tech and fintech

debunking the demise of the cpa firm

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ai and blockchain aren’t replacing us.

by frank stitely
the relentless cpa

industry pundits subject us to a nonstop barrage of predictions that cpa firms will cease to exist very shortly. you know how much i love our industry pundits, who have never worked a day in a cpa firm. i dislike the ones who have not worked in cpa firms in the last 20 years only slightly less. their predictions are total and utter nonsense.

more: how to thrive as a 21st-century firm | 7 steps to effective project management | wip-ing clients into shape | managing people: the heart of effective project management | beware the leeches and consultants
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i see two main types of doomsday predictions from our pundit buddies. first, they tell us that artificial intelligence will replace us. next, if ai doesn’t get us, blockchain will.
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is client accounting services overhyped?

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source: 卡塔尔世界杯常规比赛时间 research

new 卡塔尔世界杯常规比赛时间 study shows broad interest in cas, but also widespread failures to achieve hoped-for goals.

by 卡塔尔世界杯常规比赛时间 research

client accounting services (cas), the full-menu offering of taking over many of a client’s routine internal bookkeeping chores, is fast emerging as an essential growth strategy for accounting firms across the nation, according to a new 卡塔尔世界杯常规比赛时间 research study, perhaps the broadest such study undertaken in the field so far.

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but most firms admit they’re falling short of their financial and operational goals for cas, illustrating the daunting challenges for accountants seeking to shift from traditional compliance services to the high-margin, fast-growth role of a so-called trusted advisor.

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how to thrive as a 21st-century firm

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computer monitors morph into chain links“professional staff without higher-level skills will be out of the business.”

by frank stitely
the relentless cpa

if you believe accounting industry pundits, artificial intelligence and blockchain will decimate accounting firms the way an asteroid killed off the dinosaurs. but paleontologists don’t think dinosaurs really went extinct. they survived as today’s birds. in the next 10 years, or sooner, accounting and tax firms will evolve from offices full of employees dutifully typing data into workstations to organizers of terabytes of accounting data for our clients.

more: 7 steps to effective project management | how many tax preparers do you need? | how the annual tax meeting died | how to be the chief communicator | 4 steps to take before next tax season
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the pundits are wrong about our extinction. effective project management will prepare your firm to thrive in the 21st century. i’ll take you there in a bit of a roundabout way via the coming of blockchain to the irs.
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reclaim time with remote deposit

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woman using tablet in front of laptop and desktopbanks often provide the scanners.

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

more: going digital with a/p processing | how an ‘owner’s drawer’ boosts security | the top portable monitors for auditors | why scanning procedures matter | using databases for document management | survey: firms split on mobile device management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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3 ways to keep client files safe from security threats

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technology security with internet digital signature as artmake technology your ally.

by jody grunden

have you ever been contacted by the irs with the fbi involved? i can tell you from firsthand experience that it’s a bit alarming when that happens.

more: how ‘tech stacks’ can help you standardize | automation and the future of accounting | the rise of the virtual cfo | ready to be a virtual cfo? | the only three metrics you need to measure staffers
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

we were once contacted by the irs because they thought our server had been compromised. when the field officer who came to our office asked to see our server, we explained that we didn’t have a server. she was a little surprised by that information and then asked where we kept our files. we explained that we use cloud storage and programs designed specifically for encryption and security.
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going digital with a/p processing

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recommended action: use a special a/p credit card.

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: how an ‘owner’s drawer’ boosts security | why daily t/e entry should be required | why your firm needs procedure manuals | digital tax workflow requires a system, not projects | survey: 60% of firms employ remote access tools | collaboration should tie in messaging
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

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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how ‘tech stacks’ can help you standardize

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screwdriver and wrenchyou’ll be more efficient and better connected.

by jody grunden

i believe it’s important for accounting firms to standardize their technology “stack.” having a standardized tech stack of applications helps to automate every corner of your workflow.

more: automation and the future of accounting | the rise of the virtual cfo | ready to be a virtual cfo? | the only three metrics you need to measure staffers
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the applications you use should be seen as an extension of your business. your onboarding process will be more effective if your team doesn’t have to learn a new set of tools every time a new client comes on board.
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why we train on excel, word and adobe

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woman training man at computerare you losing time every day?

by ed mendlowitz
call me before you do anything: the art of accounting

i’ve written about my introduction to quickbooks and how we took our entire staff to a training course for it.

more: i used to hate quickbooks | 26 value-added benefits clients need to know | how an out-of-work tax preparer ‘saved’ our lives | i always want to be ’the other guy’s accountant’ | learning from lee iacocca et al. | i lost a client to an accounting firm with cheaper fees
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

today i am writing about training for the most basic software we use: excel, word and adobe. we have taken our staff to courses for these programs and have periodic in-house training, but i realize many firms do not.
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how an ‘owner’s drawer’ boosts security

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older businessman sitting at desk holding phonebonus: you sneak in some training.

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: why daily t/e entry should be required | avoid over-auditing with ‘document containers’ | beyond email: new digital tools | who deletes documents and when? | capture firm knowledge on an intranet | survey: how many firms back up data to the internet?
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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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