tech and fintech

floqast releases bot-powered update

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floqast ceo whitmire

connects to oracle, sap, workday and other on-premise erp systems to accelerate closings.

via floqast
floqast.com
floqast, a provider of close-management software, is rolling out floqast connect 2.0 to provide organizations with frictionless connectivity between on-premise erp systems and cloud-based close management software.

more in tech:  when a doorbell raises privacy concerns  |  farm-aid for accountants? |  why daily t/e entry should be required |  irs clamps down on unreported cryptocurrency profits |  a new tool for security management |  onenote: the hidden treasure in office 365 |  more…

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“accounting teams that rely on floqast for their month-end close typically close three days faster than they did without us,” says mike whitmire, cpa, co-founder, and ceo of floqast.

“however, when general ledger data is locked away in on-premise erp systems, organizations are forced to find workarounds for getting to the data, that can erode the efficiencies gained using a solution like floqast. with connect 2.0, floqast is providing a secure, automated way to tap into on-premise data, ensuring accounting teams realize the full value of our close management platform.”

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farm-aid for accountants?

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rain on the keyboard, blood on the mouse: changes in the accounting business recall the plight of the small farmer in the 1980s.

by frank stitely
the relentless cpa

john mellencamp’s hit song, “rain on the scarecrow” chronicle the decline of the small american farmer in the 1980s.  farmers faced economic devastation caused by new technology and emerging international competitors.

more by frank stitely: wip-ing clients into shape |  how the annual tax meeting died  |  whittle down wip | maximize your role as visionary | the land mines in tax returns | give your people the resources they need | 4 tips for managing advanced preparers | the right way to assign staff projects | workflow for dummies | how effective project management makes your life easier
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expensive new machinery and international competition transformed farming from a sleepy vocation handed down between generations to international global commerce driven by technology and sophisticated business metrics.  farming became a real business.

small farms disappeared as expensive machinery demanded economies of scale that could create a sufficient return on capital investment.  international competition lowered prices to where new technology was required to compete with lower-cost international labor.

farmers needed to raise the level of planning beyond pushing seeds into the ground and waiting for favorable weather.  they began to pay attention to detailed yield metrics and weather patterns, planning irrigation to effectively use natural rain patterns.  they used monte carlo simulations to plan which crops to plant and sell.

the ones who didn’t change went bankrupt or sold and retired.  musicians held a concert, farm aid, to call attention to the farmer’s plight.

driving to work this morning, i realized that changes in the cpa industry parallel the plight of the small farmer in the 1980s.

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why daily t/e entry should be required

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man viewing desktop computer screenthis means owners and managers, 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, which is sent out with the completion of each billable project.

more: avoid over-auditing with ‘document containers’ | the top portable monitors for auditors | why scanning procedures matter | using databases for document management | survey: firms split on mobile device management | need internet? grab your phone | survey: im still not common at cpa firms | the best defense against malware | survey: 59% deliver invoices on paper | is it time to update your offsite backups?
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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.
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avoid over-auditing with ‘document containers’

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man's hands on computer keyboardtwo software apps to compare.

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: how to equip field auditors | 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
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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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the top portable monitors for auditors

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laptop with portable monitor attachedtest out mobile monitors before buying them in bulk.

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.

more: why your firm needs procedure manuals | beyond email: new digital tools | who deletes documents and when? | the new risks in cloud efficiencies
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the key to successfully using these engagement applications is to make sure your personnel have the optimal equipment with them to work digitally. this includes multiple monitors, image capture equipment and remote communications capabilities.
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‘going cloud’ requires more, not less, cybersecurity

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portrait of william murphy sr.
murphy

it’s a team approach, not a handoff.

by william murphy
accounting firm operations and technology survey

it seems that everyone is “going cloud,” or soon will be. if you are not already in the cloud, chances are you are working your way toward getting there, or you are at least thinking about it.

one reason you are thinking about abandoning those servers in your back office is to avoid the possibility of cyberattack and the loss of your data, or a “holdup for your data” in the form of ransomware. you think that moving to the cloud is going to give you the ultimate in cybersecurity when it comes to protecting your data and the confidential information within it. you had better think again!
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compliance is not dead, it’s evolving

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portrait of seth fineberg
fineberg

personal education is key.

by seth fineberg
accounting firm operations and technology survey

for all of the talk of automation taking away basic accounting work and the bell tolling for any practitioner not moving toward more advisory work, the fact is compliance is not going away.

if anything, the evolution of technology has made compliance work easier – and i dare say more profitable – for particularly small accounting firms that rely on this work as an annuity, their “bread and butter” if you will. the point is, and particularly for the small firms that make up the majority of the accounting profession, compliance is not going away but it is evolving.
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why your firm needs procedure manuals

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5 steps to successmake sure you include all steps.

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: beyond email: new digital tools | why scanning procedures matter | using databases for document management | survey: firms split on mobile device management | need internet? grab your phone | survey: im still not common at cpa firms
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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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beyond email: new digital tools

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screwdriver and wrenchthe top 3 remote screen control tools to help clients.

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: why scanning procedures matter | digital tax workflow requires a system, not projects | survey: 60% of firms employ remote access tools | collaboration should tie in messaging
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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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why scanning procedures matter

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cpas’ top picks: fujitsu fi and  canon dr.

by roman h. kepczyk
quantum of paperless

for the next few years, it is anticipated that accounting firm clients will continue to deliver a significant amount of their organizers and supporting tax documents to the firm in a physical format. to utilize this information in a paperless environment, it must be effectively scanned and managed at the lowest possible cost.

more: digital tax workflow requires a system, not projects | who deletes documents and when? | capture firm knowledge on an intranet | survey: how many firms back up data to the internet? | the new risks in cloud efficiencies | survey: how many firms use unified messaging? | is it time to update your offsite backups?
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early paperless adopters scanned the tax return and the supporting documents at the back end of the process when a return was complete. this is still usually the first step when firms transition from a completely manual environment.
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onedrive: why it’s essential for firms

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the five reasons you need onedrive cloud storage and how to use it.

by john higgins

accounting firms need to have all their shared files stored in one of two cloud storage platforms: onedrive for business or sharepoint online. the two applications are variations on the same theme, but they are central to the entire microsoft office 365 ecosystem.

learn more in these upcoming two-hour webinars: onedrive cloud storage–what it is and how to use it and onedrive–file sharing and collaboration in the cloud

onedrive is where you would store all of the files that you do not typically share with others, either inside or outside your organization. on the other hand, sharepoint is the place where you should store all the files that you share with others. you have a lot of control over how you organize your sharepoint storage to control who can access which files.

the benefits to your firm for leveraging cloud storage are numerous: read more →

digital tax workflow requires a system, not projects

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pixelated blue text "workflow" on binary code backgroundwhy the difference matters.

by roman h. kepczyk
quantum of paperless

the most important aspect of transitioning the firm’s tax process to a digital environment is managing electronic files that are no longer physically viewable in assorted stacks around the office. this requires a digital tax workflow system that lets everyone know the status of every return and easily connects that person to digital copies of the return and the source documents.

more: who deletes documents and when? | using databases for document management | survey: firms split on mobile device management | need internet? grab your phone | survey: im still not common at cpa firms | the best defense against malware
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

under traditional manual tax systems, firms utilized due date tracking databases that identified when a return was due, but not what information was missing, or the preparation, review or extension status, which was often recorded manually on a physical routing sheet.
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