Reporting can transform your business

Running a successful business today is hard work. Business decisions need to be made quickly based on up-to-the-minute information.  Unfortunately, most companies have their pertinent information buried in an operational system instead of at their fingertips.  If you don’t have access to real-time information, how can you expect to make the right decisions you need to succeed?

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Visionary CPA Firms Align Strategy and Technology

By Steven Templeton, CPA, Managing Partner

The days of a few CPA’s operating as a “firm” with partners essentially sharing the costs of office rent, a receptionist, and a coffee pot are quickly passing.  Clients want their CPA’s to provide multiple services to help them build their businesses and effectively plan their exit strategy.  Successful CPA’s are transforming their model from “book of business” practices to multi-disciplined professional services firms that operate as a single unit and offer a myriad of services to their clients.  Rather than operate as multiple firms under one roof, they are learning to operate as one firm under multiple roofs.

These firms have, or are in the process of, defining their commonly-accepted core values, formulating their mission statement, and adopting directional strategies and goals.  In the quest to build one firm, they generally move toward a corporate governance style and seek to consolidate systems and standardize business processes.  Some of the key requirements for these firms to address include:

• Marketing and business development functionality with reporting capabilities
• Event and marketing campaign management
• Social media outreach marketing
• Collaboration and cross-selling visibility across practice disciplines
• Mobile access to relevant firm data in support of alternative work structures
• Enabling a growth platform and culture (organic and acquisitive)

It is imperative that firm leaders investigate, adopt and leverage appropriate technology to achieve the level of integration needed to support these key considerations, including:

• A common technology platform across functions, geographies, and disciplines
• Rich data analytics and dashboards, customized by role
• Deep insights into relationships both within the firm and with external firm contacts
• Sales pipeline and business development accountability metrics
• A single system from proposal to final billing
• Single user authentication and point of interface

Imagine the future.  Can firms reduce the number of programs and systems that they support, provide access to real-time key performance indicators and information to its managers, create an environment for collaborative work and knowledge sharing, and dramatically increase efficiency and profitability while providing world class service to their clients?  Visionary CPA firms have made tremendous strides in their practice model over the past decade or more.  We believe that technology can be the enabler to efficiently facilitate continued growth and profitability.   

To learn more about our solution, visit www.tcpracticemanagement.com or email info@templetonco.com.