Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/494869
38 April 2015 • www.CPAPracticeAdvisor.com Sales & Use Tax Exemption Certifcate Management INSIGHT: Businesses that sell for resell or to organizations that are tax exempt have additional reporting and management needs. W hile these programs are certainly more of a niche, about 10 percent of our voters have clients for whom these systems are vital. • Tomson Reuters ONESource Exemption Certifcate Mgmt. • Avalara AvaTax Certs • Vertex Inc. Exemption Certifcate Manager • ISS Line Link Write-Up INSIGHT: Write-up is undergoing a major evolution as more and more frms encourage their business clients to move to cloud-based accounting systems that let them more easily access data and information in real-time. But traditional write-up is still a necessary service for some. Te most popular among this year's voters: • Intuit QuickBooks Accountant • UBCC Real-Time Accounting • Drake Client Write-Up • PC Sofware Accounting Inc. Audit Engagement Tools INSIGHT: Firms providing audit and atestation services need to closely manage processes and check lists. Engagement management systems are designed to streamline these func- tions, increase productivity, strengthen managerial oversight, and enforce controls. Of the approximately 10 percent of voters who had a preference in this category, the top vote-geters were: • Tomson Reuters PPC SMART Audit Suite • CCH Knowledge-Based Audit Tools/Knowledge Coach • Capital Confrmation Payroll INSIGHT: Many professional tax and accounting frms have taken back the payroll relationships with their clients, and are reaping the rewards as the latest generation of payroll systems are designed to automate virtually all of the recurring tasks and reporting functions necessary with payroll services, and they are designed to manage multiple clients. Add to this the additional benefts of the cloud, and professionals can manage these payroll processing functions from anywhere at any time, while also ofering online portal access to their clients and their clients employees. Te most popular programs this year were: • ZenPayroll • QuickBooks Payroll Enhanced and Online Payroll • AMS 1099-Etc A-T-F Payroll • PayChex • ADP RUN Powered by ADP Payroll for Accoun- tants Business Valuation INSIGHT: Valuation services are especially important when planning on sales, generational business transfers or other transitions, and sometimes when a client is involved in litiga- tion. While this is another smaller specialty service ofered by a smaller set of professionals (about 10 percent of our voters had a preference), it is one that still requires advanced systems to help manage all the potential variables. • Tomson Reuters PPC Business Valuation Specialist • ValuSource Express Business Valuation • NACVA Business Valuation Manager Pro • MoneySof DealSense Plus+ & Corp. Valuation Professional Practice Management/ Time & Billing Systems I NSIGHT: W hile many firms are transitioning to value pricing, many still either bill by the hour or at least track pro- ductivity and other efciency using hourly-based methods. Practice management and time and billing systems do more than just count hours for invoicing, they also help frms manage many areas of projects and client collaboration, with increas- ingly mobile time, expense and document tracking functions. • Tomson Reuters Practice CS • CCH ProSystem fx Practice Management • Sage TimeSlips • Ofce Tools Professional Online Invoicing/Bill Payment Solutions INSIGHT: As more and more small businesses and accounting frms move to the cloud, both are looking for ways to speed up invoicing functions, particularly the time it takes to receive those receivables, but also helping to ensure accurate tracking and payment of vendors. Receiving the most votes for 2015: • Xero • Intuit Payments • Bill.com • FreshBooks Client Portals INSIGHT: Communicating with clients is essential, and being able to collaborate them on at least the simplest activities can greatly streamline workfow. Client portals allow sharing of fles, as well as many automation tools that can help move data to where it's needed. Te following systems received the most votes in this year's voting: • eFileCabinet Secure Drawer • Tomson Reuters NetClient CS Portals • Citrix ShareFile • SmartVault Document Management & Document Storage INSIGHT: Tis category was once again the largest in this year's Readers Choice Awards voting. While some are simple fle folder programs that resemble Windows Explorer, others are much more advanced, providing organizations of any size with options for managing document retention, client col- laboration functions and automated workfow. • Drake Document Manager • Tomson Reuters File Cabinet CS/GoFileRoom • eFileCabinet • Intuit ProSeries & Lacerte DMS New Technologies for Professional Firms Do you use smartphone or tablet apps designed specifcally for tax and accounting professionals? • Yes 19% (Up from apx 17% last year) • No 81%