Technology That Can Save Your Firm Time and Money
Source: Journal of Accountancy
Based on results of the 2010 PCPS/TSCPA National MAP Survey, Alexandra DeFelice reports on how firms are using technology to serve clients better and faster, ultimately increasing their own revenue.
According to the survey, the most-utilized technology is time and billing software, followed by use of multiple computer screens and actively maintained websites. DeFelice interviewed firms to find out how they are using these and other technologies to increase their speed and level of client service.
For example, 52 percent of firms said they used a paperless system, a technology that can be used to save time tracking workflow and finding files. One firm reported that its digital system enabled each of its seasonal employees to use the same process for tax preparation. Another firm said it saved 15 percent to 20 percent in time no longer spent searching for paper files. Another implemented a paperless reporting system with a major client that saved the firm money and saved the client approximately $41,000 in mailing costs! Firms also said that paperless systems eliminate the need for paper storage and increase available space in the office for other needs. One firm went from 20 filing cabinets to three, using the space for a computer training lab and work areas for employees who usually work remotely.
Other ways that firms reported benefitting from technology include the following:
- Portals for fast and secure exchange of information with clients.
- Multiple computer screens – in some cases as many as three or four screens per desk – for increased efficiency, allowing for simultaneous viewing of multiple documents or programs.
- Time and billing software used to determine whether projects are time- and cost-efficient.
For the complete article, read “Survey Highlights Emerging Tools for Firms of All Sizes.”
From Journal of Accountancy, American Institute of Certified Public Accountants, April 2011, http://www.journalofaccountancy.com/Issues/2011/Apr.