Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/39633
SUCCESSFUL SMALL BUSINESS CONSULTING of business process applications that feed data into Xero. So it's quickly realizing the goal of providing a complete system with online invoicing, payables, payroll, ecommerce, fi xed assets, employee expense management, and nearly all of the functions that most small businesses need from their accounting system. Although it's a relatively new product, the depth of functionality is impressive. Of course, customers who are used to mature desktop accounting products will no doubt have a long list of things they want Xero to add, but the speed at which those features are being added is quite impressive. fi nance tracking system on the web that maintains an always-up-to-date personal balance sheet, including all your account balances, retirement accounts, mortgages, home values and credit cards. special address where the transactions are entered for you. How Zero Entry Changes Everything for Accountants Accountants have two big points to Wave accounting is another similar product for small businesses. Like Mint, it's a free product. Wave also believes in zero data entry and allows small businesses to set up data feeds from banks and credit cards to eliminate as much data entry as possible. Another example of Mint is a similar product. Mint is Intuit's free online personal financial management product that allows indi- viduals to set up a complete personal the zero data entry philosophy is dem- onstrated in Bill. com's Zen feature, where all vendor bills are faxed or e-mailed to a consider about these new technologies. While I believe this is a move in the right direction, taking advantage of the opportunities might require some pain and retooling. The first point is that these new technologies allow accountants to be collaborators with small business owners. For the fi rst time ever, we can now help clients manage their accounting data in real-time. T is is a key philosophical diff erence from the old desktop soſt ware world because it allows accountants to reclaim "control" of the general ledger, while at the same time providing a much higher level of service to their clients. T e second point, and perhaps a bit painful at first, is that accountants, bookkeepers and consultants will need to develop a whole new set of skills. Instead of focusing on installing, setting up, training, troubleshooting and cleaning up client-entered data, you will need to become a "Lego master" who constructs connections between applications, a manager of data feeds, and a wizard with web-based "data fl ows." Instead of focusing on helping clients enter the data bet er, you will help clients build systems where most data gets entered automagically so that the clients can focus on running their business. And as soon as you get that all working, you can move up the value chain and provide high-value business consulting services including business analytics, real-time dashboards and management consulting services. T ese are the services your clients may not be asking for, but believe me, they need these services much more than they need someone to teach them how to enter and pay bills. Join us at the 2011 26th Annual Accounting Show and experience a higher degree of CPE. Offering up to 23 hours of premier continuing professional education, the Annual Show fulfills the distinct educational needs of CPAs. Register online at www.ficpa.org/cpe or call the FICPA Member Service Center at (800) 342-3197 (within Florida) or (850) 224-2727. September 2011 • www.CPAPracticeAdvisor.com 25