The software provider describes Practice Platform as a bookkeeping dashboard that reports on a number of KPIs to enable practice owners to increase efficiency.
According to a statement, the dashboard allows them to:
● Quantify the outstanding bookkeeping workload: an estimate of the amount of bookkeeping time outstanding per client, practice or team member;
● Prioritise bookkeeping tasks by urgency so teams can work on clients whose deadlines are approaching;
● Identify which clients are submitting data and are up to date; understand how long clients are sitting on receipts and invoices before submitting them; detect transactions that do not have supporting documentation; and highlight the number of items submitted after an accounting period has closed; and
● Track how well the firm is taking advantage of Receipt Bank.
Michael Wood, Receipt Bank’s co-founder, said he is delighted to launch the initiative, particularly because it advances data portability through using the first Apple Watch bookkeeping app.
“Access to metrics on Practice Platform through wearables will enable professionals to run their most efficient practice, on-the-go and in real time,” he said.
“With the Practice Platform bookkeeping dashboard, firms can dramatically reduce the internal cost of bookkeeping; estimate and bill correctly; and help clients improve their processes, achieve compliance and increase accuracy of their accounts."
Practice Platform was inspired by feedback from the more than 2,300 accounting and bookkeeping firms currently using Receipt Bank, he added.
“Firms are calling for ways to increase productivity and our bookkeeping dashboard is just the first of a number of solutions to be released under the Practice Platform brand to meet industry demand and help bring modern practices into the future ,” Mr Wood said.
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