tech and fintech

portals are vital for secure file transfer

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spiral of binary characters emerging from laptop screenlook for notifications and audit trails.

by roman h. kepczyk
quantum of paperless

when dealing with digital files, the most effective way to transfer them is electronically over the internet either with secured email or through a portal.

more on tech spending: why you should process ap digitally | remote banking offers instant roi | how to stop ‘overauditing’ | devil’s in the details of digital file delivery | preventing document retention headaches | which wireless? | remote access takes planning | transitioning to windows 10
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many firms have emailed clients copies of tax returns and financial statements over the years. unfortunately, this is not always the most secure method as the firm does not have control of the various internet service providers and the relay servers between the firm’s email server and the client’s email account.
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why you should process ap digitally

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person using credit card to pay bill onlinedon’t forget to use naming conventions.

by roman h. kepczyk
quantum of paperless

processing accounts payable is another of the manually intensive processes within the firm’s administrative department that can be significantly streamlined through digital processes.

more on tech spending: remote banking offers instant roi | deliver all reports digitally |  how audit field equipment has changed | optimize scanning applications and procedures | document management requires firm standards | why unified messaging matters | get in front of application updates | why you need offsite backup | use scanners to capture source documents
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consider how many “touches” a single payable creates: receipt of the invoice, timing of payment in a folder, writing the check and attaching the stub, sending it to an owner for signature, filing a copy of check with backup in its own folder, and stuffing, sealing and sending the check to the vendor. now imagine doing this a hundred times per month, every month. imagine the volume of physical accounts payable vendor files both onsite and in storage, that can be eliminated by storing these images digitally.
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blockchain: questions are the answer

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blockchain will find answers. but you need to know the right questions.

by hitendra patil
accountaneur: the entrepreneurial accountant

if blockchain were human, here’s what it would say to you: “dear accountant, your intelligence is far more powerful than my algorithmic intelligence. i can do the math, audit the authenticity of transactions incredibly faster than you can. but that’s not the point. the point is: i can provide you answers much faster than was ever possible. but only if you ask me great questions!”

more on entrepreneurial strategy:  the 7 experiences millennials want from your firm | is blockchain an extinction event for accountants? | is blockchain a cloud killer? | how to beat automation in accounting | 3 reasons small firms stay small | the new needs of people at accounting firms

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we are just about starting to see what pablo picasso saw way back in 1964 about “the enormous new mechanical brains” and “calculating machines.” they are “useless,” he said. “they can only give you answers.”

if the mechanical brains “can only give you answers,” it is imperative that someone asks those brains the right questions. that someone had better be you.

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remote banking offers instant roi

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person writing check with pen and checkbookbonus: your bank fees may decrease.

by roman h. kepczyk
quantum of paperless

one of the easiest processes to convert to paperless with an immediate roi is the firm’s system for depositing client checks.

more on tech spending: deliver all reports digitally | revamp daily t&e entry | how and why to establish firm procedures manuals | is your tax workflow digital yet? | the 4 types of firm knowledge | back up your bandwidth
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manually receiving and physically going to the bank to deposit checks can be time-consuming and subject to too many errors. the manual procedure requires firms open mail on a daily basis, make copies to file in a binder, complete deposit slips and then send a person physically to the bank, which can easily take a half hour every day, five days per week, 52 weeks per year.
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