Traditional IP accounting software systems often waste valuable time by overloading the user with long-winded administrative tasks. With CPA Global Inprotech’s integrated accounting modules, financial transactions can at last flow smoothly through one complete solution, as Mark Fiore, product services manager at CPA Global Software Solutions, explains.
IP: How important is it to integrate accounting systems into IP software?
MF: It really is a question of efficiency. Most traditional systems require users to switch back and forth between software and interfaces, to replicate the entry of cases and names in more than one system, and to duplicate entries once again to set up billing. Such long-winded and time-consuming processes tie users up in the administration of accounting. This leaves them less time to concentrate on more important aspects of their role, such as cost and revenue management, budgeting, charging, billing and debt recovery. With integrated software, the need for duplicate data entry and the process of switching between systems and interfaces is eliminated, thereby allowing users to work at a more economical rate.
IP: How did CPA Global Inprotech’s accounting modules come about?
MF: We developed the accounting modules based on input and feedback from our major clients. Eliminating the clumsy interfaces of previous accounting software and the need for duplicate entry was key, but we also crafted systems and processes to facilitate certain aspects of the IP accounting role. For example, one of the features we introduced assists with the work of accounting for patent agents. As patent agents tend to work with other agents, they assume a dual role of both client and supplier. Traditional software requires users to invoice via two systems – supplier invoicing and client invoicing – to account for their work. CPA Global Inprotech’s accounting modules enable users to offset supplier invoices against client invoices through one system.
Eliminating the clumsy interfaces of previous accounting software and the need for duplicate entry was key, but we also crafted systems and processes to facilitate certain aspects of the IP accounting role.
IP: What are the key benefits of the modules?
MF: Because all case, client and supplier information (and details of associated contacts) are entered in a central database, the user is able to switch efficiently between processes, without needing to key in or draw out such data more than once. And because key processes, important deadlines and client histories are linked in one system, the software is able to automatically bill the client (for present and past work) without requiring the user to manually type out the invoice themselves.
Other benefits include time-based billing to ensure accurate revenue from attorney billing, a flexible billing process, which allows firms to bill when and what they want to, and the ability to track invoices and to offset costs and revenues. Through their efficiency and speed, such processes also ensure quicker debt recovery. And CPA Inprotech’s sophisticated revenue analysis report allows your firm to review revenue by client, attorney, case or any other attribute. With CPA Inprotech’s accounting modules, the focus is on client revenue and thus, profitability. As such, its processes to manage and speed up billing and budgeting are suitable for any attorney firm, large or small.
ACCOUNTING MODULES IN BRIEF
- Accounts Payable records and pays invoices from suppliers.
- Accounts Receivable processes and records the payment of bills and credit notes in any currency.
- Billing handles tracking and invoicing tasks.
- General Ledger is the core repository of data recorded within accounting ledgers and the central source of management information and reports.
- Timesheet records the firms’ time and expenses. It also handles foreign agent fees, official fees, fixed price charges and disbursements.
For more information on CPA Inprotech, please contact Elodie Brice at ebrice@cpaglobal.com
This article first appeared in IP Review, issue 10
