Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/588168
For more information, visit: www.intuit.com performance indicators to not only diagnose fnancials but predict them. Finally, social media is changing clients' expectations: they now want always-on access and customer service. Social media and the Web provide an immense opportunity for business growth because a frm's online profle and presence can be found by any small business around the world. Q. Does the solo practitioner need to transition their small frm into a Firm of the Future? A. Yes. Becoming a Firm of the Future is relevant to frms of all sizes. In fact, we (Intuit) have a website, FirmoftheFuture.com, designed to help accounting professionals adapt and adopt to the trends impacting the industry. FirmoftheFuture.com has content, actionable step-by-step guides and resource links developed by Intuit, key industry leaders and practitioners to support and help all accounting professionals navigate the current trends to work more effciently, better collaborate, connect with their small business clients and achieve long-term success. Q. If the cloud is the future, is desktop going away? A. Absolutely not. QuickBooks desktop products are not going away. Intuit understands and recognizes we have millions of customers using QuickBooks desktop. We will continue to support those customers and invest in the further development of our desktop products. In fact, we added several new, exciting features in QuickBooks 2016, such as the ability to Batch Delete transactions and One Click Upgrade, helping accounting professionals save time and be more effcient when working with their client's company data. But to ensure your long-term success, accounting professionals should look beyond desktop. There are more than 1 million businesses out there using QuickBooks Online and more than 4,000 new users are signing up for QuickBooks Online every 10 days. Q. Can you share again the steps accounting professionals need to take to transition their frms into Firms of the Future? A. Step 1: Get on the Cloud. Sign up for QuickBooks Online Accountant (QBOA) and add yourself or one client to QuickBooks Online. A vital resource are the more than 200 apps that integrate with QuickBooks Online - try or recommend an app for you or your client. Step 2: Become a Trusted Advisor. Being viewed as a trusted advisor rather than as an accountant or bookkeeper alone can help insulate your frm from competition based solely on price. It can also uncover opportunities to provide advisory services that generate additional revenue for your frm. Step 3: Get Connected. Gone are the days of store- front signs. The Web is a frm's new lobby. Prospective clients want to work with a frm that works the way they do: leveraging cloud technologies and using the Web to drive customer and overall business growth. Q. Should accounting frms consider changing their billing model? A. Online technologies have provided the perfect opportunity for accounting professionals to change their billing model. In the past, accountants spent time going from one client appointment to the next. Desktop-based products didn't integrate with one another so accountants had to enter data multiple times. Billing hourly made sense. However, when using cloud technologies, hourly billing actually penalizes accountants because they're no longer driving from client to client. They're instead meeting online through Web conferencing. Accountants also no longer key in the same data across disparate systems. Cloud products integrate and speak with one another so data is entered automatically. Value billing better aligns with the shift from compliance work to the freedom to focus on consultancy so accountants can be trusted advisors. Q. What advice can you provide accounting professionals looking to give the cloud a try? A. They should transition their frm's books to QuickBooks Online, migrating clients one at a time – starting with the least complex fles to gain confdence using the product. As accounting professionals gain confdence, they'll be able to tackle more complex client set-ups and get to know, use, love and recommend third party apps that ft the unique needs of those clients. Through this experience, they have the opportunity to develop a playbook with processes and workfows to ensure a smooth and consistent transition for all clients. Like all technology advancements, the cloud will continue to evolve and change for the better. But it's moving quickly, so accounting frms need to begin to incorporate cloud solutions in their practices and frms to gain effciencies and better serve their clients.