CCH, a Wolters Kluwer business — ProSystem fx Practice Management
800-739-9998CCHGroup.com
Aug. 01, 2010
From the August 2010 Review of Practice
Management Systems.
CCH offers a broad suite of applications for professional accountants, from
fully integrated client service programs for tax compliance, asset management,
tax planning, trial balance and write-up, to systems designed for internal firm
management of engagement processes, paperless document management, tax workflow,
research and audit tools, as well as the core ProSystem fx Practice
Management program reviewed here. Late last year, CCH introduced a new SaaS
platform, its “Next Generation” version of the ProSystem fx
Suite, which provides hosted versions of the vendor’s integrated tax compliance,
document management, practice management, client portals and workflow management
systems. The SaaS version of the practice management system, titled ProSystem
fx Practice, incorporates Smart Client features and hosted benefits
with reduced IT and infrastructure requirements. This review primarily focuses
on the installed version, but also points out some of the comparative features
in the Next Generation SaaS version.
BASIC SYSTEM FUNCTIONS:
ProSystem fx Practice Management is a comprehensive practice management
program, with built-in advanced time and billing capabilities and accounts receivables
management, contact management/CRM functions, calendaring, analysis, project
management and extensive client communication and workflow tools. With a SQL
Server based backend, the program offers deep database capabilities and the
ability to scale to the needs of virtually any size accounting practice.
The program also offers numerous additional features, including alerts for
deadlines, client WIP limits and past due receivables. Core program features,
such as schedule management and time entry, are performed on intuitive work
screens that provide drop-down menus, links as well as the ability to easily
duplicate tasks.
TIME MANAGEMENT CAPABILITIES:
Whether a firm is billing by hourly rates or on a value-based, fixed fee model,
time management and tracking are often key to measuring productivity across
multiple levels, including individual staff, clients, tasking and the firm as
a whole. Time entry can be performed in multiple ways in ProSystem fx
Practice Management, with spreadsheet views providing selection lists for clients,
tasks, calendars and other data entry.
The optional CCH Coolbar also gives integration with Microsoft Office products
(including Outlook), providing a tool that appears within those programs, for
accessing real-time views of client information pulled from ProSystem fx
Practice Management. Tasks from the Outlook Calendar can also be easily turned
into timesheets, streamlining entry and client contact management and helping
to ensure accurate data by providing a unified work environment. The system’s
workflow includes multi-tier time and expense sign-offs, including e-mail based
routing of approvals.
Project management tools include due date management, project budgeting, budget-to-actual
comparisons, and the ability to assign staff to projects. Client contact management
features offer utilities for tracking multiple contacts at clients, business
affiliates, prospects and leads, including functions for marketing and analyzing
new client wins. ProSystem fx Practice Management includes payroll
setup functions to provide an export of staff payroll hours and offers tracking
of paid time off and other benefits, along with the ability to track CPE credits.
INVOICING FUNCTIONS:
Invoicing functions are among the core management functions of ProSystem fx
Practice Management, with simplified processes for performing client billing,
along with options for assigning billing statuses on a per-client basis, project-based
billing, WIPs, budget-based billing, and access to historical transactions.
Flat-fee recurring invoices, such as monthly service fees, can be generated
on a batch basis.
The program includes an AR module for managing client balances, with alerts
that can warn users and management of past-due clients or client budget overages.
As with invoicing, statements and dunning letters can be emailed to clients
from within the program.
MANAGEMENT FEATURES:
ProSystem fx Practice Management provides project and time tracking
capabilities, productivity analyses, budget tracking and milestone measurement.
Additional tools are available for marketing and client management, as well
as for tracking staff CPE and other in-house training activities. Managerial
reporting options include 70 standard options that can be customized with the
built-in report writer or output into Excel format for further customization.
Reports can also be saved to PDF. The program includes extensive security features,
including access rights and the ability to copy user permissions for departments
or account teams.
INTEGRATION & DATA MANAGEMENT:
ProSystem fx Practice Management can generate reports and client deliverables
such as invoices and collection letters into multiple formats, including PDF,
Word, Excel and text. The system integrates thoroughly with other programs in
the ProSystem fx Suite, including Tax and Write-Up. Integration is
also available with Outlook for contact management and time entry functions,
as well as with Sage’s Abra for payroll, and MAS 90, MAS 200 and MAS 500
for GL purposes. The system offers direct emailing of client billing, but does
not offer a built-in electronic payment utility. A web-based utility is also
available for entering time and expense data.
HELP/SUPPORT:
ProSystem fx Practice Management has traditional Help functions along
with additional assistive features such as right-click menus and context-specific
guidance. CCH’s support website includes knowledgebase articles, program
updates and forms, along with access to the firm’s CCH account, but would
be better rounded out with the addition of tutorial videos and an online user
community. Program updates, which must be maintained by the firm, and live technical
support are included in pricing.
SUMMARY & PRICING
Built on .NET, ProSystem fx Practice Management uses the most modern
technologies, which enables it to provide an intuitive work environment with
extensive personalization capabilities and strong integration with other programs
in the suite as well as with third-party programs. The system is best suited
to firms using other components of the ProSystem fx Suite, particularly
for tax and engagement management. Pricing for Practice Management starts around
$2200 for a 10-user license.
2010 OVERALL RATING: