Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/382390
4 September 2014 • www.CPAPracticeAdvisor.com Understanding the 21 st Century Accountant 800-547-7377 • www.CPAPracticeAdvisor.com The opinions given by contributing authors are their own and are not the opinions of our staff. All trademarks used are the property of their respective owner. ———————————————————————————————————————————— Practice Advisor, (ISSN #2160-8725 (print), ISSN #2160-8733 (digital); USPS #017-576) is published four times a year (April, June/July, September and October) by Cygnus Business Media, Inc., incorporating two editions known as CPA Practice Advisor and NSA Practice Advisor, 1233 Janesville Avenue, Fort Atkinson, Wisconsin 53538. Periodicals postage paid at Fort Atkinson, WI 53538 and at additional mailing offces. Printed in the U.S.A. Send all subscription inquiries or change of address to: Practice Advisor, PO Box 3258, Northbrook, IL 60065-3258. Phone: (877) 382-9187 (toll free); (847) 559-7598 (local) Fax: (847) 564-9453 Email: Circ.CPA@omeda.com Subscription Rates: The basic annual rate is $3, based on qualifying associations of 10,000 or more public accountants that may also subscribe for all their public accountant members (certain restrictive covenants apply) for a basic subscription rate of $9 per member for a three-year subscription. One year subscription for all others: USA - $48; CAN $70 GST; INT'L $99 GST #131910168. POSTMASTER, please send address changes to: Practice Advisor, P.O. Box 3258, Northbrook, IL 60065-3258. Canadian address changes to: Canada Post PM40612608. Return Undeliverable Canadian Addresses to: Practice Advisor, PO Box 25542, London, ON N6C 6B2. Publisher: Jim Baker Editor-in-Chief: Gail Perry, CPA Managing Editor: Isaac M. O'Bannon Assistant Editor: Taija Jenkins Contributing Writer: Brian Tankersley, CPA.CITP Columnists: David McClure Doug Sleeter Jim Boomer, CPA.CITP Kristy Short Randy Johnston Roman H. Kepczyk, CPA.CITP Art Director: Rhonda Cousin National Sales Manager: Barry Strobel Site Manager: Angela Stevenson Media Production Representative: Barb Evenson Audience Development Manager: Angela Kelty Editorial Advisory Board: Bob Cedergren, CPA.CITP, CISA, CISM, CISSP, CGEIT Chris Fraser, CPA.CITP, CISA, MCP Jason Lawhorn, CPA.CITP Gary A. Masino, CPA Ryan McCowan, CPA.CITP Linda O'Neal Troy Patton, CPA David Primes, CPA.CITP Donny Shimamoto, CPA.CITP Doug Sleeter Sandra L. Wiley CYGNUS BUSINESS MEDIA CEO: John French CFO: Paul Bonaiuto VP, Human Resources: Ed Wood VP, Audience Development: Julie Nachtigal VP, Technology: Eric Kammerzelt CYGNUS PUBLISHING Executive Vice President: Gloria Cosby Vice President of Production Operations: Curt Pordes Director of Digital Business Development: Lester Craft VOLUME 24, NUMBER 7 As we move into an era of tech- nology-driven accounting practices, where much of our compliance work is performed by sofware and we have the ability to connect with our clients' fnancial records in real time, how will we restructure our practices so that we are still relevant and providing great value to our clients? If more and more of our work is being automated, is there still a place for the small accounting practitioner? Will small- to medium-sized business clients think they can do all of their accounting and tax work on their own and no longer require the services of p rac t i c i ng acco u ntant s ? Sh o u l d accountants encourage their clients to jump on board w ith the latest technology, or should they ask clients to hold back so there's more work for the accountant to do? Tat doesn't seem right. To help untangle this issue, CPA Practice Advisor sought input from two dynamic members of our accounting community: Rod Drury, CEO of Xero accounting sofware for small busi- nesses, and Jennifer Warawa, v ice president and general manager of Sage Accountant Solutions at Sage North America. These two leaders in the profession not only discussed how the accounting profession is changing but prov ided sound adv ice for how a typical accounting frm can take steps to truly beneft from the changes that technology is providing. Meanwhile, we are moving forward with our deep drives into two hot areas: A Year in the Life of a SALT Accountant and A Year in the Life of a Payroll Accountant. If you have an existing SALT or Payroll practice or are planning on adding these services to your client oferings, we've got fresh ideas and September checklists for you and information to help you beter connect with your clients. — Gail Perry, Editor-in-Chief Follow me on Twiter at @gaperry For reprints and licensing please contact Nick Iademarco at Wright's Media 877-652-5295 ext. 102 or niademarco@wrightsmedia.com. Gail is the Editor-in-Chief of CPA Practice Advisor and a CPA. She is the author of over 30 books (including "Mint.com for Dummies" and "QuickBooks 2014 on Demand") and she maintains a small tax practice. She earned a bachelor's degree in journalism fom Indiana University and studied accounting at Illinois State University before starting her professional career at Deloite. Gail is the former publisher and editor-in-chief at AccountingWEB and is a former columnist for the Indianapolis Star newspaper. By Gail Perry, CPA, Editor-In-Chief F requently I hear that cloud tech- n o l o g y a n d a ny t i m e / a ny w h e r e accounting is here now, it's great, it's what all accountants should be using and encouraging their clients to use, and this new technology will free the accountant to do what he or she was actually trained to do. But exactly what is that? Many accountants, particularly small practitioners, actually were trained to do compliance work - trial balances, write-up work, tax return preparation. Auto- mate these services and what have you got le? FROM THE EDITOR IF YOU HAVE AN EXISTING SALT OR PAYROLL PRACTICE OR ARE PLANNING ON ADDING THESE SERVICES TO YOUR CLIENT OFFERINGS, WE'VE GOT FRESH IDEAS AND SEPTEMBER CHECKLISTS FOR YOU AND INFORMATION TO HELP YOU BETTER CONNECT WITH YOUR CLIENTS.