survey: accountants’ three wishes
more time off is no. 1. but you’d be surprised by no. 2 and 3.
by accounting firm operations and technology survey
technology
reclaim time with remote deposit
banks 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
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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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going digital with a/p processing
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
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.
how ‘tech stacks’ can help you standardize
you’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
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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firms name their top 3 challenges
trend watch: recruiting talent issues are back with a vengeance, while focusing on managing the practice has come to the forefront.
accounting firm operations and technology survey read more →