For years, the profession has thought of practice management as simply time and billing. This is no longer a sufficient definition. True practice management encompasses the flow of all data in a firm—including contact information, scheduling, project due dates, document management, phone messages, and, yes, time and billing. Today’s leading solutions are designed to help firms manage volumes of data within a single space—creating a hub through which all data flows and can be managed efficiently. I recently hosted a webcast with Mike Giardina, CEO of Office Tools Professional. We discussed what practice management should mean to firms these days (as defined above), as well as what today’s solutions should offer. We identified four key value points. Best-of-breed applications offer: · Greater firm productivity · A clear sense of what to do · An interface that feels natural and familiar (designed the way firms already work) · Help do the job faster and more accurately Another key point identified is the need for practice management solutions to sync with mobile devices. For firm leaders on the go, this is critical to stay on top of firm operations and continue to make informed decisions whether they are in the office or not. Overall, proper practice management is imperative in today’s fast-paced profession. Having all firm data flowing through a single hub offers practitioners and their staff up-to-the-minute, mission-critical information—supporting a highly efficient workflow structure. For more information on practice management, view the webcast with Mike Giardina, located on the CPA Practice Advisor website. For more information on Office Tools Pro, a leading practice management solution, visit officetoolspro.com.