Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/39633
Reviews For Your Firm CLIENT WRITE-UP REVIEW SECTIONS Winning With Client Write-Up BASIC SYSTEM FUNCTIONS • General Navigation/Ease-of-Use • Multiple Concurrent Users • Multi-Client Management/Setup • System Customization, Alerts CORE WRITE-UP FEATURES • Account/GL/Journal Manage- ment • Adjusting entries, re-class and recurring entries • Reconciliation • Checkwriting • After-the-Fact Payroll/Tax Tables/Reporting • Financial Ratios REPORTING & FINANCIAL STATEMENTS • Customizable Reporting/Output Formats • Financial Statement Generation, Customization • Communication Templates & Deliverables • Invoicing/Billing Functions IMPORT/EXPORT/ INTEGRATION • Import Capabilities • Imported data review functions/ process • Integration w/Payroll apps • Client Portal Options • Export to Common fi le formats, PDF, Excel, Word HELP/SUPPORT • Built-in Support Features • OS/Browser Compatibility • Support Website/documentation • Live Support (includes phone) SUMMARY & PRICING O ver the past several y e ars, some accounting technol- ogists have come close to announcing the demise of client write-up (or at least the signif icant decline in its necessity and profi tability for professional accountants). Well, as Mark Twain would put it, the reports of the death of client write-up have been greatly exaggerated. In this year's review of professional write-up sys- tems, we look at the capabilities and advantages of several web-based, hosted and locally installed programs. Write-up continues to be a core service area for many fi rms, but it is defi nitely evolving. T e nature of the service remains essential to many small businesses —produce fi nancial state- ments and compilations for use by the business in forecasting and planning or to report results to company investors and creditors. What has changed, however, is how the professional accountant goes about collecting, reviewing and reporting on the busi- ness' data. Prior to the nearly universal adapta- tion of small business bookkeeping systems, data collection oſt en occurred via boxes of receipts, paper invoices and a check register. With client-side bookkeeping came new data collection methods: Business users were entering sales, payments, payroll and other information into their own computers, then transferring the data, oſt en on disk, to the accountant. For more seasoned accounting professionals who endured this transition, it didn't necessarily result in signifi cant time savings since it created the need for accountants to review transactions individually to ensure correct account postings and journal entries. In 2011, the concept of data collec- tion and correction has become more automated and easier for both the accountant and the business. Most 20 20 September 2011 September 2011 • www.CP C APracticeAdvisor.com transaction data files are now elec- tronically transmitted between the client and the fi rm, oſt en using portals or web-based accounting solutions that directly integrate the client data into the fi rm's professional accounting system. While this speeds delivery and return of the data, the process itself is still somewhat outdated. WELL, AS MARK TWAIN WOULD PUT IT, THE REPORTS OF THE DEATH OF CLIENT WRITE-UP HAVE BEEN GREATLY EXAGGERATED. In addition to the on-premises installed programs that have been around for years, SaaS and hosted professional write-up systems are now available and enable better client interaction, with either batch-based synchronization or online simultaneous data access. With web-based and inte- grated client accounting tools, fi rms can now have full access to live client data 24/7. T e accountant can work with the general ledger and journals, reclas- sify transactions, and perform bank reconciliations and other tasks, without scheduling a time to have exclusive access to the data fi le. Another advan- tage to this arrangement is enhanced client collaboration, which allows the accountant to respond instantly to client needs. SaaS systems also include communication tools, portals and document sharing options. The Value Proposition Some skeptics see a challenge in monetizing this new form of client write-up, especially if they traditionally bill by time or project. However, those who've transitioned to the "value pricing" approach have had success. T e key is to stop thinking of write-up as a once-a-month service and instead consider it an ongoing service that is part of a larger client relationship "package" for which a business pays a set recurring fee over the course of a year. Some professionals may consider it more of a consulting format, but it's still "write-up," and with the right tools, it can be both profi table and personally rewarding. Other notable benefits include helping to stabilize cash fl ow for the practice, distributing many work processes across each calendar month and year, prioritizing tasks, and facili- tating the delegation of more of the work to junior staff who have lower hourly billing rates. Clients also benefi t from greater and more frequent interaction with their accountant because their books stay in bet er shape, which means the profes- sional can provide more accurate fi nancials, projections and cash fl ow estimates. T is ongoing review makes it easier to perform other engagements such as payroll and tax compliance services since the quality of the data is enhanced by this ongoing, monthly work. Client write-up is far from dying; it's just rebranding itself as the client value relationship, and will be part of most successful accounting fi rms for the foreseeable future. While reading the product review snapshots on the following pages, as well as the full product reviews on our web- site, please note the program features that are most important to the needs of your practice and your clients. ● Isaac M. O'Bannon, Technology Editor