Practice Management Software (PMS) has been launched by the Institute of Chartered Accountants of India (ICAI) to assist practising Chartered Accountants (CAs/Firms) in facilitating their workflows and improving productivity and communication. With over 15 integrated specifications, PMS proposes various tools that have specialization in the same field to assist the CA firms in collaborating more easily and accurately at every phase of the accounting process.
ICAI has nearly 3.15 lakh members and 90k firms who has experience in traditional areas of audit, direct, indirect & international taxes consisting of GST and emergent areas such as insolvency, financial services, risk management, and corporate restructuring, etc. Various members are providing the industry occupying senior positions like C&MDs in banks or financial institutions, CEOs and CFOs in leading and reputed public or private sector firms.
The software was launched at the beginning of this year, the software is developed to provide several services ranging from enhancing the efficiency of organizing tasks, documents, accounts, clients, and staff to offering a user-friendly solution for hassle-free practice management. The Practice Management Software (PMS) brought into the system workflow by the Institute of Chartered Accountants of India (ICAI) marks a remarkable move for Chartered Accountants and CA firms. In this piece, we will delve into the key features of PMS and how they can optimize operational processes for CA firms.
Read Also: 10 Key Challenges Faced When Starting Your Own CA Practice
ICAI has introduced Practice Management Software (PMS) to assist Chartered Accountants in automating office operations for better practice management. The main objective of developing this software is to simplify the management of tasks, documents, accounts, clients, and employees.
Chartered Accountants can access the software upon registration on the cacloud.ca.in website, provided by ICAI for this purpose. The software comprises five modules for managing tasks, documents, accounts, clients, and employees within your firm.
Additionally, it incorporates over 15 inbuilt functions to facilitate smoother management and workflow automation. By proceeding to the registration portal, CAs can now sign up using their ICAI Membership Number to gain entry to the software.
Streamline your firm
Practice management Software for CA firms
Everyone needs to be on the same page for managing the CA firm. You require one-stop practice management software that shall authorize your firm your team and your clients. It authorizes you to facilitate the procedure and work together smoothly and efficiently at every step of your accounting process. Some tools are been proposed by the practice management software that allows you to communicate, track how your time is being spent, and provide an ideal client experience, so you can retain clients and expand.
- 15+ Integrated Features: Make a connected client experience that has everything you require in one place
- Workflow Automation: Automate your workflow procedures, no matter how easy they might be
- Web & Mobile Platform: Handle all your office activities on a fast web & mobile platform
- Bank-Grade Security: Updated security with Bank-Grade SSL & Microsoft Azure-Dedicated Server
- Complete Onboarding: Our team is always there to transfer your data to PMS at no additional cost
- Training: Our Team provides complete training on PMS without any additional cost
Advanced Practice Management Modules Improve Client Experience
key features of the software are as follows:
1. Module For Task Management
It is always a hectic job to take responsibility for your tasks and optimize processes, but with PMS, you can effectively manage your team’s workflow, nourish your decision-making, and meet client expectations. The PMS Task Management Tool is specifically designed for CA firms, offering clear task handling and reducing miscommunication by providing detailed instructions for each task. Employers can monitor assignments and progress, saving time while ensuring timely completion of subtasks, improving efficiency, and maintaining accurate records. This software streamlines operations, allowing firms to deliver work promptly and satisfy clients.
Task management tool highlights
- Plan: Plan tasks and decide priorities to accomplish more goals
- Organize Tasks: Start building tasks from the taskmaster & manage timeline
- Create Sub tasks: Assign sub-tasks, and to-dos, & share files with the right team-mate
- Execute: Drill down to each task timeline & see where it consumes time
2. Document Management Module
A document management system could rectify the workflow of a CA firm. The same removes the paper dependency by making the documentation and records easily accessible on a secure web server. The same authorizes the team members to automatically perform electronic audit trails that will keep documents correct and in compliance with industry standards. The team members have the regulation of the procedure. It would be simple for the accountants to designate the specified workflows into daily procedures therefore the routine procedure gets easier. The productivity of CA firms can be improved by implementing a document management system.
Document management module tool highlights
- Easy To Use: A simple, secure, & user-friendly document listing system
- Inward/Outward: Inward and outward documents and maintain updated records
- Secure: Save documents on a server with the latest security and encryption
- Track: Track the documents of your client for a special service
3. Account Management
A good client experience is defined through the accounting services, it describes your loyalty towards the client. It draws a PMS account management tool to describe and nurture value-added relationships between you, your business, and your clients. It will be hassle-free to manage all the details of your client through a single dashboard on the PMS account management module. Your dashboard bears all the crucial details such as current projects or deals accepted till the date in the history of your account. Easy access to all the details helps you track the progress of your project and view the current status. You can lead your sales team accordingly to close deals faster. It also sends you updates via SMS/Emails.
Account management tool
- Multiple Accounts: Multiple client accounts & company-wise invoice management
- Track Transactions: Monitor client transactions, invoices, and payment receipt
- Multiple Currencies: Collect online payment against invoices in multiple currencies
- Client Ledger: View and send client ledger with a single tap process
4. Client management module
Client Management Module is an influential module of Accounting Practice Management Software. The same centralizes and handles the data of your clients which makes it simpler to monitor their overall progress. The same could be defined as your company’s biggest asset and assist you in maintaining the actual relationships with your clients. The same could assist you to logically organize and store all client interactions in a single, customizable location enabling you to record, access, and track every client activity in your office.
Client Management Module Tool
- Easy to Access: Manage real-time client activities at your fingertips
- Client Groups: Handle clients that are pertinent by ownership or financial structure
- Login Credentials: Group-wise client login management system
- Client Database: Maintain client documents with client database management
5. Employee Management Module
The strength of an organization is provided by its employees, an ideal employee management tool stands your company apart from the competition. An employee Management Module is more than just storing work-related data; an intelligent module keeps you organized by furnishing all the data of employees at your fingertips. It enables you to have better governance, simpler routes of communication with employees, and faster decision-making processes.
Employee Management Module Tools
- Time Management: Saves time and energy on management
- Better Decision: Use analytics for the most suitable insights into business
- Role & hierarchy: Manage work assignments, as per role and designation
- Timely Payroll: Use an automated payroll mechanism to be efficient all the time
6. The Generation of All Intermediate Reports with all Aspects Included
7. Process of Obtaining the Concerns of the Users and Generating Final Reports
For the Chartered Accountants, the software is available, on registration in the website cacloud.ca.in, deployed by ICAI for the purpose. To avail of it, you are required to register which you have to provide the below-mentioned details:
- ICAI Membership Number * [Head-Office In-Charge of Firm]
- Select FRN
- Region
- Number of Users/Employees in the Firm
- Name of IT Professional of the Firm for handling the software in the Firm*
- Contact Number of the IT Professional of the Firm*
- Start Date and Time of the Implementation of Practice Management Software in Your Firm
Also on mobile, the software could be accessed as the platform is available for web and mobile. The software team promises the data transfer to the practice management software free of cost. The team ensures complete training on the software.
Professionals can now contact pms.helpdesk@icai.in or reach the official help desk number at 9772289444 for additional information on the PMS.
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