tech and fintech

five crucial performance indicators for a monthly tech check

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tablet with green chart in hands of businessman“flash” reports to monitor infrastructure and projects.

by roman h. kepczyk
quantum of paperless

most firms have a line partner or firm administrator overseeing the firm’s information technology department.

more on tech spending: outsource some security functions | use collaboration technology to improve your firm | standardize your quickbooks support | remote banking offers instant roi | how to stop ‘overauditing’
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they may have an interest in information technology, but their primary responsibility often lies in other production areas. they need a way to efficiently oversee the firm’s tech initiatives and report to management.
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when to outsource some security functions

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annual staff training is a must-have.

by roman h. kepczyk
quantum of paperless

going paperless means that all firm files and client data will be digitally stored on the firm’s network, which is almost always accessible to firm personnel via internal workstations and remotely via the internet.

more on tech spending: use collaboration technology to improve your firm | mandate training programs, accountability | portals are vital for secure file transfer | deliver all reports digitally | how audit field equipment has changed | how and why to establish firm procedures manuals | devil’s in the details of digital file delivery |
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the firm has a fiduciary responsibility to protect this data from anyone not specifically authorized to view it.
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mandate training programs, accountability

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three young businessmen in office training sessionprocesses make it easier to achieve results.

by roman h. kepczyk
quantum of paperless

for many firms, the ability to identify, standardize and implement best practices is the last remaining competitive advantage in business today as communications tools and access to technology have become available to everyone.

more on tech spending: centralize contact administration | standardize your quickbooks support | remote banking offers instant roi | how to stop ‘overauditing’ | devil’s in the details of digital file delivery
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to take advantage of the continuous stream of innovation and opportunities, firms must adopt a “learning culture.” this requires a formal process to capture and standardize best practices in every department within the firm so that every person can take advantage of them.
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centralize contact administration

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woman entering information on computernew information needs to be shared.

by roman h. kepczyk
quantum of paperless

many firms today maintain contact information within multiple applications such as practice management, outlook, tax systems, and other marketing and crm (customer relationship management) programs.

more on tech spending: standardize your quickbooks support | portals are vital for secure file transfer | deliver all reports digitally
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too often, a significant amount of time is wasted in firms pulling contact information together, reconciling and verifying lists for mailings, invitations and even organizers. it is critical that firms centralize the updating of contact information for consistency.
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standardize your quickbooks support

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key with word "license" for teethhow many versions do you support … and why?

by roman h. kepczyk
quantum of paperless

in the united states, quickbooks is the most dominant small business accounting product on the market and will be the application that the majority of the firm’s clients use. therefore, it is obvious that the firm must become proficient with supporting quickbooks.

more on tech spending: portals are vital for secure file transfer | why you should process ap digitally | revamp daily t&e entry | is your tax workflow digital yet? | the 4 types of firm knowledge
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unfortunately, one of the biggest wastes of time is when firms support too many older versions of the software, which often leads to incompatibilities that can corrupt the database and make it unusable for clients. fixing these errors creates lost time that is seldom charged to clients and instead impacts the profitability on these jobs. firms have found that it is significantly more productive to support no more than the three most recent versions and to either require the client to update their software or include the cost within the monthly service fee.
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portals are vital for secure file transfer

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spiral of binary characters emerging from laptop screenlook for notifications and audit trails.

by roman h. kepczyk
quantum of paperless

when dealing with digital files, the most effective way to transfer them is electronically over the internet either with secured email or through a portal.

more on tech spending: why you should process ap digitally | remote banking offers instant roi | how to stop ‘overauditing’ | devil’s in the details of digital file delivery | preventing document retention headaches | which wireless? | remote access takes planning | transitioning to windows 10
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many firms have emailed clients copies of tax returns and financial statements over the years. unfortunately, this is not always the most secure method as the firm does not have control of the various internet service providers and the relay servers between the firm’s email server and the client’s email account.
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why you should process ap digitally

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person using credit card to pay bill onlinedon’t forget to use naming conventions.

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 banking offers instant roi | deliver all reports digitally |  how audit field equipment has changed | optimize scanning applications and procedures | document management requires firm standards | why unified messaging matters | get in front of application updates | why you need offsite backup | use scanners to capture source documents
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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. now imagine doing this a hundred times per month, every month. imagine the volume of physical accounts payable vendor files both onsite and in storage, that can be eliminated by storing these images digitally.
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blockchain: questions are the answer

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blockchain will find answers. but you need to know the right questions.

by hitendra patil
accountaneur: the entrepreneurial accountant

if blockchain were human, here’s what it would say to you: “dear accountant, your intelligence is far more powerful than my algorithmic intelligence. i can do the math, audit the authenticity of transactions incredibly faster than you can. but that’s not the point. the point is: i can provide you answers much faster than was ever possible. but only if you ask me great questions!”

more on entrepreneurial strategy:  the 7 experiences millennials want from your firm | is blockchain an extinction event for accountants? | is blockchain a cloud killer? | how to beat automation in accounting | 3 reasons small firms stay small | the new needs of people at accounting firms

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we are just about starting to see what pablo picasso saw way back in 1964 about “the enormous new mechanical brains” and “calculating machines.” they are “useless,” he said. “they can only give you answers.”

if the mechanical brains “can only give you answers,” it is imperative that someone asks those brains the right questions. that someone had better be you.

the entrepreneur’s questions read more →

remote banking offers instant roi

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person writing check with pen and checkbookbonus: 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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