technology

bonus: your bank fees may decrease.

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 on tech spending: deliver all reports digitally | revamp daily t&e entry | how and why to establish firm procedures manuals | is your tax workflow digital yet? | the 4 types of firm knowledge | back up your bandwidth
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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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when owners use portals, they’ll feel comfortable recommending them to clients.

by roman h. kepczyk
quantum of paperless

improving firm efficiency means that the owners have to get on board.

more on tech spending: revamp daily t&e entry | how to stop ‘overauditing’ | devil’s in the details of digital file delivery | preventing document retention headaches | which wireless?
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one of the more obvious opportunities is the delivery of the firm’s own financial reports. 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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commitment has to come from the owner, not just staff.

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 on tech spending: how to stop ‘overauditing’ | how audit field equipment has changed | optimize scanning applications and procedures | document management requires firm standards | why unified messaging matters
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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. this can work only if all time and expenses for all personnel are captured within the system.
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it’s institutional knowledge; keep it in the institution.

by roman h. kepczyk
quantum of paperless

every firm has accountants who are 10 percent, 20 percent or even 50 percent more productive in their departments than other personnel because they have simply “figured it out.” unfortunately, when these people leave the firm, their unique knowledge of specific processes and shortcuts goes with them.

more on tech spending: devil’s in the details of digital file delivery | optimize scanning applications and procedures | document management requires firm standards | why unified messaging matters | get in front of application updates
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it is the responsibility of firms to capture these individuals’ best practices so that that specific knowledge can be shared and accessed by all firm members, both now and in the future. this can be accomplished by making a concerted effort to develop a best practices manual within each department.
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some client education likely will be in order.

by roman h. kepczyk
quantum of paperless

one of the most critical steps in transitioning a firm to a paperless environment is capturing information in a digital format at its root source as that information enters the firm.

more on tech spending: optimize scanning applications and procedures | is your tax workflow digital yet? | the 4 types of firm knowledge | back up your bandwidth | how to choose which microsoft office version to use | time to replace a server? consider the cloud | monitor real estate: more is better
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at the base level, this means having clients provide you information in a digital format, which can be done via email, digital fax or through a portal rather than with a physical document. while email is currently the most prevalent tool utilized by clients, it is anticipated the security concerns will help clients transition toward portals.
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benchmarks for firms large and small provide roadmaps for strategic success.

by rick telberg
accounting firm operations and technology survey

every day in the united states, more than half of all accounting firm owners are thinking about a merger, an acquisition or both. m&a is now as routine to the day-to-day operations of running a tax and accounting practice as turning on the lights in the morning and taking out the garbage at night.

more from afots: keep pace first, change will come (like it or not) | you’re not tech-savvy if you’re not cyber-safe, too | lions and tigers and blockchain and bots, oh my!
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fortunately, a new survey provides a one-of-a-kind roadmap for growth-minded professionals seeking the hard-boiled data essential to making smarter strategic decisions. with thousands of key metrics for firms of every size, you can compare your firm against similar firms. better yet: you can compare where your firm is today, to where it will be tomorrow.
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software will flag potential errors right off the bat.

by roman h. kepczyk

for the next few years it is anticipated that accounting firm clients will deliver the majority of their organizers and supporting tax documents to the firm in a physical format.

more on tech spending: is your tax workflow digital yet? | preventing document retention headaches | which wireless? | remote access takes planning | transitioning to windows 10 | desktops vs. laptops

to utilize this information in a paperless environment, it must be effectively scanned and managed at the lowest possible cost.
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