Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/49996
VOLUME 22, NUMBER 1 MY PERSPECTIVE 800-547-7377 • www.CPAPracticeAdvisor.com Publisher: Jim Baker Executive Editor: M. Darren Root, CPA.CITP Associate Publisher/Managing Editor: Melody Steelman Technical Editor: Brian Tankersley, CPA.CITP Technology Editor: Isaac M. O'Bannon Editorial & Events Coordinator: Jill Burnett Columnists: David McClure Doug Sleeter Kristy Short Jason Blumer, CPA.CITP Randy Johnston Rene Lacerte Roman H. Kepczyk, CPA.CITP Scott Cytron Art Director: Rhonda Cousin National Sales Manager: Robert Akert Site Manager: Rhonda Dennis 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 EVP, Digital: Tom Kohn 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 A Reprints - To purchase article reprints, please contact Foster Printing, Attn: Jill Kaletha, 4295 Ohio Street, Michigan City, IN 46360, 866-879-9144 ext. 168, jillk@fosterprinting.com or 1-800-875-3251, email sales@fosterprinting.com The opinions given by contributing authors are their own and are not the opinions of our staff. 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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. 2011 in Review … and Getting Ready for 2012 As 2011 closes, my hope is that many of you can look back over the year and see real progress in your fi rms. Each year at the magazine, we conduct our annual Reader's Survey, and I would like to share some of the results with you so you can compare your own progress with your peers. Here are some key statistics about the profession as a whole: • 38% of firms currently have a website. • 52% are NOT currently using social media. • 20% are completely paperless; 56% are somewhat paperless. indicated that he believes the numbers are bet er refl ected by "40% of fi rms are surging ahead and roughly 60% are standing still." T at means there is still unique mobile application for their clients. Amazing stuff all around! It's a great time to be in public accounting. So much is happening, and THE FIRMS THAT ARE THRIVING ARE THOSE THAT HAVE A STRATEGIC PLAN IN PLACE AND A CLEAR UNDERSTANDING OF THE TYPE OF CLIENTS THEY WANT TO SERVE. • 37% are currently using portals for their clients; 23% are not, but plan to soon. • 33% are using scan and organize tools in their tax process; 8% are using a scan, organize, and popu- late tool. • 31% are using online tools that allow them to collaborate in real-time with their clients' accounting system; 17% are not currently using such tools. • 50% use remote capabilities to login to their fi rms remotely. a lot of work to be done in educating accounting professionals on the direction they need to go to avoid being leſt behind. T e fi rms that are thriving are those • 91% maintain networks on- premise instead of in the Cloud. • 18% use one or more applica- tions to get information delivered on a PDA or tablet device. I took a look at last year's Reader's Survey to compare it to 2011 results, and I'm pleased to report that the number of firms moving toward technology is increasing — adopting advanced solutions at a steady rate. However, there is still a big divide between those who are implementing next-generation tools and those who are not. In fact, the CEO of one of the profession's largest technology vendors that have a strategic plan in place and a clear understanding of the type of clients they want to serve. T ey also have a relentless desire to build a highly effi cient internal system that allows them to streamline processes and operate at peak productivity year round. T ey are thought leaders who are always searching for the smartest technologies to augment their well- oiled machines. Overall, I am excited and encour- aged about 2012, especially as I look at the volume of innovative solutions being presented to the profession. As the integration story unfolds, I see the ability to create a single client database across applications — making sharing and exchanging of information incred- ibly easy and fast. Forward-thinking vendors are working on such exciting features as touchscreen technology. I witnessed this at the 2011 CCH User Conference where I was informed that the company is working on touch- screen for their tax solution. While at the 2011 Thomson Reuters User Conference, I was updated on the company's future rollout of a solution that allows fi rms to brand their own it's all positive change from my vantage point. I would encourage each and every one of you to continue your journey to building a fi rm that is the very best. I hope you have a smooth busy season, and I look forward to seeing and communicating with you in 2012. M. Darren Root, CPA.CITP Executive Editor Darren is the Executive Editor of CPA Practice Advisor. He remains in public practice as the principal of Root & Associates, LLC, in Blooming- ton, Indiana, and is president of his consulting practice, RootWorks. He formerly served on the Board of the AICPA's CITP Credentials Committee and is a former member of the Board of Directors for the Indiana CPA Society. He speaks at dozens of professional organizations each year and frequently serves as a guest lecturer at Indiana University's Kelley School of Business. January 2012 • www.CPAPract .CPAPracticeAdvisortiiceAdAdviisor.com 3