technology

identity theft: clients wonder if they can trust their accountants

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click for infographic
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the do’s and don’ts clients should hear from you first.

by rick telberg
卡塔尔世界杯常规比赛时间

americans were already afraid of identity thefts involving big companies like target, sony and anthem blue cross.

now the fear and distrust is starting to infect tax and accounting firms.

taxpayers using professional tax preparers are increasingly worrying about the security of their personal financial information, up 6 percentage points from last year, according to 卡塔尔世界杯常规比赛时间 sources.

six percentage points may not sound like much, but when it’s a 40% growth rate. at that pace, if unchecked, next year 29% of clients would need reassurances.

the big data breaches are already legion — target, sony, anthem blue cross. but when taxpayers start to suspect the security at cpa firms and professional tax preparation companies, the profession has a problem. and it’s a fundamental and growing problem.

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streamlining bill-paying at cpa firms

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woman entering credit card information on laptopa dedicated credit card is the solution.

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: automating bank deposits offers instant roi | digital tools streamline audit production | tech tools for today’s properly equipped field audit teams | why firms need document retention standards | digital fax has benefits you may be ignoring | new tech tools for the 24/7 accounting firm | the single best defense against computer viruses | how to choose the right backup system | how to know it’s time to scrap your old server | where laptops rule at cpa firms today | step 1 in building the paperless firm: scanners

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. read more →

automating bank deposits offers instant roi

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businessman carrying piggy bank up rocky hill at nightmanual processing takes 130 hours a year but 63% of firms have found a better way.

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.

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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how to ‘go digital’ when partners demand monthly p&ls on paper?

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technology security with internet digital signature as artwhy 75% of multi-owner firms have already gone to online monthly financial reports.

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.

too 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 their office. read more →