New planning tool helps firms manage the profits and resources of engagements in process
West Palm Beach, FL (April 18, 2019) – Today, PracticePro 365 announces its Profitability Forecaster, a new planning tool that provides a 12 month forecast of planned and ongoing engagements, along with the ability to revise the estimate-to-complete and the needed resources on a real-time basis. Team members have the insights required to simultaneously manage profits and resources.
On average, accounting firms leave up to 20 percent of gross fees on the table with every engagement due to poor planning and execution. The highly manual process of budgeting and scheduling is inefficient and time consuming, and handled by people using a myriad of spreadsheets and programs. This lack of coordination and integration among systems degrades engagement profitability and accurate projections of human resource needs.
“In order for firms to successfully project and grow revenue, they need tools to help them manage their resources better and move beyond the static, antiquated process of engagement planning,” says Steve Templeton, Founder and CEO of Templeton Solutions, LLC. “Our Profitability Forecaster gives firms the headlights into the future they need to reach higher realization rates and the power to make real-time changes that drive profitability.”
Created by industry professionals with over 30 years of experience, PracticePro 365 Profitability Forecaster offers a new dimension to CPA firm engagement planning.
Armed with this tool, firms have the power to:
- Project accurate estimates-to-completion
- Properly estimate revenue and create more accurate financial statements
- Monitor and manage profitability of projects in process
- Prioritize their best clients
- Balance the supply of people with the supply of jobs, helping to smooth out peaks and valleys
- Avoid scheduling conflicts
- Identify and reward star performers, and identify team members who need coaching
About Templeton Solutions
Templeton Solutions is a technology company and the creator of PracticePro 365™, a practice management software for professional services firms. We combine deep industry and process expertise with custom software development, to enable growth and innovation for our clients. With over thirty years of experience in professional services, Templeton Solutions serves customers across all industries, providing them with the tools to optimize their resources, improve their cash flow and plan for the future, so they spend less time managing and more time growing their business. To learn more, visit us at www.templetonsolutions.com.
Steven Templeton, Founder of Templeton Solutions, was featured in Inside Public Accounting’s Vendor Spotlight. Click here to read the post.
PracticePro 365 is the first unitized practice management system to enable firms to manage their practice, projects and people from a single data source.
West Palm Beach, FL (Feb. 7, 2019) – Today, Templeton Solutions announces PracticePro 365, a unitized management system enabling firms to capture data in a systemized way and manage workflows all in one place, allowing them to easily analyze, forecast and plan for profitability across all parts of their business. PracticePro 365 delivers a consolidated, holistic view of profitability and performance – and is unprecedented in the market today.
Over the last decade, the accounting industry has witnessed a significant rise in the volume of M&A activity – a trend that shows no signs of slowing down. For managing partners and founders, it represents an opportunity to grow their client base, lure better talent and position themselves for future success. However with growth in consolidation, comes the challenge of integrating legacy technologies that are often incompatible, outdated and stale. Running disparate solutions is not only costly and inefficient, but also prone to limitations.
“Jones & Company has grown rapidly over the past few years, acquiring multiple offices with different practice management platforms, subsequently creating silos of information across our firm,” said Jeffrey Jones, CPA, Managing Partner, Jones & Company, LLC. “Selecting PracticePro 365 allows us to consolidate our data, providing us with visibility and insights across our offices, letting us manage a unified firm.”
Founded by veteran entrepreneurs with over 30 years of experience, PracticePro 365 has been in development for several years. It offers a powerful approach to capturing and activating data for improved profitability and business intelligence. Benefits include:
Empowering partners and staff.
Firms can serve clients more effectively by planning projects using standardized service types and tasks and monitoring projects and resources in real-time.
Doing more business.
Marketing and sales can build contact lists, run campaigns and cross-sell services through a single dashboard.
Improving cash flow.
Staff can enter time and create invoices simultaneously to accelerate cash collections.
Predicting future profitability.
Firms can identify profitable market segments, pinpoint lost revenue and revise project plans in real-time.
Increasing scale and flexibility.
Built in the cloud from day one so all staff can easily access, input and update information at any time, from any device.
Serving clients better.
Firms get a holistic view of clients to better understand how to move beyond service and foster lifelong relationships.
“At Templeton Solutions, we believe the most effective way for firms to serve clients better and accelerate growth is by having a holistic view of their business that enables them to identify changes and make smart business decisions in real-time,” said Steve Templeton, Founder and CEO of Templeton & Company, LLP. “With PracticePro 365, firms can now analyze data, maximize productivity, minimize waste and identify new business opportunities, all from a single source of truth.”
About Templeton Solutions
Templeton Solutions is a technology company that develops practice management software for professional services firms. We combine deep industry and process expertise with custom software development, to enable growth and innovation for our clients. With over thirty years of experience in professional services, Templeton Solutions serves customers across all industries, providing them with the tools to optimize their resources, improve their cash flow and plan for the future, so they spend less time managing and more time growing their business. To learn more, visit us at www.templetonsolutions.com.