tech and fintech

where workflow management runs off the rails

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deruthlessly efficient workflow management and the tragic tale of tammy tardy.

by frank stitely, cpa, cva
clarity practice management

tammy tardy was an average tax preparer who owned a typical tax preparation firm. every tax season tammy met with a hundred or so tax clients much like many of us. tammy managed her workload using the piles of files method. after a client meeting, she put the file aside, knowing she would get to it shortly.

“ruthlessly efficient workflow management offers the chance to wring another ten years of profitability out of the 1040 market.”

of course, twenty meetings later, she had no idea what she should work on next. so she just picked up a file from her office floor and began. she felt that it didn’t matter which returns you work on when you are overworked and in a hurry. there’s a fixed amount of work to get done by april 15th, and you just jump in and do it.

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digital report delivery includes owners

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businessman holding a paper while others fly around himput your portal to good use.

by roman h. kepczyk
quantum of paperless

improving firm efficiency means that the owners have to get on board. one of the more obvious opportunities is the delivery of the firm’s own financial reports.

more on tech spending: portals, encryption boost client security | who decides what to keep? | firms need document management standards | how smart accounting firms use intranets to get smarter | unified messaging boosts security | remote access boosts productivity, requires planning

many firms still print a hard copy of the monthly financials and distribute them to each owner, many of whom physically store these documents in their office. most firms consider these documents confidential and yet copies – many of which are not secured – are distributed throughout the office.
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portals, encryption boost client security

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computer security concept - motherboard lockedthe right portal depends on the level of security needed.

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 email or through a portal. many firms have emailed clients copies of tax returns and financial statements over the years.

more on tech spending: daily billing cuts month-end load, creates audit trail | streamlining audits by breaking old habits | why accounts payable should go digital | how smart accounting firms use intranets to get smarter | unified messaging boosts security

unfortunately, this is not 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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daily billing cuts month-end load, creates audit trail

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businessman with laptop and papers3 ways pdfs can benefit your business.

by roman h. kepczyk
quantum of paperless

studies done over the past two decades have clearly shown that there is a significant improvement in realization for firms that enter, release and post time and expenses on a daily basis. this process allows for daily or “hotel” type billing that is sent out with the completion of each billable project.

more on tech spending: streamlining audits by breaking old habits | why accounts payable should go digital | remote deposit is a no-brainer | stop paper at the source: the client | scanners allow data capture at the source

the next step in the evolution of time and billing systems provided real-time dashboards to report on firm activities and effectively allow firms to generate invoices. this can work only if all time and expenses for all personnel are captured within the system. while most firms have a daily time entry “policy,” the biggest abusers of the policy are owners and managers, so it is about time for them to get on board and use the system.
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streamlining audits by breaking old habits

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senior businesswoman using tablet and desktop computersoutside help may be warranted, at least initially.

by roman h. kepczyk
quantum of paperless

traditional audit practices use the previous year’s audit programs and processes updated for the current year as their standard operating plan. eventually this can lead to a significant amount of “overauditing.” breaking this habit is difficult as every level of staff has been trained in the manual processes and falls back on them when deadlines approach.

more on tech spending: why accounts payable should go digital | remote deposit is a no-brainer | field auditors need right equipment, connections | digital workflow systems make tax season easier | firms need document management standards | back up and check your backup

many firms have rightfully transitioned to digital “document container” applications such as caseware, cch engagement and thomson reuters engagement cs. not all of these firms have changed their approach to reviewing progress on the audit and the financial reporting on a computer screen in a digital format.

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