Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/53322
ENGAGEMENT & TRIAL BALANCE Reviews For Your Firm CaseWare International, Inc. – Working Papers 2012 OVERALL RATING BEST FIT Accounting fi rms desiring a single platform to perform end-to-end work on tax and accounting engagements STRENGTHS • Fully contained, all-in-one product • Easily adapted to any engagement client type and need • Handles virtually any fi le type with ease • SmartSync technology allows eff ortless collaboration when not connected to a network POTENTIAL LIMITATIONS • Some accounting fi rms may not require all included features, especially for smaller engagements • A hosted solution is currently available through third parties in the USA. Case- Ware International is working on their own hosted solution which will be available shortly. Working Papers is the central soſt ware solution off ered by CaseWare International, Inc. Working Papers is a comprehensive, all-in-one solution allowing accounting professionals to manage nearly any tax and accounting related engagement. From desktop installation for small fi rms to full network installation for larger fi rms, Working Papers may easily be adapted to meet the needs of accounting fi rms of all sizes. BASIC SYSTEM FUNCTIONS Working Papers has a simple interface and is easy to navigate. The main screen is composed of three parts with traditional drop down navigation and shortcut icons at the top, the engagement structure in the middle and a recycle bin detailing any deleted documents at the bot om of the screen. T e screen interface may not be altered though the recycle bin area may be minimized to allow more visibility of the engagement structure. T e engagement structure is displayed much the same way as Windows Explorer, so there should be a high level of comfort by most users. T e navigation with each engagement is accomplished through folders which may be added or deleted depending on the needs for the engagement. As an all-in-one solution, a trial balance module is built in and off ers a number of features. Data may be imported to the trial balance from over 60 accounting soſt ware packages, as well as from Excel and ASCII fi les. T e trial balance module also allows users to create fi nancial reports on virtually any accounting basis. Multiple entity trial balances and multiple funds may also be consolidated within the trial balance. Once the trial balance is imported, it may be mapped to various grouping schedules within Working Papers to produce a variety of fi nancial and tax related reports. Once accounts are mapped, no additional user involvement is necessary for future engagements as the mapping rolls forward with each engagement. Each engagement structure may be controlled by templates. Templates may be built based on existing engagements or from scratch by the users based on fi rm require- ments. Users that require custom templates and do not have the time or resources to build them may purchase predesigned templates directly from CaseWare or a variety of third-party CaseWare support vendors. ENGAGEMENT MANAGEMENT All user permissions within Working Papers may be tightly controlled. Working Papers provides full integration with Active Directory, for those on the Windows Server platform, and provides users single sign on access to both their Windows desktop and the Working Papers interface. All users may also be controlled globally, per engagement and even per fi le as needed. Working Papers allows for multiple users to be in fi les, based on licensing options, and any changes made by users are seen in real time throughout the system. Working Papers allows documents to be imported from most popular third-party fi le types. Document import is achieved through menu options available within Working Papers or through drag and drop technology. All imported documents retain their native fi le format and may be edited within the default soſt ware for that fi le type. T is allows users to retain the familiarity of editing documents within Microsoſt Offi ce 16 February 2012 • www.CPAPracticeAdvisor.com or through a preferred PDF editor. An exception exists for image files, such as bitmap, JPEG, TIFF and PNG. Working Papers has the ability to view and perform minor edits to these image fi les directly within the soſt ware. Users may also generate PDF fi les within the soſt ware through the built-in PDF generation functions and fi les may be converted individually or in batches. Working Papers has advanced review note, which CaseWare refers to as "issues", and tickmark capabilities directly integrated with the product. Preparer and reviewer notes may be attached to nearly every document included within the engagement. T ese notes may also be directed to specifi c users to be addressed as appropriate. All notes may be set to roll forward with the engagement to a subsequent year or remain isolated in a current year engagement. A preset group of tickmarks is installed with the soſt ware and is accessible throughout Working Papers. Users may utilize the preset tickmarks, create or import their own set of tickmarks or use a combination of both. WORKFLOW & COLLABORATION Working Papers employs a complex tech- nology, named SmartSync, which provides engagement collaboration between mul- tiple users. Using the SmartSync tech- nology, any user may work on a local, or checked out, copy of the entire engagement client fi le. All data is synced in the back- ground when connected to the network and is updated in real time based on other user activity. For users that are not con- nected to the network, data can be synched remotely or upon return to the offi ce. T e underlying syncing technology works very similar to that of the Microsoſt Outlook and Exchange relationship. Working Papers stores all engagement data fi les in a native fi le structure. T rough additional licensing, CaseWare Collaborate may be used instead and provides data storage on a fully scalable SQL database server. CaseWare Collaborate is a web based solution that integrates directly with Working Papers and allows anytime, any- where access to engagement data files. CaseWare Collaborate relies on the SmartSync technology, as described above, and provides all users with real time data. CaseWare Collaborate also provides staff and client portal capabilities and tools to create custom dashboards. Working Papers has advanced review capabilities and may be fully customized based on the needs of each accounting fi rm or specifi c engagement. T e review process may be set up in a predetermined order to follow a traditional workfl ow process. T is allows reviewers to control what pieces of the engagement may be worked on at any given time, as a review process may be necessary before staff continues work in a particular area. Up to eight levels of sign-off may be setup for each individual fi le and each user may be assigned a diff erent color. Any changes made to documents after reviewer document sign-off are displayed in red and reviewers may drill down on the fi les to see what changes were made and which user made the changes. Full file lockdown is made during year-end close processes. Review milestones may also be setup within each engagement which allows partners and management to quickly see the progress and status of the engagement. INTEGRATION/IMPORT/EXPORT The CaseWare product lineup offers a number of other products separate from the Working Papers capabilities and focus. Working Papers tightly integrates with these products, but the additional products are not required to maintain core functionality. Working Papers is a fully inclusive product and unlike many competitor products is not licensed in separate modules. CaseWare Connector, however, offers one of the biggest integration components. CaseWare