Why Leading Firms are Choosing Aiwyn
Only Aiwyn enhances the full revenue cycle, integrating with your firm’s existing systems to unlock insights, automate processes, and increase cash flow.
Unlock sustainable growth
Unlock capacity and cash flow
Unlock a superior client experience
Unlock Sustainable Growth
- In a profession with increased competition and focus shift to advisory, Partner time is more valuable than ever. More than 10% of Partner time is lost on invoicing.
- Increase your profitability and topline revenue by reducing the average days WIP sits in an unbilled state, and automatically creating and sending invoices and statements to clients to give valuable time back to your leaders.
- Aiwyn automates your revenue cycle processes, giving partners and staff more time to engage with clients, and giving managing partners better visibility into firm-wide operations and financial health.
After working with Aiwyn, BGW CPA saw:
- 26% of clients paying for more than 1 invoice
- 1.7x Number of invoices paid within 7 days vs prior months
- 2.2x Amount ($) of online payments collected year over year
Learn how this firm unlocked sustainable growth
Unlock Capacity And Cash Flow
- On average, the DSO for mid-sized accounting firms is more than 120 days, and at any given time, firms have up to 23% of revenue in AR.
- Decrease outstanding AR, resulting in more cash in hand to use for paying partner dividends instead of tapping a line of credit.
- Aiwyn increases cash flow by automating and streamlining your payments and collections processes.
Since working with Aiwyn, Hancock Askew has seen:
- 7.8x increase in finance charge collection
- 4% increase in electronic payment volume in the first three months
- TIME SAVINGS for employees
Learn how this firm unlocked capacity and cash flow through automation
Unlock a superior client experience
- Many clients today struggle with multiple portals and disjointed experiences, with more than 30% of clients claiming they are frustrated by poor billing experiences.
- Elevate your client experience by providing a modern, intuitive payment portal where the client can pay invoices with a single click, as opposed to the numerous steps in an unintegrated payment software.
- Aiwyn provides your clients with a state-of-the-art payment portal where they can receive and view bills, make one-time or recurring payments, and even pay multiple invoices at once.
After working with Aiwyn, Pinion saw:
- 12% DSO reduction
- 89% invoices paid within 2 weeks of receiving Smart Statements
- 40 hrs saved per month through automation of statements and payment posting
Learn how this firm unlocked a superior client experience
We lead with a customer-first approach and develop our products working alongside our customers in order to tackle relevant industry pain points. We are proud of our Net Promoter Score (76) and strive to be knowledge resources to our firms. We understand the client experience is at the heart of the service our firms provide and there should be as much trust and little friction as possible.
Net Promoter Score 82
Practice Automation is a software platform designed to help accounting firms increase efficiency, improve decision-making, and future-proof their business.
Through emerging innovations like AI and machine learning, practice automation can uncover insights from vast datasets more quickly and accurately than humans can, and its intelligent algorithms can identify patterns that would otherwise be too difficult or time-consuming for a human to detect. This allows accountants to gain valuable insights from current and historical accounting data without having to extract and analyze the information themselves.
And because they integrate with, rather than replace, existing practice management systems, practice automation platforms provide accounting firms with more comprehensive and up-to-date information than ever before, empowering them to better analyze business performance, identify areas for future growth, and stay ahead of the competition.
Frequently Asked Questions
Can you integrate with our existing software systems?
Yes, we integrate with all existing practice management systems, CRM systems and document management systems.
How does your platform improve workflow efficiency and streamline processes for my team?
- Automated workflows: Aiwyn's Practice Automation platform provides customizable workflows that automate repetitive tasks, such as data entry and document processing. This reduces the time and effort required to complete these tasks manually, freeing up staff members to focus on more valuable activities.
- Real-time visibility: The platform provides real-time visibility into project progress, allowing team members to track the status of tasks and projects in real-time. This helps to ensure that projects are completed on time and on budget.
- Document management: Aiwyn's Practice Automation platform provides a centralized repository for managing documents and files, including tax returns, financial statements, and other important documents. This reduces the time and effort required to search for documents and ensures that they are easily accessible when needed.
- Time and billing management: The platform provides tools for managing time and billing, including tracking billable hours and expenses, generating invoices, and managing accounts receivable. This helps to ensure accurate billing and timely payment of invoices.
- Client management: Aiwyn's Practice Automation platform provides a central database of client information, including contact information, billing history, and project details. This helps to improve client service by providing a complete view of each client's history and needs.
- Collaboration: The platform provides tools for collaboration, allowing team members to communicate and collaborate on tasks and projects in real-time. This helps to improve communication and collaboration among team members, reducing the time and effort required to complete tasks.
What are the key features that differentiate Aiwyn’s Practice Automation platform from a practice management software?
- Practice automation is a powerful complement to practice management systems, empowering accountants to uncover insights that wouldn’t be accessible with practice management software alone. Whereas practice management software focuses on recording and tracking client-level data, such as client information and billing processes, practice automation goes much further, helping users analyze and understand trends within the data stored in engagement files. This allows accountants to gain better insights into their business performance and identify new opportunities for growth. Moreover, practice automation automates tasks that would be tedious for an accountant or bookkeeper to do manually, resulting in more streamlined operations and, ultimately, lower costs.
- Put simply, practice automation helps accountants harness the power of data by providing them with easy-to-use analytics tools that allow them to make more informed business decisions.
- Features Include:
- Intelligent automation: Aiwyn's platform uses intelligent automation to automate repetitive tasks, such as data entry and document processing, and to identify opportunities for process improvement. This helps to reduce manual effort and increase efficiency.
- Advanced analytics: Aiwyn's platform includes advanced analytics tools that provide insights into key performance metrics, such as utilization rates and profitability. This helps firms to make data-driven decisions and optimize their operations for greater profitability.
- Artificial intelligence: Aiwyn's platform incorporates artificial intelligence (AI) to enable advanced capabilities such as predictive analytics and natural language processing. This helps firms to gain deeper insights into their data and automate more complex tasks.
- Workflow customization: Aiwyn's platform provides customizable workflows that can be tailored to the unique needs of each firm. This enables firms to optimize their workflows for maximum efficiency and to adapt quickly to changing business needs.
- Client portal: Aiwyn's platform includes a client portal that allows clients to securely access their financial data and documents in real-time. This helps to improve client service and communication, while also reducing the time and effort required to manage client data.
What are the important components of practice management software for accounting firms?
A practice management software for accounting firms should provide a centralized platform for managing all aspects of the firm's operations, from project management to billing and invoicing to client communications. It should also provide tools for generating insights into the firm's financial performance and metrics for making data-driven decisions: Common components include:
- Time and expense tracking: This component allows employees to track their billable hours and expenses, and makes it easier for managers to monitor employee productivity.
- Client management: This component provides a central database of client information, including contact information, billing history, and project details. It may also include tools for managing client communications and tasks.
- Billing and invoicing: This component generates invoices, tracks payments, and manages billing cycles. It may also include tools for managing accounts receivable and generating financial reports.
- Project management: This component helps to manage projects by tracking progress, assigning tasks, and managing deadlines. It may also include tools for resource allocation and scheduling.
- Document management: This component manages documents and files, including tax returns, financial statements, and other important documents. It may also include tools for version control and collaboration.
- Reporting and analytics: This component generates reports on key performance indicators (KPIs), such as profitability, utilization rates, and billable hours. It may also include tools for creating custom reports and dashboards.
- Security and compliance: This component ensures that the software meets security and compliance standards, including data privacy regulations and industry-specific requirements.
How to select a practice management system for an accounting firm?
When selecting a practice management system for an accounting firm, it is important to consider the following factors:
- Business needs: Identify the specific needs of the firm and determine which features and functionality are necessary to meet those needs. For example, a small firm may prioritize time tracking and invoicing, while a larger firm may need more robust project management and reporting capabilities.
- Integration: Consider how the practice management system will integrate with existing systems and workflows, such as accounting software or client portals.
- Ease of use: Ensure that the software is easy to use and that the interface is intuitive and user-friendly. This will help to ensure that the system is adopted and used effectively by staff members.
- Security and compliance: Look for a system that meets industry-specific security and compliance standards, such as GDPR.
- Cost: Consider the cost of the system, including implementation, training, and ongoing maintenance. Determine whether the system provides a good return on investment and fits within the firm's budget.
- Customer support: Look for a provider with strong customer support and a proven track record of providing timely and effective support to customers.
- User reviews: Check user reviews and ratings of the system to get an idea of how it performs in real-world scenarios.
What level of customer support is provided and is training offered to ensure a smooth transition for my team?
Aiwyn’s Customer Success team provides a best in class implementation program with varying tiers of support options to accommodate the needs of our customers. Aiwyn customers receive a dedicated implementation manager who provides an implementation plan, testing plan and training session. Our entire support team is based in the United States and provides onsite training available upon request.