Is Notion the Right Tool for Accounting & Bookkeeping Firms?

There are endless project management tools available for small businesses. During your search for the right tool for your accounting or bookkeeping firm, one tool will keep popping up in your search: Notion. Notion is project management software that is rapidly gaining popularity.

However, just because a particular program is popular doesn’t necessarily mean it’s the best fit for your business. Every business is different and has different needs. There’s no one-size-fits-all project management tool. In fact, as of 2020, only 22% of businesses used the appropriate resource management solution.

In this review, we’ll break down the features and functionality of Notion so you can determine if it’s the right tool for your accounting or bookkeeping firm. We’ll also give you some recommendations on potential alternatives.

Why Use Project Management Software?

Accounting and bookkeeping firms juggle multiple clients, tackle numerous projects, and have to meet various deadlines for those clients and projects. That’s a lot for accounting professionals and bookkeepers to keep up with.

Enter the project management platform. These tools make managing and tracking projects easier, especially as your business grows. There are many benefits to software that is designed for project management. Some of the key advantages include:

Saving Time

Project management software saves you time in multiple scenarios. It allows you to keep up with client engagements and track the progression of projects at a glance. This prevents a lot of wasted time and makes sure nothing falls through the cracks. It also saves time by streamlining and automating tedious and repetitive tasks.

Increasing Productivity

By automating tedious and time-consuming manual tasks, you will save a lot of time and be able to accomplish more in less time. This frees you up to foster client relationships by providing advice and coming up with business strategies.

Improving Accuracy

Human errors are much more common than errors from automated software. Software repeats tasks over and over again in exactly the same way. Therefore, mistakes become far less common. Automation greatly improves accuracy.

Allows You to Make Better Decisions

With project management tools offering real-time status updates and organizing information so that each project flows smoothly and efficiently from beginning to end, it makes every step of the process extremely transparent, allowing business owners to make better decisions. Better decisions today result in a successful business in the future.

Peace of Mind

One of the most significant benefits of using a project management tool is that it takes some of the pressure off you and your staff from having to remember everything and keeping up with piles of paperwork. With project management tools, everything is organized and has a predetermined flow for business practices. This provides peace of mind.

So, how effective is Notion at project management for accounting and bookkeeping firms?

How Notion Works

Notion is a combination of a task management tool and note-taking app. It’s a relatively new tool for businesses to create transparent and efficient project management and roadmapping. This is done through the creation of databases.

You can create a database and organize it with tags and views, which allow you to find exactly what you need as quickly as possible.

The system is entirely customizable to meet the unique needs of your team. Similar to tools like Trello, you can also create drag and drop dashboards that track projects as they move through the steps of your workflow.

Accountants and bookkeepers can create their own Notion accounting templates or use ones created by others online.

Benefits of Using Notion for an Accounting Firm or Bookkeeping Service

1. Promotes Transparency and Collaboration Between Teams

You can create tags to let team members know you want their opinion. You can tag the page, circulate it among all team members, and crowdsource feedback. This promotes transparency and collaboration among all team members. Teams get real-time status updates to keep the workflow accurate and efficient.

2. Customizable Database & Interface

You can customize your entire database to match your team’s workflow. This is done by assigning properties to the project. You can filter, change the grouping of your board, or create different views. Other tools that can be used for workflow customization include a Kanban board, wikis, lists, tables, and calendars.

You can create your own display and include only the features you need. You can display and interact with data in the way that works best for you.

3. Keeps Everything in One Place & Organized

Notion has a browser extension which allows you to clip things like articles and documents, and pull them into your current project workspace. It’s great at keeping everything in one place with its interconnection capabilities. 

It connects your wiki, projects, and notebooks in one place within the same tool. It’s a combination of Google Docs, Google Calendar, and Evernotes all in one software company platform. Notion can be an excellent tool for keeping notes and projects organized.

4. Flexible & Versatile Platform

Notion is a very versatile tool allowing you to do a variety of things. These include project & task management, building knowledge bases, note-taking, tracking goals, and creating databases which can easily be connected which enhances its search capabilities.

Drawbacks of Using Notion for an Accounting or Bookkeeping Firm

1. Not Designed Specifically for Accounting or Bookkeeping Practice

Notion works well for creatives like graphic artists, writers, and marketers. It’s great for freelancers or small teams dealing with text. That said, it’s not explicitly designed for accountants and bookkeepers who want industry-specific built-in features. 

To get industry-specific features with Notion, you essentially have to set up databases to meet those needs, whereas other industry-specific software already has it set up and built-in.

2. Setup Can Be a Little Overwhelming

Some users complain Notion is not easy to use and the setup has a learning curve. Some background knowledge of databases is helpful. Accounting and bookkeeping specific project management tools will come pre-loaded with features, templates, and workflows that these firms perform.

3. Calendar Option is a Little Frustrating

The good news is Notion has a built-in calendar. The bad news is it can’t be integrated with Google or Apple Calendar. Most invites and time-blocking requests originate from Google Calendar. WithNotion, these requests have to be manually added to the built-in calendar. Integration capabilities are lacking.  

Best Notion Alternatives for Accounting and Bookkeeping Firms

Best for Project Management

While both Notion and Jetpack Workflow are considered all-in-one project management tools, Jetpack was built from the ground up with accounting and bookkeeping business operations in mind. It was designed with predefined and customizable templates specifically catered to bookkeeping, taxes, and audits.

With Jetpack, you can review upcoming due dates, monitor team progress in real-time, create recurring tasks, and assign tasks to team members. Jetpack keeps tasks and projects organized so accountants and bookkeepers can meet all of their deadlines, track what team members are working on, and ensure nothing falls through the cracks.

Best for Larger Companies

While Jetpack is ideal for smaller to medium-sized businesses, if you work for a large company with different departments other than bookkeeping tasks, Monday.com is a good option. It’s user-friendly and has a small learning curve. The various departments can create tasks, send messages to each other, and create efficient workflow templates.

In the end, be sure to do your research before incorporating a project management tool into your business. There’s no substitute for actually being able to test the software out, so Jetpack Workflow offers a free 14-day trial period. See how it can help your team maximize profit and minimize things falling through the cracks.