What Law Firms and CPA Firms Have in Common

How can we manage documents securely, collaborate and ensure we are using the correct version?  harvest_poster2How can we ensure we are tracking all our time accurately, without spending a fortune?

Small- to mid-sized CPA and law firms come to us with these questions every day. They may be drastically different professional industries, but they actually have many of the same IT challenges. They want to know how to improve productivity, efficiency, security and revenue.

Like most professional services firms, CPA and law firms must:

  1. Track time so they can bill their clients accurately
  2. Ensure they are not losing billable time due to poor systems or processes
  3. Manage their document security to meet client and regulatory requirements
  4. Find ways to collaborate more easily with their documents
  5. Be able to work from anywhere, on any device, at any time

And like many professional services firms, smaller CPA and law firms struggle with these core processes, but can’t afford the $50,000 solution the big guys use. So they end up using outdated methods to track time, compile data and produce invoices, resulting in a mad rush at the end of the month – and hoping they didn’t miss anything. They use email for sharing documents, and have no process for version control so there is no way to ensure that everyone is using the right document.

You don’t have to run your business like that.

What You Need

It is a known fact – if you don’t track time daily you will have errors and omissions, meaning lost revenue or embarrassing mistakes in invoices to clients.  You can also be open to legal issues in some circumstances.

And did you know that email is not secure? Even if you attach a PDF with a password, that email is not secure. An email creates a footprint on up to four computers before it arrives at its destination. The only way to secure email is through encryption, but that is not the best or most efficient way to share documents.

You can save your firm a lot of time, money and hassle with these technology solutions:

  • Easy-to-use time-tracking systems
  • Secure and reliable cloud-based document storage
  • Task management systems that integrate with time tracking and billing
  • Reliable and secure email
  • Disaster recovery plans
  • IT support

Why You Need It

We have spent a lot of time working with CPA and law firms, so we have seen a lot of nightmare situations first-hand.

  • Clients billed for services performed by a person they’ve never seen before
  • Confidential documents emailed with confidential customer data to the wrong person and unsecured
  • Thousands in lost revenue due to “lost time” because it is not entered daily
  • The wrong “final version” of a document sent to the end customer
  • Invoices delayed weeks due to the brutal process of gathering everyone’s time

If that doesn’t make you reconsider your technology solutions, this will. According to a recent survey from Decision Tree Labs1, 66% of service providers are losing 20 hours per month because people are entering time in multiple systems. And 61% of service providers are losing 20 hours per month because they are not accurate in capturing time.

Check Your Technology Checklist

Regardless of specialty, professional services firms need stable, reliable and easy-to-use applications to meet their core business functional needs – and Fluid can help.

Want to learn more? Block out your calendar on January 22, 2014, and join us to learn about the 10 technology trends law firms and CPA firms should pay attention to.

Register here and join us at III Forks Steakhouse in Dallas on January 22. Or contact us at 1-866-523-6257. We are happy to help.


1 The IT Service Provider Benchmarking Study, conducted in February 2013 by Decision Tree Labs on behalf of Autotask Corporation