CPA Practice Advisor

MAY 2016

Today's Technology for Tomorrow's Firm.

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May 2016 • www.CPAPracticeAdvisor.com 11 VIRTUAL CFO SYSTEMS Reviews BEST FIT Accounting Power is best suited for frms that want to have a single source provider for both the client side accounting system and the frm side practice system that are fully integrated. If you want to ofer write-up and afer- the-fact payroll services in addition to the cloud-based client accounting application, AccountantsWorld can be a good ft. Tis provides the opportunity to serve both ends of the market from a single platform. Te integrated practice applications suite provides a complete solution that requires virtually no on premise ser ver infrastructure or IT support. Tis makes for a relatively easy path to set up a complete practice solution for startup practices. STRENGTHS • Accountant centric model means that clients can only access the solution through accounting frms • Fully integrated accounting practice suite that is 100% cloud-based • Fully customizable fnancial reports including departmental reporting • Book keeping module supports A P, A R , job cost reporting and inventor y control • Adv isor y ser v ices toolk it includes marketing materials, customizable client dashboard, exception based client transaction and balance alerts and more. • Direct bank and credit card dow n- load feeds POTENTIAL LIMITATIONS • Li m ited oppor t un it y to leverage the potential of integrated 3 rd part y industr y specifc applications • Cannot be used as a stand-a lone book keeping application by clients SUMMARY & PRICING Accounting Power bookkeeping module is priced at $20 per client, per month. Accounting Power Pro, which provides write-up, trial balance and customizable fnancial statements is $1,195 per year for an unlimited number of clients and staf. First year only special gives you Accounting Power Pro and the bookkeeping module for an unlimited number of clients for a fat price of $1,595. www.accountantsworld.com BEST FIT Tere are two distinct paths for part- nering with Intacct and deploying it into your client base. Te value added reseller (VAR) model requires you to purchase and resell the sofware directly to your clients. Te Business Process Outsourcer (BPO) model allows you to license the sofware through the AICPA Business Solutions program managed by CPA.com. Tis program provides signifcantly lower licensing fees that come with substantial limitations in the number of users per client. You will need to evaluate the details of the two plans to determine which option best fts your frm's strategy. However, the BPO model is designed specifcally for accounting frms that want to ofer outsourced accounting services. STRENGTHS • Breadt h a nd dept h of sof t wa re applications • BPO accou nt a nt 's pa r t ner sh ip program through A ICPA Business Solutions • O ut sou rced accou nt i ng ser v ice practice development training and support through A ICPA • Soph isticated genera l ledger and f nancial repor ting tools for multi ent it y a nd mu lt i depa r t ment a l reporting • A dv a nced d a shboa rd repor t i ng application • Intacct Marketplace catalog of third part y add-on applications POTENTIAL LIMITATIONS • May be overk ill for the basic needs of some small businesses • Investment required to provide train- ing and support on the f ull suite of applications SUMMARY & PRICING Due to the nature of the alternative VAR and BPO partnership models, as well as the scope of applications, it is not practi- cal to try and defne the pricing model here. Sufce it to say that through the BPO model, Intacct pricing is competi- tive with the other solutions reviewed. Te VAR model on the other hand will result in pricing that is substantially higher. www.intacct.com BEST FIT QBO Accountant is best suited for frms that have a current focus on QuickBooks desktop version and want to leverage their staf expertise to transition to a more collaborative cloud-based service delivery model. STRENGTHS • Extensive catalog of third party add- on applications to meet unique client requirements • Client dashboard w ith direct access to the client's system and an "Account Watchlist" to monitor client K PIs and task track ing • New trial balance feature to manage adjusting journa l entries, ta x line mapping and more • E x tensive tra ining resources and cer ti fcation w ith the ProAdv isor program • W holesale pricing at 50% discount enhances the opportunity for a value pricing v ir tual accounting ser v ice model • Cloud based client document center POTENTIAL LIMITATIONS • U biquit y of Quick Books makes it more challenging to diferentiate • QBO is continually compared to QB desktop, which creates an ex pecta- tion gap SUMMARY & PRICING QuickBooks Online Accountant is free for ProAdvisor members, and is also at no cost for accountants that have at least one user of the QuickBooks Online business system on his/her client roster. Te small business, traditional version of QuickBooks Online is available in three versions based on the features the business needs and the number of staf. QuickBooks Online Simple Start costs $12.95 per month; QuickBooks Online Essentials costs $26.95 per month; and QuickBooks Online Plus costs $39.95 per month. Separately, the QuickBooks ProAdvisor program is free for accounting frms who wish to support only online accounting clients. A paid model is available if supporting clients using the desktop version of QuickBooks. W holesale pricings is provided at 50% discount of the prices listed here. www.quickbooks.com Accounting Power by AccountantsWorld Intacct Intuit QuickBooks Online Accountant Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12202423 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12202431 Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/12202426

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