daily billing cuts month-end load, creates audit trail

businessman with laptop and papers3 ways pdfs can benefit your business.

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: streamlining audits by breaking old habits | why accounts payable should go digital | remote deposit is a no-brainer | stop paper at the source: the client | scanners allow data capture at the source

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. while most firms have a daily time entry “policy,” the biggest abusers of the policy are owners and managers, so it is about time for them to get on board and use the system.
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streamlining audits by breaking old habits

senior businesswoman using tablet and desktop computersoutside help may be warranted, at least initially.

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. 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.

more on tech spending: why accounts payable should go digital | remote deposit is a no-brainer | field auditors need right equipment, connections | digital workflow systems make tax season easier | firms need document management standards | back up and check your backup

many firms have rightfully transitioned to digital “document container” applications such as caseware, cch engagement and thomson reuters engagement cs. not all of these firms have changed their approach to reviewing progress on the audit and the financial reporting on a computer screen in a digital format.

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why accounts payable should go digital

businesswoman using calculator while reviewing something on laptop screena dedicated credit card can handle all those payables with one monthly payment.

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 on tech spending: remote deposit is a no-brainer | field auditors need right equipment, connections | 3 steps for firm procedures manuals | stop paper at the source: the client | digital workflow systems make tax season easier | who decides what to keep?

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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remote deposit is a no-brainer

man's hands on computer keyboardor keep spending 3.25 weeks per year doing it the paper way.

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: field auditors need right equipment, connections | stop paper at the source: the client | who decides what to keep? | how smart accounting firms use intranets to get smarter | unified messaging boosts security | remote access boosts productivity, requires planning | laptop-only workers more common

manually receiving and physically going to the bank to deposit checks can be time-consuming and subject to too many errors.

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field auditors need right equipment, connections

dual monitors on the road? twain-compliant scanners? check and check.

lenovo thinkvision lt1421 14-incj portable monitor
lenovo thinkvision lt1421 14-inch portable monitor

by roman h. kepczyk
quantum of paperless

the advent of today’s audit “document container” applications has transitioned every aspect of audit production into a digital format. the key to successfully using these engagement applications is to make sure your personnel have the optimal equipment with them to work digitally.

more on tech spending: 3 steps for firm procedures manuals | stop paper at the source: the client | how and why to set optimal scanning practices | digital workflow systems make tax season easier | who decides what to keep? | firms need document management standards | unified messaging boosts security | ready for a revolution? your phone is | remote access boosts productivity, requires planning | get ahead of your software updates | ready or not, here comes windows 10 | laptop-only workers more common | scanners allow data capture at the source | in pc monitors, more is better

this includes

  • multiple monitors,
  • image capture equipment and
  • remote communications capabilities.

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