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Practice Manager: Productivity release

As an accounting professional how do you measure success?

Some practices focus on efficiency, using KPIs like Turnaround Time and Work In Progress. Others focus on productivity measures like Billable Hours:Capacity. Some (like Xero Partner Blumer & Associates) have shifted the focus to more external measures based on client satisfaction and success.

There’s a real divide out there, and that matters when it comes to the software you run your practice on, because the way success is measured internally often flows through to how clients are billed – either on time spent, or value provided.

With Practice Manager you choose.

You choose how you measure success internally as well as how you bill clients. Even better, you can switch at any stage – from time-based billing to value-based for example – and still keep your internal measures the same.

Practice Manager is great for value-based firms, and the latest update is an enhancement for those using timesheets to measure productivity based on a billable hours.

We’ve introduced the live Capacity and Productivity Dashboard, combining data from staff timesheets with targets set by management, to give team members real-time feedback on how they’re tracking.

Check out the video below to see how it works or read the detail in our release notes.

We’ve also included the ability to write time against a client – great for those 5-10 minute conversations where a job isn’t set up already. Find out more in the release notes.

No matter how you measure success or bill clients, Practice Manager gives you the freedom to elevate your practice to a new level of efficiency and effectiveness. Even better, it’s seamlessly connected to the single ledger so staff can work with live client data from Xero.

We’re continuing to release updates to Practice Manager in the short term, while running a parallel stream of work at the same time to integrate it into the Xero platform.

Let us know what you think of the latest updates and we’d be keen to hear how you measure success.

 

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10 comments

Gayle Buchanan
6 August 2012 #

Very very cool guys …. thanks so much (love the colours)

TimC at FGS
6 August 2012 #

Well done team – the ability to write time against a client feature is awesome.

TimC at FGS
6 August 2012 #

Hi Gavin
What if you dont use timesheets or time?? Anyway to get rid of the new graphs on the My Max page

Diane Crawford-Errington
6 August 2012 #

Great stuff team, keep up the good work.

Tom
6 August 2012 #

Would be good to be able to automatically record time spent on clients’ ledgers, but for a very small practice like mine, £15/month is a bit much. An amount per client (much less than £15) would be much better for people like me.

Della Nicholson
7 August 2012 #

Pretty neat – really love how you guys put the focus back on the client (while still focusing on the accountant). It’s refreshing.

Gavin George
7 August 2012 #

@ Tim – This feature isn’t modular. We thought long and hard about this, but as soon as we looked at the numbers the conclusion was pretty easy in the end. Of the 430+ firms using Practice Manager 99% of them all run time sheets. So taking a modular approach to this feature was unnecessary.

We are seeing many, many firms transition towards a value based approach, which is brilliant, and the Practice Manager with integrated Quote to Invoice and Fixed Price billing makes this transition simple. However firms adopting this approach are still collecting time sheets for internal productivity and performance measurement, which makes a whole bunch of sense especially in a transition phase. But as always we will continue to listen to what our users are demanding, and as their needs change so will our focus.

Gavin George
7 August 2012 #

@ Tom – speak with your Xero account manager as they are running a promotion presently that allows you to get the Practice Manager for free if you bring a number of clients onto Xero.

Claude Collica
8 August 2012 #

Great feature for allocating time to ad hoc jobs, well done. It resolves one of the issues we had in capturing time we deal with our clients for internal reporting purposes….especially good for tracking time spent against agreed fee.

Adele Wardley
8 August 2012 #

Thanks Xero. Love the capacity reducing time feature.

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