tech and fintech

who’s heating up accounting tech?

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the 21 top venture capital funds and the software companies they’re backing.

by randolph p. johnston

through the years, the opportunity to introduce good entrepreneurs with fine products to larger companies or investors to help their company and product grow. while preparing materials for presentations, the money behind the technology used by accounting professionals.

more in tech: survey: communication plan is to stay the course | stop drowning in client documents | survey: phone, email tied for client communication | hunker down: the irs backlog isn’t going away anytime soon | five top tech trends for 2021 | make tech your ally in protecting clients |

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while who owns what changes daily, investment strategies illustrate what will happen in the future. while my personal preference is to create and operate, many operators prefer to create and flip, taking the money they have made and choosing to do something else.

the links in this post should help you navigate who is holding what. my intent is certainly not to show you all technology company holdings but to simply illustrate a few that are critical to accounting professionals. first, consider a simple listing of venture capital partners and firms. (you can click through these links to see a simple list of each.)

now for a few examples of vc firms and representative holdings:

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stop drowning in client documents

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pile of documents on desk stack up high waiting to be managed.a better way to keep track.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: we are in an era of paperless procedures and files, but many times clients send in paper documents, cds or stick drives, besides emailing their information or using our portal.

more: employee demands a raise she doesn’t deserve | but i am managing! | how to run a practice in 90 pages | how improv can help accountants | four tips for new partners | an alternative to pro bono | 14 better uses for timesheet data | 9 must-haves for firm growth
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how can this be handled? we seem to always be tripping on the information.
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hunker down: the irs backlog isn’t going away anytime soon

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the bottom line: for every dollar in new funding, the irs could be collecting 10 times that. 

the tax season from hell:
will the new may 17 extension help or hurt accountants?
join the survey. get the answers.

by 卡塔尔世界杯常规比赛时间 research

irs commissioner charles rettig says the backlog of millions of returns will remain unresolved for months more.

//www.g005e.com/?p=82486“we would hope to be through this backlog by the summer,” rettig told house ways and means oversight subcommittee chairman bill pascrell, who said 24 million returns are jammed in the irs pileup. rettig countered with 2.4 million, the number of individual returns.

more on a tax season from hell: what tax pros are saying about busy season 2021 | hunting the amended return | the irs studebaker bomb | make your firm faster, smarter, richer … with millennials | tax professionals report tough slogging | 50 ways to make more money in busy season | stop beating up the irs – really | imagine irs ‘concierge’ service. just imagine.

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his testimony came a day after the government announced it would extend the filing deadline from april 15 to may 17, with crucial details still to be determined. the new rules sent tax software companies rushing to push out updates and left accountants and their clients in limbo. and, he said the delay in the tax-filing deadline could postpone the launch of a new monthly child tax credit payment program,

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make tech your ally in protecting clients

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technology security with internet digital signature as artthree ways to keep files safe from security threats.

by jody grunden
building the virtual cfo firm in the cloud

have you ever been contacted by the irs with the fbi involved? i can tell you from firsthand experience that it’s a bit alarming when that happens.

more: be more efficient with tech stacks | put bots to work for you | not all employees want the same perks | not all employees will work out | uncover potential in 10 interview questions | what running a virtual cpa firm really costs
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we were once contacted by the irs because they thought our server had been compromised. when the field officer who came to our office asked to see our server, we explained that we didn’t have a server. she was a little surprised by that information and then asked where we kept our files. we explained that we use cloud storage and programs designed specifically for encryption and security.
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deliver internal reports digitally

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abstract illustration of binary data flowyes, even to the owners.

by roman h. kepczyk

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. 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 a binder or drawer in their office.

more: why daily t/e entry matters | the case for digital auditing | teach your clients to send info digitally | the 4 buckets of firm knowledge | internet bandwidth: how much is enough? | why you need windows 10 with automatic updates | laptops vs. desktops
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most firms consider these documents confidential and yet copies are distributed throughout the office, many of which are not secured. a better solution is to set up an “owner’s drawer” on the firm’s portal or document management system and post one copy of the monthly financial statements when they are ready.
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why daily t/e entry matters

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laughing businesswoman talking on the phone in office in front of four monitorshow about better cash collection?

by roman h. kepczyk

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: the case for digital auditing | what your auditors need in the field | why you want a digital tax workflow system | why digital communications matter | the right tech tools for covid work-from-home | it’s 10 p.m. do you know where your backups are? | the best scanners to buy today
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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 often owners and managers, so it is about time for them to get on board and use the system.
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be more efficient with tech stacks

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screwdriver and wrenchstandardizing also makes you better connected.

by jody grunden
building the virtual cfo firm in the cloud

i believe it’s important for accounting firms to standardize their technology “stack.” having a standardized tech stack of applications helps to automate every corner of your workflow.

more: put bots to work for you | not all employees want the same perks | what running a virtual cpa firm really costs | give your leadership team time to lead | hate billing? use a different method | use bots to your advantage
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the applications you use should be seen as an extension of your business. your onboarding process will be more effective if your team doesn’t have to learn a new set of tools every time a new client comes on board.
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