Practice CS Management & Reporting Amy McCarty Education Services

Objectives Learn which reports Rootworks recommends using in Practice CS Understand the tools available to you for managing time entry and projects Understand how to effectively run reports by utilizing filters and/or grouping options

Recommended Reports Production Analysis Billing Analysis Project & Task Tracking Receipt and Adjustment Journal AR Summary

Production and Billing Analysis Production Analysis Detailed by Staff: how much time is admin vs billable time – Grouped by Activity Type, Direction=Descending Detailed by Client: how much time did we spend per client Billing Analysis Detailed by Staff: to see how our staff are doing – Grouped by Activity Type, Direction=Descending Detailed by Engagement: to see how we are doing on our product offerings Detailed by Client Family: to see how we are doing on our clients

Production Analysis Billable % – Industry average: 75% annually (large firms 65% and small/medium firms 75%) – We want a minimum of 80%, but this should be higher with adequate administrative staff – Rootworks members are typically around 90% with dedicated admin staff – The total for the firm should be around ≥ 67%

Billing Analysis Real % – Strive for a close to 100% but most firms will take 90% as a minimum (by Staff) – The firm total should be 100% Actual Rate – Want this to be at least the Original Rate when looking at report by Staff

Billing Rates The billing rate ranges in our member base are as follows. *based 2013 Rootworks member survey AICPA Standards for Billing Rates: Accounting Rate = times the cost rate Tax Rate = times the cost rate Consulting = no standard, but typically the same as tax except for partners it is higher AccountingTaxConsulting Bookkeepers$60-$125 CPAs$100-$175$120-$250 Partners$100-$175$200-$400$200-$500

Project/Task & Time Tracking Firm Dashboard Utilize portlets to easily manage information Project Tracking – Custom portlet using Project Tracking report with filtering and grouping options Task Tracking – Custom portlet using Task Tracking report with filtering and grouping options Time Tracking – Staff Summary Portlet – Staff Active Timers Portlet

AR Reports Receipt and Adjustment Journal To record our deposits Grouped by Type AR Summary To quickly see clients’ balances and aging of balances Detailed by Client

Important Reporting Options Selection tab controls what appears on the report – Determine your date range of information – Filters are not always necessary Layout tab controls how the information is displayed on the report – Grouping options allow you to easily gather the data you need Any report can be exported to excel

Questions?

Objectives Learn which reports Rootworks recommends using in Practice CS Understand the tools available to you for managing time entry and projects Understand how to effectively run reports by utilizing filters and/or grouping options

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