Accounting CS was designed from the ground up and takes full advantage of Internet technology. Thomson reports that the enhanced platform offers:

• Ability to divide work by task, not just by client—Staff can perform accounting tasks and apply them to multiple clients in just a few steps. It also opens new workflow options; staff members can specialize by task and not simply focus on client-by-client work.
• Enhanced accountant/client collaboration—Firms can configure their clients’ online access and usage of their data. This empowers the accountant to customize a unique client accounting tool for each client while eliminating the need for a separate client-side database.
• Ability for multiple staff to work on the same client simultaneously, offering greater firm efficiency and collaboration.
• Enhanced payroll features, including batch payroll processing and advanced configuration options designed to streamline the entire payroll process.

More information on Accounting CS can be located on the Thomson Reuters website at CS.ThomsonReuters.com/AccountingCS.

By now, most everyone knows the iPad is Apple’s latest technology—a larger version of the iPhone, yet not really up to the flexibility and power of a MacBook. While most of the accounting software vendors still aren’t on the bandwagon to design their programs for the Mac operating system, I still see some real advantages to accountants carrying an iPad.

True, you won’t run Sage ERP X3 on the iPad, but you can use it in the field to work with clients and customers. The best way to think of the iPad is to think of it as a really large iPhone. As a result, Mac’s mail program is also easily accessed, as is the Safari Internet browser.

For example, with the new 3G always-on Internet access you can work remotely and patch in to your network very easily without worrying about security or availability. You can’t run Excel or Word, but that isn’t the reason to have an iPad. Everyone also has a PC of some kind, so using the iPad to run robust software isn’t necessary.

If you’re a “PC” and running scared of the Mac, now is the time to adapt by considering the iPad. Again, it’s not representative of what a real MacBook can do, but it is a good start to appreciating all that Apple has to offer.

I recently downloaded BNA’s Quick Tax Reference Guide for my i-Phone—ever so conveniently from Apple’s App Store (my fellow i-Phoners know what I mean). The app offers a single source to access disparate information that I can never seem to remember, like the standard mileage rate, corporate and individual tax rates, the standard deduction, section 179 limits, pension and retirement plan limitations, and so many others.

BNA’s new app aggregates all this much-needed data and puts it at my fingertips. Big props go out to BNA for the very smart and uber convenient Quick Tax Reference Guide application. And even better, it’s FREE! So, if you are also the proud owner of the i-Phone, this is one app that is a must download.

We have also changed the approach we take with our reviews. Our new review model will support a much more stringent rating benchmark, which will make it much more difficult for products to receive a five-star rating. You will notice that we have now broken down our reviews into more detailed categories with the addition of subcategories to better outline what we’re looking for in each product.

In addition to the tax compliance reviews, you will see our coverage of the first of our small business accounting products along with a wide variety of topics from our regular all-star team of columnists, from looking at how the concept of thought-leadership can help your firm to exploring the basics of backing up client data, discovering how to get better reporting and investigating some technology tools that are on the horizon. You will also notice some very informative articles on how client portals are the gateway to the future, how Windows 7 can impact your firm, and how to put a business continuity plan together.
We look forward to your feedback. I hope you enjoy this issue.

To view the April/ May edition of The CPA Technology Advisor online click here.

Incremental improvements are really what it’s all about. I’m gearing up for a busy seminar season, putting the finishing touches on a few of my presentations and spending some time coordinating some design changes to our firm’s website. So far 2010 is shaping up to be a year of change, as many firms are showing a true dedication to moving forward. We often hear that the accounting profession is slow to change…but from what I can see, even that is changing.

Thomson Reuters launched their 2010 schedule for Partner Summits just 3 weeks ago with venues in six cities around the country and a limit of 45 firms per city. Every seat in every city has already sold out. This is a strong indicator that firms are ready to engage and find new ways of doing business and strengthening firm operations. I believe that the more we can engage and learn from each other in the profession the better off we all will be. So, make it your priority this year to embrace technology, learn what you don’t know, and most of all—embrace change!

Baby steps are better than no steps at all – and sometimes, we take great BIG steps when it comes to technology. It turns out that the vast majority of respondents – some 65 percent – indicated their firms and companies are either “Completely paperless and happy with their chosen solution,” or “Somewhat paperless and working with their existing solution.” 

Sounds great, but bringing best-of-breed technologies to the accounting firm isn’t complete without also paying attention to automating all functions. Case in point: approximately 54 percent of respondents said they have either “done nothing” or “investigated, but have not implemented” tax document automation in terms of scanning and organizing, or scanning and populating their returns.

What do we need – more education and awareness on the capabilities of tax document automation? More visibility from vendors to help firms sort out the various options?

Whatever the answer is, I strongly encourage firms to do whatever they can to add these technologies to their paperless office. You’ll spend less time, less money and create huge efficiencies.

These are just two areas I thought were particularly interesting from the survey. As I report more of the results, please comment on how these statistics compare with your own experiences.

CareerCast recently published its annual ranking of the 200 Best and Worst Jobs for 2010. Accounting came in at a cool #9! Interestingly, “Actuary,” another analysis-oriented profession, came in at #1.

Although the study was commissioned by a company whose main interest is to broker available jobs, I do think the results are significant. Firms should use this kind of information when they recruit students on campuses to serve in intern positions or when they conduct interviews within firms. Any time you can say a profession like accounting ranked #9 among 200 professions, the outcome is truly significant.

The ranking are based on five factors – physical demand, work environment, income, stress and hiring outlook. With a median income of almost $60,000, accounting ranked high based on seemingly low stress and a very positive hiring outlook.

The worst job? A “Roustabout,” who “performs routine physical labor and maintenance on oil rigs and pipelines, both on and offshore.”

We all know there’s going to be a reported shortage of talent coming out of business school – students with accounting degrees who want to work for public firms. Recruiting smart, go-getters to succeed in our firms is difficult. Students may become certified, but tell us they want to work in companies, and even start their own businesses, in order to propel them to the top much faster than is possible in an accounting firm.

Still, there’s hope based on my day at Indiana. The students were eager to hear about huge opportunities in accounting firms that definitely do not resemble what I like to call “your father’s accounting firm,” a focus we use in the RootWorks Leadership Communities.

Any parent knows almost-grads have three passions: technology, entrepreneurship and having a life. To meet their needs and hold their attention, I addressed these issues:

·         We talked about the possibilities of plugging in to an existing small firm and creating their own custom work environment. Why not? A small firm benefits from the time and talents of smart grads while the grad learns how to work remotely, manage his or her own “small business” and provide huge contributions on new ways of doing business.

·         We discussed using technology and best practices to create the best career possible – and it’s to this end that the opportunities are truly endless.

·         We talked about how a career in this profession can create a great lifestyle with stability, a good income, work/life balance, and most of all, fun.

I don’t think there’s anything unique about the students at Indiana’s business school that you couldn’t also find in any college setting. As accounting professionals, I challenge each of us to find ways to meet these students and talk with them about how accounting is a rich, rewarding profession with infinite choices.

The Tax & Accounting business of Thomson Reuters announced today that its Source Document Processing service is off to a strong start this tax season, having already processed thousands of source documents such as W-2s, 1099s, and K-1s in early January – a nod to an upward trend in user adaptation of this technology solution. Now entering its third year of availability, the Source Document Processing service uses OCR technology to offer automatic labeling and organizing of 1040 client source documents and automatic data transfer to returns.

Sure, in part, this is a little PR Spin, but it’s also notable information because it signals the fact that more accountants are relying on advanced technologies to navigate their way through tax season.

I like that. Everyone wins when technology is used to create efficiencies. It not only takes less time to process a return—OCR and related technologies ensure information is accurate by eliminating human error through rekeying of data. You’ll also have a happier client if you relay this more efficient process and talk about how you’re incorporating paperless technologies to speed up the process and stay green.

How many accountants does it take to embrace change? If you can’t count that high, then it’s too many.

A bad joke, but it does prove a point.

At the opening address of today’s TR Annual Users’ Conference in Orlando, Jon unveiled two new products, Accounting CS™ and Virtual Client Office™, as well as new enhancements made to TR’s Source Document Processing. These products are a direct result of his mantra to embrace change … to accept these new applications and software enhancements as the next generation of technology – or stay behind the curve.

“We are always expanding the products and services we offer to meet the ever-changing needs of the profession,” he said. “It is critical for our users to keep pace with ongoing changes.”

Rootworks’ own solutions closely mirror TR’s endeavors, and I personally congratulate TR for staying on the cutting edge. The vibe at the Conference is strong, with lots of talk about how to serve clients through these new processes and applications.

The bottom line: If you’re managing your practice and the technology the way they were managed two, five and even 10 years ago, you HAVE to change. There IS no alternative.