Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/36891
Reviews For Your Firm ENGAGEMENT & TRIAL BALANCE REVIEW SECTIONS BASIC SYSTEM FUNCTIONS • Installation Ease • General Navigation & Ease of Use • Industry-Specifi c Templates • Industry-Specifi c Features • Platform Support CORE ACCOUNTING CAPABILITES • GL/AP/AR Functionality • Sales Tax Functionality • Payroll Functionality • Audit Trail • Multi-Currency • Multiple Language Support • Multi-Location Support • Multiple Users DAY-TO-DAY OPERATIONS • Sales/Point of Sale/Shipping • Customer/Vendor/Employee Management • Inventory/Purchasing • e-Features • Remote Access MANAGEMENT FEATURES • Dashboard Overviews • Reporting • Security Features • Integration/Import/Export • Data Transfer • External Integration • Online Accountant Transfer Tool HELP/SUPPORT • Built-in Support Features • System Updates • Support Website/Documentation • U.S.-Based Support SUMMARY & PRICING To read the full text of the engagement reviews as well as brief write ups on the following trial balance products, visit www.CPAPracticeAdvisor. com/10296054 or scan this QR code with your smartphone: E • CCH, a Wolters Kluwer business — ProSystem fx Trial Balance • Pendock Mallorn — Accounting for Practitioners • Thomson Reuters — Trial Balance CS August 2011 • www.CPAPracticeAdvisor.com 13 Engagement Products Bring Workfl ow Improvement to Firms very fi rm, no mat er the size, should be using either an engagement (audits, review, compilations, etc.) or trial balance (write-up work) system. In the past, engagement and trial bal- ance software packages were “islands” of information that did not communicate very well with other systems. T e fi rst integrations were with other tax preparation systems. Now that improving workflow is a major focus of fi rms, the vendors have worked to integrate their off erings with other products within their own suite as well as other third-party applica- tions. T is development has greatly improved workfl ow over the past few years. Now that the accounting profession is starting to understand the pros and cons of SaaS, vendors are starting to adopt portions of their offerings to include SaaS off erings. While there are currently only a few vendors that are offering true SaaS products in this genre, it is inevitable that more will do so in the future. T is review discusses some of the major engagement and trial balance packages on the market today, as well as a handful of audit and engagement tools. All of these systems are great, but they are not a right fi t for every fi rm. Each fi rm is unique based on the type of engagements, number of staff , type of clients, number of offi ces, etc. T ese reviews are designed to be the fi rst step in helping you choose the right package for your fi rm’s needs. Aſt er you have read these reviews and are ready to select one of these products, the “fun” has just begun. Many hours of testing and logistics should be involved before you make your fi nal decision. T e areas addressed in these reviews are as follows: Basic System Functions – What are the primary functions of the product? Does the product perform all of the basic tasks that your fi rm requires? Engagement Management – How does the product allow your fi rm to manage engagements and the risks associated with each engagement? Each Help & Support – What type of support and training is available? Are there diff erent options and platforms? As most practitioners know, this can be the biggest obstacle in get ing a return on your investment when purchasing a new soſt ware product. All of the applications reviewed allow some type of engagement “templates” to be confi gured, although the scope of NOW THAT IMPROVING WORKFLOW IS A MAJOR FOCUS OF FIRMS, THE VENDORS HAVE WORKED TO INTEGRATE THEIR OFFERINGS WITH OTHER PRODUCTS WITHIN THEIR OWN SUITE AS WELL AS OTHER THIRD-PARTY APPLICATIONS. THIS DEVELOPMENT HAS GREATLY IMPROVED WORKFLOW OVER THE PAST FEW YEARS. fi rm has its own risk management and operational procedures. Does the product fi t your fi rm? Workfl ow & Collaboration – What type of workflow features does the product have? Will the product increase your fi rm’s workfl ow enough to justify the cost of purchase, set up, integration and training? Integration – Does the product integrate with your current soſt ware? If your firm purchases a particular product, will you need to replace other products to realize the full potential? these templates and integration varies between the applications. Using tem- plates can save time set ing up work- paper fi les, and can automate many of the manual tasks associated with cre- ating a new fi le. Good luck, and if you are planning on making a switch to one of these products this year or have made the switch in the past year, we’d love to hear about it. Send your comments to editor@cpapracticeadvisor.com. ● Marty McCutchen, CPA.CITP Marty spent 11 years as an auditor at PricewaterhouseCoopers and other regional CPA fi rms. In 2006, he founded CPA Service Group, which develops SaaS applications for CPA fi rms. In 2008, he started Highterrace, developers of custom web-based software applications for all types of com- mercial business (franchises, manufacturing, energy, learning, accounting, etc.). In addition to his software development efforts, Marty continues to provide accounting and fi nance consulting services to select clients.