Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/411648
Reviews CLIENT PORTALS N ot that long ago, a n e w t e c h n o l o g y d r a m a t i c a l l y changed the way accounting f irms and businesses of all types communi- c a t e d w i t h t h e i r clients and internally. I'm not even sure how to account for the amazing a m o u n t o f t i m e s a v e d a n d t h e resulting increased productivity that email gave to professional frms. Yes, boring old email. W hile few people use the term "amazing" when speaking about email anymore, the changes that it led to were incredible. Virtually instant communication with clients and being able to respond to their emails at any time of day or night; A streamlining of internal ofce communications between staf; and even the documenting of communica- tions performed via email. To this day, I can't really remember how professional life was back then, aside from using the word "slower." Online portals have evolved out of the need for collaboration between frms and clients. Where emails were generally fne with communication, there were specifc situations where it was not adequately secure. Starting in the mid-2000s, some states even started requiring professional services businesses like accounting frms to use more robust encryption tools or other resources to protect confdential client data. In other words, no more simple emailing of client tax returns or unmasked SSNs and TINs unless you want to face a potential fne of more than $10,000 per incident in some states. Client portals, which have now been available for accounting frms for about a decade and are also some- times called fle sharing websites or online folders, provide a solution to these security risks, as well as many additional features that have grown to include numerous product iv it y- enhancing tools. Basic features of these online col- laboration centers include the ability for both the f irm and a client to upload a fle of almost any kind and size into a secure online dropbox, where the other party can access it. Clients can send source documents, firms can send their clients their fnalized income tax return or leave it in there, so the client can use it any- time they want. More advanced features in some of the portal systems designed for accounting frms include tracking of when a client viewed a document, scheduled document deletion, and integration with tax and accounting systems and practice manage- ment programs. Te benefts of portals extend to virtually all of the services that frms provide, from write-up to payroll. ● Isaac M. O'Bannon, Managing Editor Isaac is the managing editor and digital content manager for CPA Practice Advisor. REVIEW SECTIONS CORE PRODUCT FUNCTIONS/ FEATURES • UI and simplicity of design • Ease-of-Use/Navigation • Ability to embed in frm website • Flexibility and power • Search INTEGRATION • Email • Mobile • MS Offce Integration • Can scan directly to the location • Cache a large number of fles on a local drive • Special integration with hosting providers TAX & ACCOUNTING INTEGRATION • Document Management • Tax software • Engagement software • Accounting Software SECURITY/COMPLIANCE • HIPAA Compliance issues • Section 7216 issues • On their own servers or using public cloud • Data encryption • Passwords & User Security • Redundancy • SSL Certifcate and Custom URLs DOCUMENT RETENTION AND DESTRUCTION • How long are documents kept by default • Can you set retention periods • Can you limit the number of times a document can be down- loaded LARGE FILE TRANSFERS • Zipping of multiple fle down- loads, or individual download required • How many times does it try to resume before cancelling with an error • Client application required? ADVANCED FUNCTIONALITY • Management Reporting • Return Receipt 16 November 2014 ENSURING Client Portals for Tax & Accounting Firms By Isaac M. O'Bannon, Managing Editor