survey: 61% of auditors commonly use data extraction tools
do your auditors utilize data extraction tools on the majority of their engagements? read more →
here’s what you’re looking for: roman h. kepczyk
standardize your firm’s quickbooks support
plus a way to make it more cost-effective.
by roman h. kepczyk
quantum of paperless
in the united states, quickbooks is by far the most dominant small business accounting product on the market and will be the application that the majority of the firm’s clients use. therefore, it is obvious that the firm must become proficient with supporting quickbooks.
more: portals, encryption vital to securing client documents | survey: cch tops audit solutions | remote deposit saves 130 hours per year | survey: 76% of auditors rely heavily on remote access | digital swap stems ‘overauditing’ | survey: vertical monitors not the norm yet
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unfortunately, one of the biggest wastes of time is when firms support too many older versions of the software, which often leads to incompatibilities that can corrupt the database and make it unusable for clients. fixing these errors creates lost time that is seldom charged to clients and instead impacts the profitability on these jobs.
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portals, encryption vital to securing client documents
passwords? not enough; those can be removed.
by roman h. kepczyk
quantum of paperless
when dealing with digital files, the most effective way to transfer them is electronically over the internet, either with secured email or through a portal.
more: survey: cch tops audit solutions | make your accounts payable digital | survey: 62% of field auditors use multiple monitors | enter t&e daily | survey: firms divided on esignatures | firms need ‘best practices’ manuals | telling clients: go digital, or just go
many firms have emailed clients copies of tax returns and financial statements over the years. unfortunately, this is not always the most secure method as the firm does not have control of the various internet service providers and the relay servers between the firm’s email server and the client’s email account.
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survey: cch tops audit solutions
does your firm utilize a single vendor for audit programs/engagement binders?
if yes, which tools:
make your accounts payable digital
look for cash rebates.
by roman h. kepczyk
quantum of paperless
processing accounts payable is another of the manually intensive processes within the firm’s administrative department that can be significantly streamlined through digital processes.
more: remote deposit saves 130 hours per year | survey: 76% of auditors rely heavily on remote access | enter t&e daily | survey: firms divided on esignatures | firms need ‘best practices’ manuals
consider how many “touches” a single payable creates: receipt of the invoice, timing of payment in a folder, writing the check and attaching the stub, sending it to an owner for signature, filing a copy of check with backup in its own folder, and stuffing, sealing and sending the check to the vendor.
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survey: fewer field auditors carry scanners
do auditors carry any of the following into the field the majority of the time?
remote deposit saves 130 hours per year
use enough services and your fees will fall.
by roman h. kepczyk
quantum of paperless
one of the easiest processes to convert to paperless with an immediate roi is the firm’s system for depositing client checks.
more: survey: 76% of auditors rely heavily on remote access | digital swap stems ‘overauditing’ | survey: vertical monitors not the norm yet | survey: 53% of firms deliver tax returns digitally | why a digital tax workflow system is vital
manually receiving and physically going to the bank to deposit checks can be time-consuming and subject to too many errors. the manual procedure requires firms open mail on a daily basis, make copies to file in a binder, complete deposit slips and then send a person physically to the bank, which can easily take a half hour every day, five days per week, 52 weeks per year.
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survey: 62% of field auditors use multiple monitors
do your auditors carry multiple monitors in the field?
if yes, what brand do they carry?
- asus (20%)
- aoc (18%)
- lenovo (13%)
- hp (13%)
going 100% digital
pssst … here’s a way to get owners comfortable with portals.
by roman h. kepczyk
quantum of paperless
improving firm efficiency means that the owners have to get on board. one of the more obvious opportunities is the delivery of the firm’s own financial reports.
more: enter t&e daily | survey: 62% link audit, tax software | digital swap stems ‘overauditing’ | optimize scanning procedures | why a digital tax workflow system is vital | how long do you need that file?
many firms still print a hard copy of the monthly financials and distribute them to each owner, many of whom physically store these documents in a binder or drawer in their office.
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survey: how many auditors rely heavily on remote access?
are your people fully equipped?
enter t&e daily
billing? that can be done daily, too.
by roman h. kepczyk
quantum of paperless
studies done over the past two decades have clearly shown that there is a significant improvement in realization for firms that enter, release, and post time and expenses on a daily basis. this process allows for daily or “hotel” type billing that is sent out with the completion of each billable project.
more: survey: 62% link audit, tax software | digital swap stems ‘overauditing’ | survey: vertical monitors not the norm yet | survey: 53% of firms deliver tax returns digitally | why a digital tax workflow system is vital | survey: cpa firms split on ocr for tax scanning
the next step in the evolution of time and billing systems provided real-time dashboards to report on firm activities and effectively allow firms to generate invoices.
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survey: 62% link audit, tax software
does your firm primarily link its audit applications to its tax application to digitally transfer trial balance information?
digital swap stems ‘overauditing’
compare thomson reuters and cch to see whether you need to switch.
by roman h. kepczyk
quantum of paperless
traditional audit practices use the previous year’s audit programs and processes updated for the current year as their standard operating plan.
more: survey: firms divided on esignatures | today’s three essential audit tools | survey: when two’s not enough | optimize scanning procedures | how long do you need that file? | don’t underestimate document management | digital communications unify messaging
eventually this can lead to a significant amount of “overauditing.” breaking this habit is difficult as every level of staff has been trained in the manual processes and falls back on them when deadlines approach.
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