Practice Management

What is Practice Management?

Practice management refers to the administrative, operational, and strategic processes involved in running an accounting firm efficiently. It encompasses client relationship management, workflow coordination, resource allocation, time tracking, billing, compliance monitoring, and staff management to ensure the practice operates effectively and profitably.

Key practice management functions include client onboarding and maintenance, job scheduling and task assignment, time recording and work-in-progress tracking, fee management and invoicing, deadline monitoring, document management, and staff capacity planning. Effective practice management also involves managing regulatory obligations across the client portfolio, including AML compliance, data protection requirements, and professional indemnity insurance.

Modern practice management software integrates these functions into centralised systems, providing visibility across client work, automating routine administrative tasks, and generating management information for decision-making. Features typically include client portals for document exchange, workflow automation, reporting dashboards, and integration with accounting and tax software to reduce duplicate data entry.

Effective practice management processes improve operational efficiency, reduce administrative overhead, enhance client service delivery, and support business growth. Structured systems enable firms to maintain service quality and consistency as they scale, whilst providing better visibility of resource utilisation and financial performance across the client base.