Firm Overview:

Farias-Jett & Company a CPA firm had been utilizing Practice CS by Thomson Reuters for time management, billing, and accounts receivable. Before that, they used QuickBooks Desktop for billing and accounts receivable purposes. The firm operated with Practice CS from 2016 to 2021 before transitioning to Averiware in 2021.

Challenges with Previous Software

The CPA firm faced several issues with Practice CS:

1. Costly Operations: The software was expensive, impacting the firm’s budget significantly.

2. Lack of Email Invoicing: Practice CS could not email client invoices directly from the application.

3. Complex Payment Processing: It did not support customer credit card payments, making accounts receivable transactions a multi-step and tedious process.

4. Data Import/Export Limitations: The inability to import or export data hampered efficient data management.

5. Manual Invoice Distribution: Invoices had to be printed and mailed, increasing postage and labor costs.

Transition to Averiware

In 2021, the CPA firm made the strategic decision to adopt Averiware for its time management, billing, and accounts receivable processes. The transition brought significant improvements and efficiencies:

1. Direct Email Invoicing:

o Averiware allows for seamless emailing of client invoices directly from the application.
o Customizable email features, such as altering recipient emails, subject lines, and email bodies, have reduced postage and labor costs while saving substantial time monthly.

2. Enhanced Collection Efficiency:

o Clients receive invoices via email, resulting in quicker payments compared to traditional mail.
o Increased collection effectiveness due to the prompt delivery of invoices.

3. Streamlined Billing Process:

o Averiware has revolutionized the billing process, enabling real-time operations.
o Invoices and statements can be generated from timekeeping entries, direct invoice entries, or by importing data files.
o Month-end billing, previously a days-long process, now takes just a few minutes.

4. Client Payment Processing:

o Clients can pay balances through a portal or via a link in emailed invoices, enhancing collection efficiency.
o Reduced average invoice outstanding days and minimized time/labor for payment collection and application.

5. Customization and Support:

o Averiware’s adaptability to specific business needs has been a major advantage.
o Responsive and effective support ensures smooth operations.

6. Integration and Reporting:

o Direct integration with the firms’ credit card merchant processor ensures automatic A/R payment posting.
o Timekeeping and billing processes are straightforward, with the ability to import billing files to eliminate manual entry.
o Exportable reports for payroll and comprehensive data analysis support decision-making.

Results and Benefits

The switch to Averiware has resulted in a more efficient and effective system for the CPA firm:

Improved Efficiency: A single point for all billing and collection needs, saving staff time.

Timely Invoicing: Quicker invoice distribution leads to faster client payments.

Enhanced Collections: The billing portal and payment links have increased overall collections and reduced delinquencies.

Better Data Management: Nearly all reports can be downloaded to Excel or CSV files, aiding in thorough analysis and integration with other systems.

Conclusion

Farias-Jett & Company’s transition to Averiware has yielded a streamlined, efficient,  cost-effective solution for time management, billing, and accounts receivable. The robust features and responsive support have significantly improved the firm’s operational efficiency, client payment timeliness, and overall financial management.

This case study demonstrates how Averiware can transform billing and time management processes, offering valuable insights for other firms considering a similar transition.