High Performing Firms are High Tech

Source: Public Practice E-News

CCH rolls out white paper on role of technology.

CCH commissioned an independent nationwide survey by Opinion Research Corporation (ORC), examining the practices of high performing accounting firms. The survey included interviews with 100 partners at accounting firms nationwide.

• Nearly 25 percent of high performing firms have professional staff working remotely. Seventy-two percent report supporting wireless laptops; 60 percent support BlackBerries, iPhones or other PDAs/smartphones; and 25 percent support wireless minis/netbooks.
• Seventy-five percent have a paperless strategy with most including the following:
  • A document retention and destruction policy.
  • Scanning.
  • Storing information digitally.
  • Tax software using multiple monitors.
  • Secure remote access of digital information.
• SaaS--a form of cloud computing where dynamically scalable resources are provided as a service over the Internet. About 30 percent of high performing firms are using one or more SaaS applications. Among the benefits are:
  • Improved efficiency.
  • Improved business continuity.
  • Better client service and convenience.
  • Lower total cost of ownership and reduced capital expenses.
  • Improved application portability.
  • Easier software deployments.
• It's estimated that knowledge workers spend 15 percent to 35 percent of their time looking for information they need to do their jobs, and 40 percent of the time they never find it. Today, 32 percent use knowledge management systems, and that is expected to exceed 50 percent in three years.
• Other technologies in high performing firms include:
  • Document management systems.
  • Integrated tax and accounting product suites.
  • Practice management systems.
  • Integrated information and compliance solutions.
  • Client portals.
• Forty-one percent of partners at high performing firms leverage social media for professional use, the survey found. These partners find the most value from online communities. As it relates to specific business purposes, the survey found that firms are using a range of channels appropriate to their specific needs. For example, the top tools used for marketing are firm blogs, followed by LinkedIn, Twitter, Facebook and professional online communities.

For a complete copy of the white paper--CCH 2009 Survey: Best Practices of High Performing Firms--visit www.CCHGroup.com/HighPerformance. 

For the complete article, click here and read "CCH: Hi Tech Essential to 'High Performing Firms.'"

From Public Practice E-News, Texas Society of Certified Public Accountants, December 2009, http://www.tscpa.org/.