Meet My New Employee, AI

Meet My New Employee, AI

Recently, I reviewed an analytics module added to FloQast, a cloud-based closing system for accountants. While there are several analytics systems accounting firms can use to report on the health of the firm's business clients, FloQast is different. It is made for accountants by accountants to answer the question: HOW IS OUR FIRM DOING? The module is simple, and if you use the workflow, you can get detailed real-time reports on WHO, WHAT, WHY, HOW each client's’ close, whether it already closed or is in process.

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What was that deposit?

What was that deposit?

Insourcing your clients' bookkeeping and accounting has become rather commonplace. The first step was to take over the payroll, then AP and expenses. Those two areas have become rather easy to manage and run virtually thanks to a variety of accounting apps, but there are still two issues that slow down the accounting and bookkeeping work and eat into the profit of flat-rate billing: handwritten checks and mobile and counter deposits. 

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Change is Inevitable

Change is Inevitable

There have been a plethora of articles on the changes technology is bringing to the workplace: how accountants and bookkeepers need to integrate these technologies into their firms and utilize them for the added value sale, to increase client retention and client relationship, and manage internal workflows and employees. “So many apps, so little time” is now the mantra.  Yep, the accounting industry is now in full Cloud mode.  

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Competing with the Big Four: Outsourcing as the Leveler

Competing with the Big Four: Outsourcing as the Leveler

Many companies find that having data entry work done by staff in India is very helpful not only to the bottom line, but also to the internal staff that is dealing with incoming calls, clients, and the day-to-day activity.  The India teams accomplish their work during the US evening. I have workers in several locations: Bangalore, Chennai, Mumbai, and Pune.  All of these off-shore BPOs handle sensitive financial data within a safe and secure connection to servers based in the US. Most often, the server is at a managed server facility ensuring that SOC II security compliance is in place. 

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Should You Pay for Your Client's SaaS?

Should You Pay for Your Client's SaaS?

Many years ago, back in the previous century, we recommended that accounting firms, wanting to become more efficient and promote themselves as forward-thinking, should use ASPs when managing their business client’s accounting software.   That is still a viable option for quite a lot of businesses and firms.  We even went so far as to tell the accountants and bookkeepers that they should pay for their client’s access to the ASP.  The gasps were always audible.  With value-added pricing, the cost could be written into the monthly invoice as a line item or included in the flat fee.   Some savvy accountants did just that while adding on a few dollars every month to cover their handling costs.

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Is Software the Answer to Value-Added Billing?

Is Software the Answer to Value-Added Billing?

When you started your firm, you knew from your early internship and years spent getting your feet wet, how to do billable hourly tracking.  There is a plethora of software on the market, many tied into practice management software, that assists you in that endeavor.  Well, Dorothy, the software to get you to value-added billing and consulting rather than billable hours is not in the bag the Wizard is holding. Just like Dorothy, to get where you want to go, you need to take a different path altogether.

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Consulting for a Back Office Accounting Solution

Consulting for a Back Office Accounting Solution

As a listed professional advisor or network member on several accounting solutions, I often get requests from businesses to assist them in fixing their current usage of the back office software, setting up a new company file, training the staff on best usage of the software, or, more often how to integrate with add-ons. Most recently it was a new start-up that sells surf and skate gear (sometimes it can even involve an industry that is part of my pura vida). In this case, the lead came from Intuit’s professional advisory network.

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