tech and fintech

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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the case for digital auditing

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it’s time for some outside help.

by roman h. kepczyk

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: what your auditors need in the field | the value of firm procedures manuals | retaining documents: how long and who decides? | the case for wireless broadband access | maximize your office 365 roi | how the cloud impacts server replacement
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many firms have rightfully transitioned to digital “document container” applications such as caseware, wolterskluwer/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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put bots to work for you

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how one firm does it.

by jody grunden
building the virtual cfo firm in the cloud

there’s no doubt that advancements in technology are changing the world, and the accounting industry is no exception. technology is making us more productive, more efficient and more connected.

more: not all employees want the same perks | not all employees will work out | learning to love video calls | be more effective remotely with disc | protect client files from cyberthreats | get ready to launch virtual cfo services | riches in niches
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

on the flip side, it’s also taking over some of our jobs. this is a reality in the accounting industry that we cannot ignore. technology is driving major changes for the future of the accounting world. we need to be aware of what’s happening and take strategic steps to advance along with these changes. otherwise, we are going to be left in the dust.
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