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financial software: the cpa wish list

what professionals are looking for.

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by rick telberg

if only software lasted as long as a good hammer, wouldn’t that be nice? you buy hammer version 2.0 not long after you buy your first house, use it for 50 years, then hand it down to the next generation.

but it isn’t often you hear a cpa say, “son, i used this software application before you were born, back when we didn’t even have fax machines, and it’s still got a lot of good use in it. i hope i can trust you to take care of it, appreciate it and hand it down to your children.”

it’s good that software obsolesces, of course. a little expensive, but good. yesteryear’s software seems dumber than your father’s hammer, and the version that just came out practically guarantees to let you do a week’s worth of work before lunch on monday.no surprise, then, that 9 in 10 of the respondents to a new bay street group survey say they are less than euphoric about their software, and about a third may go shopping for new software in the next 18 months.

a few respondents are kind enough to tell us why, and a few others are suggesting software issues that we hadn’t thought to ask about — issues that will inevitably relate to decisions to upgrade or jump the fence into a whole new solution.

a mid-level staffer at a fairly large company, self-described as “mostly happy,” is “looking for performance management and budgeting tools.”

a “somewhat happy” senior staffer at a small company says it’s worth switching software to get “multi-company reporting and processes.”

a certain “not-very-happy” cfo is looking for software that has a “more efficient method for recording and accounting for inventorial costs” such as “adding the cost of repairs to cars for resale.” like several respondents, the decision to seek new solutions is based on a current package that no longer meets the needs of a growing company.

an anonymous partner at a small cpa firm is looking for “accounting and tax software that is integrated,” or, in other words, “something that easily transfers to tax software.”

“easy” comes up a lot in this survey.

so does “support.”

“cost of support” is what vivek ramsaroop, of cpa financial services in pembroke pines, fla., says we should be asking about. also, “accuracy of support billing” and “timeliness of response.”

ironic, isn’t it? you cough up five or six digits for a greased-lighting application, then spend so much time on your vendor’s “customer service” hold line that you get to hear all of vivaldi’s four seasons, going on five.

dan kuchan, cpa, in fountain hills, ariz., describes himself as “completely happy.” but still, he needs more. “online time billing is a software we will be looking at,” he says.

an anonymous and “somewhat happy” cpa partner would be happier with software that was “easier to use and less cumbersome,” but the reason for an upcoming software shopping trip is something else: “i don’t like the yearly cost of my current program or the way it is difficult to customize it for each of my clients.”

me, i’m still quite satisfied with hammer version 1.0, a rounded stone lashed to a stick. many consider it obsolete, but i find it still works on most computers.

[first published by the aicpa]

one response to “financial software: the cpa wish list”

  1. gary smith

    it is interesting but not surprising that 9 in 10 of your respondents are less than enthusiastic about their software and 1/3rd are going to look for new software in the next 18 months. a goodly number of cpas in industry work for companies that implemented new integrated business software systems or erp systems just before the year 2000. there was a great rush due to concerns that existing software would not work in 2000. many implementations were done in a rush. the result was user dissatisfaction; however, the pain of changing systems is such that few companies will change out software systems like they do company vehicles. i have read estimates that companies keep their systems for an average of 7 or 8 years. so it would not be unreasonable that a third are now ready to change.

    now i have some comments on what cpas should do. for those cpas in public practice, they need to invest in understanding the software options out there. the problem is that most smaller (and far too many midsized) cpa firms are fully invested in doing audits and reviews and, to perhaps a greater extent, in doing tax work. audit and tax just about consume all their time to stay current with new developments and pronouncements and serving clients. there is just not enough time to learn about financial software both for their practices and their clients. so what are they to do? they should attend software-oriented cpe courses and demand cpe software courses from their state cpa societies that meet their needs. (most cpe courses in financial software are at a very basic level and are not often targeted at the cpa?s true needs.) education is the place to start. if they still cannot acquire the expertise needed, then they need to subcontract for it.

    for those cpas in industry, they need to be sure to take cpe courses, which are often titled ?top 10 software programs.? these courses present generally unbiased evaluations of a number of products. these cpe courses are not perfect. state cpe societies need to work to provide courses that focus on ?vertical markets,? such as construction, distribution and manufacturing. nevertheless, top-10-type courses help cpas in finding the appropriate business software for their companies. (note that cpas in industry rarely buy just financial software. they now invest in integrated business management systems that include financial or accounting modules.) it?s a major job for cpas. educating themselves is the place to start.

    gary smith
    atlanta
    .