Technology and the Future of Your Firm

Source: CPA Insider Newsletter

Here are a few technology trends discovered by Rick Telberg, editor of CPA Insider Newsletter, at the AICPA Tech Show.

v      Tax preparation software that allows nonprofessionals with no tax training to enter data and cut preparation time in half. Firms can use this whether they outsource their tax returns or prepare them in-house. It will help firms make their tax preparation process totally paperless. This is from SurePrep LLC.

v      CPAs can help nonprofits reduce labor costs. Nonprofits pay too much in payroll taxes. Ron Lawson, director of the Northeast Region for the Joint Agencies’ Trust, New York, will be at the Tech 2005 AICPA Information Technology Conference to explain how CPAs can keep unemployment costs for nonprofits down.

v      A data base, by industry, of the most commonly perpetrated frauds, can help CPAs assess internal controls. This is from Paisley Consulting.

v      North 40, a system integrator, is offering Office Tools Pro. It combines an internal tracking system and a time-and-billing system with a contact management program.

Is your firm ready for the next level? Sandra Wiley, Boomer Consulting,  provides a six point approach:

1.     Create a strategic plan that calls for improvement every year.

2.     Create a policy to attract and retain staff.

3.     Start phasing into a paperless system.

4.     Start becoming a learning organization—to motivate existing staff and attract new staff.

5.     Create a succession plan for new leaders to take over.

6.     Construct a fair compensation program.

From CPA Insider Newsletter, CPA2Biz. For the complete article, click on the following link: https://www.cpa2biz.com/News/Telberg/How+CPAs+Profit+from+New+Technologies.htm.