Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/494869
FROM THE TRENCHES However, accounting is only part of t he bat t le. To prov ide u seable information to clients that helps them manage their operations beter, there are a number of interesting additional t o o l s f o r p l a n n i n g , r e p o r t i n g , ex penses and more. Many of these c a n be u sed w it h Q u ick Book s or ot her ac c ou nt i n g produc t s or a s stand-alone applications. Examples here include: • Palo Alto Live Planner – a budgeting and planning tool • Biznet Software – an Excel based reporting tool • BizTools Professional – a multi- dimensional analytics tool • Tallie – expense reporting with forms recognition • Avalara – Sales and Use Tax sofware to support a SALT practice • Results CRM – Business development integrated to QuickBooks and other products, with project management • ShareFile – a portal and fle transfer tool • SmartVault – a document manage- ment system for QuickBooks • Bill.com – an AP/AR tool that inte- grates to a number of systems I f you note t he f i rst l i st above, vendors are trying to make practice management and billing easier and to more efectively control projects. If you note the second list, you' ll see a number of applications that are providing browser based Sofware as a Ser v ice (SaaS) accou nt i ng w it h increasing levels of capabilities and c om ple x it ie s . F i r m s c a n b u i ld a c l ie nt-f a c i n g , re c u r r i n g re v e nu e prac t ice w it h one or t wo of t hese products. Te third list adds capabilities that many clients and business ow ners v a lue a nd ne e d . T he s e produc t s usually work standalone or with one or more other systems. For example, making accurate forecasts is a dif- cult business at best, and clearly cash fow is a primary reason for business failure. A lmost no system provides su f f ic ient repor t i ng by itsel f, a nd Biznet helps create powerful supple- mental reports. Avalara is the leader in Sales and Use Tax and interfaces w i t h m o r e s m a l l a n d m i d - s i z e d products t ha n a ny ot her of fer i ng. Further, the professional fling sup- port is strong. ShareFile is one of the easiest to implement, branded portal and fle transfer products available. Selecting the right tool(s) from this list can round out your oferings. Why Does This Make a Difference to Our Firms? A frm's management programs and cl ient of fer i ngs have to match it s s t r a t e g i e s . D u r i n g y o u r a n n u a l ret re at , you s hou ld c on s ider t he business you are in today, the busi- ness you'd like to be in in the future, and who your clients are. How can you serve your clients beter, improve your frm, increase the value of your pr a c t ic e , a nd w or k a r e a s on a ble amount of time to get this done? We know we can't believe vendor c la i m s t hat by u si ng a pa r t ic u la r p r o d u c t , y o u w i l l h a v e s u c c e s s . However, if you don't have the right program to get the job done, you' ll wor k muc h h a rde r t h a n ne e de d . Having the right tools and processes enable you r f i r m to have a bet ter c l ient del i ver able w here you c a n charge a premium for your ser v ice and expertise. You can also focus on your compli- ance practice and improve the way that you sell, create, document and deliver ta x and audit ser v ices. You should look for the best programs in practice management, tax (reviewed in this issue), audit and document management. Better Results for Team Members and Clients Alike T he r ig ht prog r a m s c a n prov ide beter value for your clients and the frm alike. However, in your selection process, you should spend enough time at the beginning of the process to understand your needs, what you h a v e t o d a y , a n d t h e e x p e c t e d i mprovement. We have d isc ussed these processes in prior columns. If you can't see a notable change for the good, why make any change at all?