Product User Community CPA & Accounting

Transform Your Accounting Firm with Deltek Maconomy

September 07, 2023
Regan Riddoch
Director of Product Marketing
Accountant Working with US Tax Forms

The future is bright for accounting firms. Demand is skyrocketing, revenue and growth rates are high, and new technologies are creating new and profitable services like client advisory services (CAS). The opportunity to gain market share, increase profit margins, grow and acquire is there for the taking.

Although accounting and CPA practices may be more resilient than other professional services firms during challenging economic times, they still face challenges. High-interest rates and inflationary pressure, along with a shortage of skilled talent, and increasing competition require firms to be in a constant state of flux when it comes to workflows and processes, services offered and their approach to recruiting and retention. 

Considering these market obstacles, accounting firms can’t afford to be bogged down with operational inefficiencies. They can’t focus on taking advantage of the opportunities this economy is giving them when they’re still struggling with the basics. Firms that are grappling to plan staff resources to avoid burnout while also trying to automate repetitive tasks and streamline the invoicing process to get paid on time won’t have the freedom to focus on growth and may not even survive in the long run.  

Success Depends on a Firm’s Tech Strategy

Firms that are well-positioned to seize this market opportunity not only have their operational houses in order, but their entire technology ecosystem is organized to benefit both the firm and its clients, while establishing a foundation for future scalability. This transformative tech strategy is the firm’s long-term plan for using technology to fundamentally change their firm’s operations in order to achieve their strategic goals.

Elements of a transformative tech strategy include:

  • Industry specificity: A critical element to efficiently managing requirements that are specific to accounting firms such as roll-forward engagements.
  • Automation: Research shows companies that have automated operational processes hold a greater advantage over those who do not.
  • Cloud accessibility and security: It not only attracts and supports customers, it’s also crucial to support the modern distributed workforce.
  • Integration: The automation, gains in efficiency and decision-making insights that a fully integrated ecosystem provides frees up critical time, money and resources that enable firms to focus on mission-critical work.
 

“In this day and age, integration is absolutely critical to having a successful business. With Maconomy you only enter the data once. This new process has been very successful and beneficial for the firm and has freed up resources to work on more impactful projects.”

– Bryan Paetsch, Associate Director, Moss Adams

 

Deltek Maconomy is the Cornerstone of a Transformative Strategy

Built for professional services firms, Deltek Maconomy is a modern and intuitive ERP solution that covers the entire client lifecycle. This integrated solution automates workflows, enhances efficiency, improves billability and enables accounting firms to provide better service to their clients. With Maconomy, customers can manage and plan their business on a trusted backbone of financials architected for the distinct financial needs of accounting firms. This is quite evident in the product’s ability to support Work-in-Progress (WIP), revenue recognition, project accounting and finance in markets around the world, with a proven track record. 

 

“Our engagement managers can bill time more appropriately whether it is a compliance-driven project or consultant-driven project, and separating types of consulting projects. Now clients can better see the number of projects that we are working with them on and are better able to identify the cost and the value of those projects as we provide them.”

– Ron Overson, Partner, Boulay

 

Benefits and key features of Maconomy for the accounting industry include:

  • Engagement management support: Features such as WIP evaluation, recurring billing, and roll-forward engagements that are unique to accounting and CPA firms are built-into the core solution.
  • A client-centric view: Maconomy enables a complete view of the client manager portfolio with client hierarchies, the ability to view KPIs and invoices at the client level or engagement level and client reporting drill-down capabilities.
  • Bill faster & improve cash flow: By making time capturing simple and intuitive and enabling users to easily produce invoices at any level of the client/engagement hierarchy, Maconomy enables accounting firms to streamline workflow from time entry to invoice, which reduces DSO.
  • Eliminate manual processes and data reentry: Native business process automation (BPA) helps accounting firms save time, increase efficiency and improve accuracy by replacing manual, repetitive tasks.
  • Uplevel efficiency with pervasive connectivity: Maconomy customers can now take advantage of a built-in product connector for Deltek’s low code/no code iPaaS solution, Deltek Unionpoint, that accelerates the integration process and helps accounting firms take their tech strategy to the next level.
  • Deep functionality and support for firms with multiple offices: With a robust statutory compliance strategy, broad localization toolkit and multi-company capabilities, Maconomy has the ability to support accounting firms of any size and complexity.

By harnessing an ERP purpose-built for accounting firms, Maconomy customers can streamline their operational ecosystem and obtain a clear picture of the entire client lifecycle captured in a single system. This real-time data enables accounting firms to bill more time and realize greater profit margins through greater transparency into the past, which enables them to prepare for the future and seize the opportunity to ensure continued success.


 

How can Deltek Maconomy can benefit your accounting firm?


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Regan Riddoch
Director of Product Marketing

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