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Tuesday
Aug022016

Cure your clients' pain - and yours too

Recently, I attended a meeting of small business owners and casually asked how many of them enjoyed doing accounting. Out of a group of about 30 business owners, three hands went up.

I’d guess that if you were to poll your own clients, the results wouldn’t be much different. You know from experience that the vast majority of small businesses find accounting work to be a hassle.

For many small business owners, managing accounting functions is simply a distraction from what they love to do - growing their businesses. Accounting is mostly seen as a regulatory burden, and few small businesses use accounting tools proactively to manage their business finances.

Finally, it’s often hard for small businesses to get competent accounting or bookkeeping staff or help. And you know well what the consequences are for you and your clients. For one, you spend a significant amount of your time fixing the bookkeeping errors clients make. Numerous surveys of accounting practices have rated this as one of the major challenges accountants face.

How Did This Happen?

All of the above are the easily foreseeable results of using popular DIY accounting software like QuickBooks – solutions that were created for small businesses, but not for professional use.

The question then arises - why recommend these DIY accounting programs to your clients? The response from most accountants is straightforward – “what choice do I have?”

Virtually all of the accounting systems on the market today are DIY systems. Even most cloud-based accounting systems are created primarily for small businesses, and are based on the DIY model. Here's the amazing part: Despite knowing that most small businesses don’t like performing accounting tasks, most accounting system software providers continue to push DIY accounting systems to small businesses.

So What’s the Solution?

It’s simple – eliminate the need for your small business clients to perform accounting functions in their offices, and have your firm handle all accounting functions for them!

You can become the solution by offering complete accounting services to your clients, including paying bills, recording transactions, performing trial balance work, creating financials, and managing your clients’ cash flow and business finances.

Free e-book: Cure your clients' pain - and yours too

 

Thursday
Jul072016

Accounting Power now includes fully integrated bill payment

AccountantsWorld is proud to announce significant enhancements to our signature product, Accounting Power. These enhancements will enable accounting firms to provide more complete accounting services, including bill payment and bookkeeping, to all of their clients within one platform.

The new updates seamlessly integrate bill payment capabilities into Accounting Power and streamline the entire bill payment process, which makes this service highly efficient and profitable.

Unlike Do-It-Yourself accounting programs that are created for small businesses, Accounting Power is the first cloud-based system designed specifically for the needs of professional accountants. It lets accountants customize their accounting services to meet each client's needs and preferences.

"Our research shows that given the choice, one out of every four small business owners would consider offloading all their accounting work to their accountants. However, most accountants currently don't offer bill payment and bookkeeping services to their clients because the limitations of current systems have made them high-hassle, low-margin services," said Dr. Chandra Bhansali, CEO and co-founder of AccountantsWorld. "With the new capabilities, accounting firms are able to perform these functions faster and easier than before, and thereby turn them into high profit-margin services."

By using Accounting Power's newest features, accounting firms can facilitate end-to-end bill payment and invoicing. The updates include:

  • Mobile uploads. Clients can now upload images of their invoices and payments received against account receivables with any mobile device. When accountants log onto the platform, the uploaded invoices and payments are automatically attributed to the corresponding client and presented for processing.
  • Unified dashboard to monitor workflow. Accounting Power lets accountants establish a uniquely streamlined operation. A single unified display monitors all bill payment activity for multiple clients at once, allowing the accountant to easily identify which client bills need to be processed, approved, or paid.
  • Faster and easier approval process. With the new approval feature, accountants can send payment approval requests to multiple clients with one click. Clients can approve the bills to be paid fully or partially using their PC or any mobile device. Firm can make the payments for the bills approved by clients either by printing physical checks or using electronic checks (ACH).

By combining these functions into a single cloud-based solution, Accounting Power has once again simplified client accounting and increased efficiency and profitability for firms. In 2015, Accounting Power was awarded "Best Small CPA Firm Solution" and "Best Cloud Solution" by K2 Enterprises. The product also received a five-star rating by CPA Practice Advisor earlier this year and was a finalist in the 2016 Cloud Awards.

About AccountantsWorld 
With more than 15 years' experience, AccountantsWorld is the leading provider of cloud-based solutions for accountants. AccountantsWorld offers a complete, integrated suite of innovative accounting, payroll, and practice management solutions that help accountants work collaboratively with clients to foster greater client loyalty and improve the bottom lines of their practices. AccountantsWorld is also the only leading cloud solutions provider that puts Accountants First™ by never competing with accountants or selling services directly to their clients. For more information about any of the AccountantsWorld cloud-based solutions, please visit www.accountantsworld.com or call 1-888-999-1366.

Wednesday
Jun292016

Accountants, Cure Your Client's Pain - And Yours Too

Recently, I attended a meeting of small business owners and casually asked how many of them enjoyed doing accounting. Out of a group of about 30 business owners, three hands went up.

I’d guess that if you were to poll your own clients, the results wouldn’t be much different. You know from experience that the vast majority of small businesses find accounting work to be a hassle.

For many small business owners, managing accounting functions is simply a distraction from what they love to do - growing their businesses. Accounting is mostly seen as a regulatory burden, and few small businesses use accounting tools proactively to manage their business finances.

Finally, it’s often hard for small businesses to get competent accounting or bookkeeping staff or help. And you know well what the consequences are for you and your clients. For one, you spend a significant amount of your time fixing the bookkeeping errors clients make. Numerous surveys of accounting practices have rated this as one of the major challenges accountants face.

How Did This Happen?

All of the above are the easily foreseeable results of using popular DIY accounting software like QuickBooks – solutions that were created for small businesses, but not for professional use.

The question then arises - why recommend these DIY accounting programs to your clients? The response from most accountants is straightforward – “what choice do I have?”

Virtually all of the accounting systems on the market today are DIY systems. Even most cloud-based accounting systems are created primarily for small businesses, and are based on the DIY model. Here's the amazing part: Despite knowing that most small businesses don’t like performing accounting tasks, most accounting system software providers continue to push DIY accounting systems to small businesses.

So What’s the Solution?

It’s simple – eliminate the need for your small business clients to perform accounting functions in their offices, and have your firm handle all accounting functions for them!

You can become the solution by offering complete accounting services to your clients, including paying bills, recording transactions, performing trial balance work, creating financials, and managing your clients’ cash flow and business finances.

Not surprisingly, accountants usually find that the DIY systems that were created for small businesses aren’t the right solutions to offer complete accounting services to their clients. To deliver such services effectively, you need a cloud-based professional accounting system that lets your staff do what your clients’ staff currently does… only faster, better and more accurately, without leaving your office.

What to Look for in a Professional Accounting System

Not all of your clients will choose to engage you to perform all of their accounting functions, and you’ll have clients who want to continue to do some accounting work. But your professional system should let you work collaboratively with those clients, giving you the ability to customize the system for each client to let them do the tasks they feel comfortable performing.

A professional system should help your firm perform write-up work efficiently for the clients who don’t want to stop writing manual checks. Automatic bank feeds can cut data entry time significantly, reducing your write-up time by 50-70%.

To accommodate the clients who continue to use another system, choose a solution that has powerful trial balance capabilities and lets you prepare fully customizable financial statements easily. For maximum efficiency, look for a system that lets you easily import client data into your accounting system to perform trial balance work and prepare financials.

And, to help you to offer virtual CFO services to your clients, look for a system that provides a comprehensive dashboard, alerts, and snapshot capabilities.

 

 

 DIY accounting solutions were a necessity of the desktop, but neither you nor your clients have to live with their limitations any longer. The cloud has opened the door to bring complete accounting services back to accountants. Don’t miss this unique opportunity to grow your practice and serve your clients better.

Webinar: Beyond Quickbooks

Tuesday
Apr052016

Entrepreneurs: Don't miss this key advice from AccountantsWorld's Sharada Bhansali

AccountantsWorld co-founder Sharada Bhansali

AccountantsWorld's co-founder and Executive Vice President, Sharada Bhansali, has authored a chapter in a new E-book about successful, profitable entrepreneurship. The book, "Start With A Profit", was compiled by Sandra Leyva, CPA, founder of Accountant’s Accelerator. It includes chapters written by a dozen thought leaders in accounting, and is a can't-miss for prospective or current entrepreneurs looking to gain an edge in their marketplace.

Click here to download your free copy of "Start With A Profit".

Sharada's advice covers a wide range of strategies:

 

  • How to find your niche, and why it's critical to focus on that niche
  • The importance of "staying the course" with your business strategy
  • How to market effectively with a limited budget
  • And much more

 

Don't miss this free e-book, brought to you by Sandra Leyva. Congratulations to Sharada and all of the contributors!

Thursday
Mar312016

Growth Opportunities Outweigh Challenges for Accountants

Now that tax season has (thankfully) come to a close, it's the perfect time of year for accountants to broaden the view of their practice.  They should think not only about how they’re going to survive the next tax season, but also about generating a perennial revenue stream beyond tax season.

 

A recent survey of 301 managing partners of small accounting firms (firms with five or fewer equity partners and a maximum of $10 million in annual revenues) found that seven out of ten managing partners expect it will be more difficult for their firms to make money in 2016 than it was in 2015.  However, opportunities to make money may not be so difficult to come by.

While taking on additional clients is a viable option to increase revenue, a better option is to offer additional services to existing clients. Most accountants don’t know what additional services to offer, and many think they don’t have the time to handle additional services. These accountants should be thinking critically about streamlining their internal processes to accommodate a larger volume of work, because significant opportunities for offering additional services to their existing clients do exist.

A new survey by AccountantsWorld found that 25 percent of the small business owners surveyed said they’d be at least “somewhat interested” in transferring more of their accounting work to their accountants. So, with one out of every four small business owners open to an expanded relationship with their accountants, there is no better time for firms to be reaching out to current or prospective clients to expand their slate of services before the tax season crush. The survey also found that when a small business employs an internal bookkeeper, interest in outsourcing accounting work increases to 45 percent.

Since payroll is so highly intertwined with clients’ overall expenses and tax liabilities, it's a natural fit for accountants to also manage this function for their clients. If you haven’t considered offering payroll services because of the perception that payroll is an “all pain, no gain” service, consider that thousands of accountants have turned payroll into a virtually painless, highly profitable service. How? By using professional, robust cloud-based payroll systems created exclusively for accountants, like the award-winning Payroll Relief solution.

 


Knowing that additional ways of raising the bottom line exist, the next step is to find the resources needed to add those services. The trick for accountants to offer additional services without adding any staff is to focus on streamlining. By reducing the time spent on existing services and finding ways to provide additional services with minimal time and effort, adding services without adding staff becomes possible. The right professional cloud solutions can help you accomplish both.

Many accountants know that the primary source of wasted time in their practices is dealing with errors that clients make. Using a truly professional accounting system can change that, once and for all. How? A professional system lets accountants work collaboratively with their clients and gives them the ability to customize the system for each client, to ensure clients access only the functions they can perform. This enables accountants to drastically reduce client errors and regain significant time.  

Professional accounting systems like Accounting Power also make it much faster and easier to produce customizable financial statements, and accountants can take advantage of time-saving features, such as bank feeds that reduce the data entry time needed for the write-up work they perform for clients who write manual checks - time they can use to offer complete accounting services and payroll services.

 


 

Cloud-based professional accounting systems can also help accountants offer payroll and complete accounting services faster and easier by making it possible for accountants’ staff to do what clients’ staff or their external bookkeepers currently do – only faster, easier and more accurately and without leaving the office. Cloud-based payroll solutions created exclusively for accountants have also introduced a high level of automation in payroll processing, allowing accountants to offer highly profitable payroll services with minimal staff time.

These systems make it possible for accountants to generate significant additional revenues by offering payroll and complete accounting services without adding any stress to their staff. In fact, streamlining work flow and eliminating redundancies and unnecessary work actually increases staff satisfaction. 

Professional accounting systems like Accounting Power make it easy to manage the financial health of your small business clients, thanks to customizable alerts, snapshots, financial ratios and a configurable dashboard.

As a bonus, cloud-based professional accounting solutions include analytical tools to monitor client key performance indicators (KPIs) and cash flow with minimal effort. These value-added services provide additional sources of increased profits while strengthening client relationships.  

Your clients are looking for you to offer them the additional services they need - services that you can easily offer. What are you waiting for?