Accounting firms with basic needs, such as client management, project and task management, and time tracking and invoicing, may do well with a simple accounting practice tool like Jetpack Workflow and QuickBooks Online Accountant. However, firms and accountants with specialized needs, such as customer relationship management (CRM), capacity management, and document management, may upgrade to a more robust solution like OfficeTools Workspace and TaxWorkflow.
Here are our six picks for the best accountancy practice management software:
- OfficeTools WorkSpace: Best overall accounting practice management software
- Jetpack Workflow: Best for basic workflow automation
- QuickBooks Online Accountant: Best for managing QuickBooks Online clients
- Financial Cents: Best for tracking profitability by client or project
- Xero Practice Manager: Best for managing Xero clients
- TaxWorkFlow: Best for managing tax processes for clients
QuickBooks Online is our pick for best overall small business accounting software with outstanding invoicing, bill pay, and inventory tracking. Get 50% off of QuickBooks Online for 3 months. | ||
 |
| |
QuickBooks Online is our pick for best overall small business accounting software with outstanding invoicing, bill pay, and inventory tracking. Get 50% off of QuickBooks Online for 3 months. |
|
|
Best Accounting Practice Management Software at a Glance
Pricing | Number of Users | Free Trial | |
|---|---|---|---|
 | Custom | 1 | ✕ |
 | From $45 per month, per user | 1 | 14 days |
 | Free | 1 | N/A |
 | $49 per month, per user | 1 | 14 days |
 | 10 | 14 days | |
 | $1,500 per year | Unlimited | ✕ |
| ✓ | ✓ | ✓ | ✓ | ✓ |
|---|---|---|---|---|---|
| Billing requires integration | ✕ | ✕ | ✕ | ✕ |
| ✓ | ✕ | ✕ | ✕ | ✕ |
| Billing requires integration | ✓ | ✓ | ✓ | ✕ |
| ✓ | ✕ | ✕ | ✕ | ✕ |
| ✓ | ✓ | ✕ | ✓ | Limited |
All the aforementioned software include client management, project management, workflow automation, client portals, and accounting software integration.
Which Accounting Practice Management Software is Right for You?
OfficeTools WorkSpace: Best Overall Accounting Practice Management Software
Pros
- Has more features than most competitors
- Integrates with QuickBooks, Lacerte, and Microsoft 365
- Can manage everything from a single screen
- Can work anywhere with the OfficeTools mobile app
- Includes a client portal with a document management feature
- Supports firms with specialized services like outsourced chief financial officer (CFO)
Cons
- No free trial
- Can be expensive for firms with multiple users
- Overwhelming user interface; difficult to master
- Can’t run a consolidated report that includes data from various sources, such as contact information, billing data, and project details
Pricing
OfficeTools Workspace doesn’t disclose pricing information on its website but, according to third-party sites, prices start at $59 per user, per month. It’s best to contact the provider directly to confirm the pricing or obtain a customized quote.
OfficeTools Workspace tops our list of the best accounting practice management software because it offers all the features we wanted to see, such as time tracking and billing, workflow automation, and task management. In addition to basic features, it offers specialized tools, such as CRM and document management, which are often missing from similar software like Jetpack Workflow and QuickBooks Online Accountant.
Despite the possible higher price compared to basic software options, its strong feature set and specialized features make it beneficial for most firms, especially those managing complex client engagements or multiple projects.
- Allows you to track time and then create a digital invoice to bill for your services
- Integrates with Abacus Payment Exchange (APX), which allows you to process credit card payments and ACH transactions
- Lets you create new projects, assign them to your team members, and view the status as well as hours incurred to date
- Enables your clients to view, accept, sign, and automatically add their documents to their files
OfficeTools Workspace’s dashboard
- Accountants working on a large volume of documents every day: OfficeTools Workspace allows you to store and manage an unlimited number of documents, making it ideal for firms handling numerous client files, like tax returns, invoices, and contracts.
- Accounting firms and professionals that need robust accounting practice management software: OfficeTools Workspace offers more features than most of its competitors. In addition to workflow management, it includes other specialized features, such as CRM and document management.
- Accountants who want to manage everything on a single screen: The program uses a single-screen interface, helping you access the features quicker without jumping from one page to another.
Jetpack Workflow: Best for Basic Workflow Automation
Pros
- Unlimited jobs, documents, and clients
- Transparent pricing structure
- Ability to generate recurring projects
- Integrates with QuickBooks Online, Google Workspace, and over 2,000 apps through Zapier
Cons
- No CRM features
- Inability to update templates for assigned jobs
- No customizable reports
- No mobile app
- Lacks a document management system; can only store documents within a job’s profile
Pricing
- Organize: $45 per user, per month, when billed monthly; $36 per user, per month, when billed annually
- Scale: $50 per user, per month, when billed monthly; $39 per user, per month, when billed annually
Jetpack Workflow is an accountancy practice management software that is focused on workflow automation. It’s not as robust as OfficeTools Workspace, but it can help you streamline processes commonly found in small businesses, such as onboarding new employees.
For instance, if your company has a new hire, Jetpack Workflow allows you to create a task template for the onboarding process. Once a new employee is added to the system, the program assigns the onboarding template automatically to responsible team members so that you don’t have to delegate it manually.
On the downside, Jetpack Workflow has fewer features compared to similar software. For instance, it requires a third-party integration before you can send invoices. If your firm relies on sending invoices on behalf of your clients heavily, then you may be better served by QuickBooks Online Accountant or Xero Practice Manager.
- Allows you to create a new job and assign it to a client and your team members
- Enables you to determine which tasks are due or overdue and which have been completed
- Allows you to set up tasks to occur on a recurring basis, so you won’t have to create separate jobs for projects with the same schedules
- Provides a single platform where you can track each employee’s performance in real-time
Jetpack Workflow’s dashboard
- Firms with repetitive onboarding tasks: Firms that frequently onboard new clients and employees can benefit from the workflow automation feature of Jetpack Workflow. They can set up customized workflows for repetitive tasks, like collecting new hire information and setting up user accounts.
- Small accounting firms on a budget: For as low as $45 per user, per month, you can manage an unlimited number of clients and jobs.
- Project-based firms: Jetpack Workflow uses project-based time entries—meaning you have to set up a job before you can record a new time entry.
QuickBooks Online Accountant: Best for Managing QuickBooks Online Clients
Pros
- Free and includes a subscription to QuickBooks Online Advanced
- Simple, easy-to-use visual interface with interactive tutorials
- Portal to your client's QuickBooks Online books
- Seamless integration with Intuit ProConnect Tax
- Lets you track projects across multiple clients
- Free access to the QuickBooks Online ProAdvisor program
Cons
- Incompatible with QuickBooks Desktop
- No due date list
- Doesn’t calculate realization percentage
- Doesn't calculate realization percentage when employee time is written off of a job or project
- No CRM and document management features
Pricing
QuickBooks Online Accountant is free for accountants and bookkeepers. It includes a portal to your clients’ books, QuickBooks Online Advanced to use for your firm’s books, and access to the QuickBooks Online ProAdvisor program.
QuickBooks Online Accountant is specifically designed to work with QuickBooks Online, our overall best small business accounting software. It provides specialized tools, such as the ability to review and adjust clients’ accounts and reclassify transactions. You even get access to the QuickBooks ProAdvisor Program, which enables you to support your clients regardless of their version of QuickBooks Online.
Additionally, accountants can take advantage of the free QuickBooks Online Advanced subscription to manage their own books. What’s more, you and your clients can access and work on the same financial data in real time. This means both of you can simultaneously work with the most recent data, eliminating the need for file transfers.
If you or your firm provides general accounting services to your QuickBooks clients, like financial statement preparation, payroll processing, and tax filing, then QuickBooks Online Accountant is a necessity. However, more complex accounting firms with specialized needs, such as wealth management and forensic accounting firms, should consider a more comprehensive solution like TaxWorkFlow or OfficeTools Workspace in addition to QuickBooks Online Accountant.
- Has specialized accountant-only tools that let you reclassify transactions, close books, write off invoices, and review and adjust your client’s books for tax filing
- Lets you create tasks or projects and assign them to your team member
- Allows you to access your own books through the QuickBooks Online mobile app
- Enables you to record your deductible mileage
QuickBooks Online Accountant’s dashboard
- Accountants and firms with clients using QuickBooks Online: When a client invites you to share their books, the only way for you to access the books is through QuickBooks Online Accountant. You can also access tax returns prepared in Intuit ProConnect Tax directly from the client information in QuickBooks Online Accountant.
- Those who want to become QuickBooks Online ProAdvisors: The platform comes with free training courses that you can use to gain more knowledge and expertise of QuickBooks and pass the certification exam to become a QuickBooks ProAdvisor. If you’re interested in becoming one, head to our article on how to become a certified QuickBooks ProAdvisor.
- Virtual accounting teams: Accounting teams that work remotely or provide outsourced accounting services can benefit from QuickBooks Online Accountant. Since it is cloud-based, you and your team members can collaborate effectively from anywhere in real time.
Financial Cents: Best for Tracking Profitability by Client or Project
Pros
- Lets you compare the amount billed to the hours tracked
- More affordable than most paid accounting practice management software
- Offers advanced features, such as client portal, client requests management, and document management
- Includes recurring work feature
- Integrates with QuickBooks Online for invoicing
- Comprehensive capacity management feature
Cons
- Not a complete bookkeeping solution
- Requires QuickBooks integration to send invoices
- Not scalable; only offers a single plan
- Limited reporting capabilities
- Workflow templates are not that customizable
Pricing
Financial Cents costs $49 per user, per month, when billed monthly or $39 per user, per month, when billed annually. You can try it for free for 14 days with no credit card required.
In case you’re unsatisfied with the program, you can request a full refund within 90 days of purchase.
We find Financial Cents excellent for accounting firms managing multiple clients and engagements. It has a built-in time-tracking feature that allows you to track billable hours.
Also, it allows you to monitor the amount of time spent on each client engagement and compare it to the corresponding billing. This way, you may discover that one particular client generates higher revenue compared to the hours spent working on their projects—meaning the client is highly profitable for your firm. Using this data, you can effectively allocate more resources and prioritize the client’s projects to further improve profitability.
On the downside, Financial Cents requires QuickBooks integration to send invoices. Also, we found the one-size-fits-all pricing restrictive, especially for small and medium-sized firms with basic requirements. A more scalable option would be Jetpack Workflow, as it offers two plans, allowing you to select a package that suits your requirements and budget.
- Allows you to log work hours and then compare them to the amount invoiced to improve hourly billing strategies
- Lets you create and assign tasks to team members and even set up recurring work
- Enables you to organize and track client information, activities, and interactions in one place
- Automates the process of reminding clients to provide their required information or documents
- Specify the number of hours each team member is expected to work per week
Financial Cents’ dashboard
- Midsized accounting firms with multiple projects or departments: The program’s ability to compare the billed amount to the tracked hours is helpful for accounting firms with multiple projects, departments, or service lines. It allows them to analyze the profitability of different teams, services, or client engagements.
- Solo practitioners that need an affordable but comprehensive accounting practice management solution: Financial Cents offers an inexpensive solution for solo practitioners on a budget. There are free alternatives, but they often lack specialized features like those found in Financial Cents.
- Firms with multiple team members: Financial Cents’ capacity management feature lets you set the number of hours for each team member. This helps you monitor the workload of individual members, identify if some have excessive workloads compared to others, and adjust the allocation of tasks accordingly.
Xero Practice Manager: Best for Managing Xero Clients
Pros
- Free for Silver, Gold, and Platinum partners
- Strong time and billing features including a dedicated timesheets section
- Allows you to allocate jobs and tasks with due dates
- Offers a variety of integration options and a dedicated mobile app
- Robust mobile app with many features
Cons
- Expensive for new and Bronze-level partners
- Lack of tools for efficient team collaboration within the software
- No telephone support
- Discount rates have been reduced for new partners
Pricing
New Xero partners and those at Bronze level can try Xero Practice Manager free for 14 days. Then, you can subscribe for $149 per month for up to 10 users. There is no charge once you reach Silver, Gold, or Platinum partner status.
If you have clients using Xero and need a strong billing system, then you should consider Xero Practice Manager. It helps you efficiently manage client jobs, practice workflows, timesheets, and invoicing and lets you assign work to staff, track and invoice time, integrate with Xero for invoicing and payments, and create customized reports. The platform also generates performance metrics that can provide useful insight into your firm’s profitability.
Unfortunately, small startup firms and solo practitioners may struggle to earn enough points to reach the Silver, Gold, or Platinum partner levels. Hence, if you are still in the early stages of generating revenue, you may find the $149 monthly cost a burden. We recommend you consider Jetpack Workflow, which is a bit more affordable. Also, it integrates with the Xero accounting software, so you can easily sync your client’s data between the two programs.
- Gives you access to the Xero Partner Program, where members get benefits that increase with every upgrade in status
- Lets you create and send invoices and collect payments for your customers
- Allows you to streamline compliance processes using templates
- Includes a mobile app that lets you manage your practice’s workflow and track time and job costs on the go
- Enables you to create jobs and assign them to team members and track them until they are completed
Xero Practice Manager’s dashboard (Source: Xero Practice Manager)
- Firms managing Xero clients: Xero Practice Manager provides a portal to your clients’ Xero accounts.
- Firms that need fixed asset accounting: Xero Practice Manager’s direct integration with Xero allows you to manage and track your clients’ fixed assets, such as vehicles, machinery, and equipment.
TaxWorkFlow: Best for Managing Tax Processes for Clients
Pros
- Ability to select where to store data (in-house or in the cloud)
- Has CRM features, including the ability to create email marketing campaigns
- Collaboration with clients using an integrated Outlook calendar
- Due date list
- Integrates with several accounting solutions, including QuickBooks
Cons
- No direct access to your client’s books
- No free trial
- No monthly subscription
- No integrated bookkeeping software
- Mobile app can’t be used to send invoices
Pricing
TaxWorkFlow is available at a flat annual fee of $1,500, which includes free support and unlimited users. The fee will remain the same as long as you are a client.
As an effort to help small businesses during the COVID-19 pandemic, new users can sign up for TaxWorkFlow for free for six months without any subscription fees or initial deposits.
TaxWorkFlow is the best accountancy practice management software for tax firms providing ongoing services such as annual tax returns, monthly bank statement reconciliation, and compilations of financial statements. It offers a centralized platform for accountants to store and access client data, tax forms, supporting documents, and communication records.
It allows you to create, assign, and track tax-related tasks. You can also set up deadlines, monitor task progress, and be alerted for upcoming or overdue activities. Additionally, the platform helps you simplify tax filing by automating calculations and providing built-in tax tools. Enter the data, and it will handle the necessary calculations, such as income tax liability, deductions, and credits.
However, TaxWorkFlow can be overpriced for small accounting firms and solo practitioners. Also, it has very limited accounting integration, so you might be unable to directly access your clients’ books. A more versatile alternative option is OfficeTools Workspace, which integrates with most of your favorite accounting software like QuickBooks, Lacerte, and Microsoft 365.
- Lets you set up firm-specific tasks and assign them to members
- Allows you to track missing tax return information for each client
- Tracks billable time automatically
- Includes a client portal where clients can access, sign, and upload their documents
- Enables you to organize all your documents in the cloud according to customer, category, and other relevant elements
TaxWorkFlow’s dashboard
- Firms that want a hybrid practice management solution: TaxWorkFlow has a native Windows interface that allows you to store your data in the cloud or in-house. This means you can work on your data with the speed of desktop software while having online access to them.
- Accounting firms that need a CRM system: The program has a built-in CRM system that lets you manage your client’s relationships and interactions with their customers and leads. A useful feature is the ability to generate email marketing campaigns to help generate leads.
Benefits of Accounting Practice Management Software
Having a good accountancy practice management software helps you:
- Automate various tasks, such as client onboarding, data entry, report generation, and workflow management
- Streamline time and expense tracking for accurate billing and project management
- Simplify document management for easy storage, retrieval, and organization
- Improve collaboration among the team through project management and document sharing
- Enhance client communication through a dedicated portal
- Optimize resource allocation and capacity planning for increased productivity.
- Streamline tax preparation and filing procedures
Tip: If you’re planning to establish your own firm or offer your services as a freelance bookkeeper, you might want to check out our article on how to start a bookkeeping business.
Frequently Asked Questions (FAQs)
When choosing an accounting practice management solution, you must look for advanced features, such as time tracking and billing, project management, document management, CRM, and reporting.
No, as most platforms are designed to be easy to use and don’t require special training. However, for beginners, providers offer free training tools and resources to help you better understand their software.
Yes, and a good example is QuickBooks Online Accountant, which is designed to be used by accountants with clients using QuickBooks Online.
Bottom Line
The best accounting practice management software depends on your specific needs. We have provided six options—all with varied use cases to help you find one that fits the bill. Once you consider your needs and the type of businesses that you cater to, you’ll be able to select the best fit for your business.
