Reinventing Practice Management for Accounting Firms
ModernPM is a next-generation Practice Management System built specifically for accounting firms in the United States. It offers a modern, intuitive, and efficient way to manage clients, projects, tasks, billing, and time tracking—all while preserving the powerful features of legacy systems that firms rely on. ModernPM is backed by a network of investor firms who are also its primary users, meaning the product’s success directly benefits the very accounting firms that helped shape and fund its development.
Challenge
The accounting software space was dominated by legacy tools that were outdated, clunky, and difficult to use. While these systems were robust, they were far from user-friendly and lacked the flexibility modern firms need. The main challenge was twofold:
- Replace a legacy tool (like Practice Engine) with a new system from scratch—without losing any existing data or critical functionality.
- Translate complex accounting workflows and jurisdiction-specific rules into a seamless, secure, and scalable software experience that meets the needs of diverse accounting firms.
An added complexity: ModernPM's users are also its investors. The success of the product directly impacts the firms that helped bring it to life.
Solution
Eagerworks partnered with ModernPM to build a robust platform from the ground up. The team focused on two key fronts:
- Data Migration: We developed a custom migration engine to map and transfer historical data—including tasks, invoices, and transactions—from the legacy system to the new platform without any data loss.
- Product Development: Together, we defined and implemented a feature-rich platform that modernized every core function: task management, billing, time tracking, reporting, and client handling. We worked closely with stakeholders to deeply understand the nuances of U.S. accounting practices and incorporated those rules into the product architecture.
Outcome
ModernPM is a comprehensive, user-focused platform that preserves the strengths of its predecessor while adding modern capabilities. It features a real-time dashboard, advanced client management (including internal clients and flexible billing), and versatile project setups with recurring tasks, templates, and multiple billing models.
The system supports simple and complex form-based tasks tied to U.S. state forms, with automated due dates and extension requests. It also offers expense tracking, detailed time tracking, invoice management, and advanced WIP and financial period management to align with accounting workflows.
Serving numerous accounting firms and thousands of clients, ModernPM delivers improved reliability, streamlined operations, and a better user experience. Backed by Eagerworks and Eagerventures, it’s designed to provide immediate value and long-term scalability.
