tech and fintech

automation and the future of accounting

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how one firm uses bots to its advantage.

by jody grunden

there’s no doubt that advancements in technology are changing the world, and the accounting industry is no exception. technology is making us more productive, more efficient and more connected.

more: do you want to be a virtual cfo? | the only three metrics you need to measure staffers
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on the flip side, it’s also taking over some of our jobs. this is a reality in the accounting industry that we cannot ignore. technology is driving major changes for the future of the accounting world. we need to be aware of what’s happening and take strategic steps to advance along with these changes. otherwise, we are going to be left in the dust.
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who deletes documents and when?

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businessman jumping with papers stuck to himlike everything else in your practice, document retention needs a system.

by roman h. kepczyk
quantum of paperless

managing digital files is in many ways similar to managing paper files in that the firm must have standards for who can create a document, add to or edit a document, file it, and eventually purge the file.

more: survey: 60% of firms employ remote access tools | capture firm knowledge on an intranet | survey: how many firms back up data to the internet? | the new risks in cloud efficiencies
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unfortunately, as digital files are on the network and “out of sight,” many firms are not really aware of what files are stored, the most current versions and whether or not they should be deleted.
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using databases for document management

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businessman touching virtual buttons in server roommany have integrated portals for transferring files to clients.

by roman h. kepczyk
quantum of paperless

the network drive in most firms is not very well organized and requires the most cleanup. this happens because it is usually managed with microsoft windows explorer, which allows almost anyone to create or access a file anywhere on the drive.

more: survey: 60% of firms employ remote access tools | 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? | be careful with microsoft office upgrades | survey: have you dumped manual invoices yet?
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unfortunately, there is seldom a firm standard that is adhered to, allowing users to create files with any naming convention they want and store it anywhere they choose. the result can be files that are hard to find and slow to search across the network.
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smart tech tips from top cpa firms

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laughing businesswoman talking on the phone in office in front of four monitors5 key questions, including what to tell recruits.

by marc rosenberg
the rosenberg practice management library

i have a keen interest and understanding of how managing partners perform their jobs. their duties encompass a long list of critically important management functions. certainly, one of these is to ensure that technology has an optimal impact on the firm’s success, profitability and efficiency.

more: 15 amazing organizational tactics to manage a cpa firm | why governing by partner ownership is bound to fail | 6 ways to retain nextgen staff | how to develop a truly progressive nextgen culture | the top 5 concerns of great managing partners | partners: when to speak up and when to shut up
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this can be quite challenging because, unlike most mp duties, managing the technology function is a highly technical skill that most mps don’t have.
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capture firm knowledge on an intranet

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four empty metal bucketsdashboards may speed up the search process.

by roman h. kepczyk
quantum of paperless

firm knowledge and information is usually stored in one of four “buckets.”

more: survey: firms split on mobile device management | collaboration should tie in messaging | survey: nearly half of firms use videoconferencing | plan right for remote access | survey: only 32% of firms providing non-phone devices | jumping to windows 10
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the most obvious is within the accounting applications themselves where tax, audit and accounting programs store client files in a format that can only be accessed with that program. files are usually indexed and accessed in designated directories so there is not much the firm can do about moving these files.
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collaboration should tie in messaging

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woman having video chat with mankeep an eye on teams and yammer.

by roman h. kepczyk
quantum of paperless

firms should strive to capture all data in a digital format at its “root” source. this goes for services such as the firm’s fax and voice mail systems as well.

more: survey: how many firms back up data to the internet? | 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? | survey: digitizing employee evaluations | the five rules of smart tech
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traditional inbound faxes are usually printed from a fax machine and then hand delivered to the recipient’s desk. in some cases, this fax image is actually rescanned and emailed to the recipient.
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