Accounting technology company Aiwyn has launched PracticeOS, a new cloud-based platform to streamline accounting firm operations.

Aiwyn revealed that select firms are already using PracticeOS in beta trials.

The practice management platform is designed to streamline the work-to-cash cycle by automating a range of tasks including engagement letters, project management, time tracking, billing, invoicing, payment collection, and other tasks.

PracticeOS is expected to reduce paper checks by up to 50%, a 30-50% decrease in time spent on engagement letters, bills sent 2.4 times faster, and a 2-6% increase in year-over-year realisation.

Aiwyn CEO Justin Adams said: “Launching PracticeOS at our 3rd annual user conference, in front of 160+ customers, CPA professionals, and partners, made this moment even more impactful.

“We’re providing a critical platform that will close the gap between the outsized demand firms face and the decline of CPAs entering the workforce. The efficiencies gained by implementing PracticeOS make it possible for firms to drive productivity at scale.”

The platform’s flexible, open ecosystem enables seamless integration with existing third-party applications. This allows companies to fully utilise existing tools and build a powerful, integrated technology stack.

Firms will also gain a unified platform for all data and processes while eliminating the cross-check multiple systems’ need, the company said.

Aiwyn chief product officer Chris Bradle said: “Across four years of working with more than 100 of the fastest-growing firms in the CPA profession, a standout theme is that firm leaders are looking for a modern practice management platform.

“PracticeOS directly addresses those conversations by providing an intuitive solution that securely unlocks firm data for better decision-making, increases capacity, and allows firms to integrate with best-in-class solutions.”