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Tuesday
Nov212017

Three steps to regain control of client accounting

It stands to reason that small business owners would rather spend their time focused on their businesses, and not accounting work. In fact, according to a survey by SCORE, 40 percent of small business owners said dealing with bookkeeping and taxes are the single worst parts of owning a company. Compounding the problem is that the more clients are involved in bookkeeping (without any accounting knowledge), the more mistakes accountants are left cleaning up.

These problems are the easily foreseeable results of using popular DIY accounting software like QuickBooks – solutions that were created primarily for the needs of small businesses, not for professional use. And when accountants are stuck in this sort of reactive position in client accounting, that's a lose-lose for both them and their clients.

But historically, most accountants felt they didn't have a choice. 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.

Want to end this cycle and regain control over your accounting engagements? Here's how to get started.

 

Make the most of the cloud

The only way to make accounting highly profitable for you, and make your services more relevant to your clients, is to put you – the accountant - back in the driver’s seat. That’s what we call an Accountant-Centric approach.

A professional system based on this Accountant-Centric approach provides everything you need for your professional work — write-up, trial balance, preparation of fully customizable financial statements, and analytics, along with a general ledger system that includes banking, accounts receivable, accounts payable, job costing and inventory. It's a fully unified cloud-based system for both professionals and clients. The Accountant-Centric approach is the brainchild of AccountantsWorld, and our cloud-based professional accounting system Accounting Power is based on this Accountant-Centric approach.

With an advanced solution like Accounting Power, accountants can customize their services for each individual client, based on their needs and preferences.

For clients who’d like to offload all their accounting work to you, your firm can now deliver complete accounting services, including bill payments, bookkeeping, monitoring cash flow, and preparing financial statements. The Workflow Manager included in Accounting Power helps your staff perform at peak efficiency, and lets you oversee the entire accounting practice from a single dashboard. And no one has to print a single check - all bills are paid with a mouse click using innovative digital checks. The only thing your clients have to do is either scan or take a snapshot of invoices to be paid using their smartphones.

For clients who prefer some involvement, accountants can set up the system to give their clients access to specific functions they can perform comfortably without making errors. For example, clients who crave some involvement may only want to use Accounting Power to write checks and enter deposits. Accountants can tailor the program to let them perform those functions quickly. Clients who want another level of involvement may want the ability to handle account receivables and account payables. Accountants can personalize the solution to meet the needs of both the hands-off and engaged client.

Whatever level of involvement you and your clients agree upon, your time is now freed up to focus on providing value, such as identifying growth opportunities or flagging discrepancies or threats to the client’s business.

Deliver more value to clients beyond bookkeeping and taxes

Accountants can continue to demonstrate their value to their clients by offering a more diverse and strategic set of services. The AICPA and other industry experts agree that the next major growth opportunity for accounting firms - large or small - is in offering Client Accounting Services (CAS). With Accountant-Centric collaborative solutions, accountants can analyze the whole picture of a client’s finances to offer real-time strategic advice, and provide significantly deeper value beyond preparing simple financials and doing taxes.

The more high-value services that an accountant can offer their client, the stronger their client relationships will be, which can boost retention and create a strong referral network for the accounting firm amongst existing clients.

DIY accounting systems may have been the norm for the past several years, but cloud-based professional accounting systems like Accounting Power have shifted the balance of power back to accountants and created an opportunity for small businesses to get back to doing what they love most - running their businesses, and not dealing with the headaches of bookkeeping, taxes and payroll. Cloud solutions benefit both accountants and their clients, and empower accountants to offer more strategic value to their clients’ businesses.

Schedule a free live demo of Accounting Power and see how your firm can regain control of client accounting.


Friday
Nov102017

Power Practice System from AccountantsWorld Awarded Best Small Firm Solution by K2 Enterprises

The Power Practice System bundle from AccountantsWorld has received the Best Small CPA Solution award from K2 Enterprises this year. This is AccountantsWorld's fifth award earned from K2E. 

“We’re thrilled that AccountantsWorld has been recognized once again for its unwavering commitment to the professional accountants,” said Dr. Chandra Bhansali, CEO and Co-founder of AccountantsWorld. “Our Power Practice System is the first fully integrated suite that harnesses the cloud to revamp every aspect of accounting practices and helps accountants offer a wider range of impactful accounting services to their clients.”

AccountantsWorld has been a pioneer in cloud-based software solutions for accountants for over 15 years. The Power Practice System bundle provides professional accountants with everything they need to offer highly profitable Client Accounting services and strategic advisory services. The centerpiece accounting application, Accounting Power, helps accountants work collaboratively with their clients and easily customize their services to best meet each client’s needs.

 “AccountantsWorld has been an innovator in collaborative accounting for over a decade,” said Randy Johnston, Executive Vice President of K2 Enterprises. “Their model is ‘public accounting profession-friendly’, and they are one of the few entry-level products to include inventory, costing and payroll all in a SaaS product.”

 

About AccountantsWorld

At AccountantsWorld, we Put Accountants First. Our focus is on supporting accountants and revitalizing the accounting profession to make accounting practices more rewarding and profitable. Unlike most solution providers to accountants, we never sell any product or services directly to accountants’ clients or compete with them.

To help accountants capitalize on the billions of dollars’ worth of opportunities created by the cloud, we’ve created the Power Practice System, a complete suite of seven highly innovative breakthrough cloud solutions for accountants that are changing the landscape of client accounting. These solutions put accountants back in the driver’s seat, regaining control of client accounting while working collaboratively with their clients. Our new model benefits both accountants and their clients, enabling accountants to better serve their clients while raising their own practices’ bottom line. Visit www.AccountantsWorld.com to learn more.


About K2 Enterprises

K2 Enterprises is a Hammond, Louisiana based organization that provides continuing professional education services to the accounting profession and marketing consulting services to technology providers in the accounting market. K2 Enterprises delivers approximately 900 educational programs to over 40,000 professional accountants on an annual basis throughout the United States and Canada. They are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Visit www.k2e.com for more information.

Thursday
Nov022017

Growing your practice - a new perspective

By Dr. Chandra Bhansali, CEO, AccountantsWorld

You know you want to grow your practice, but you don’t know how.

That’s the dilemma most accounting firms are facing. So we set out to find a solution. Fortunately, we got an opportunity to pick the brain of Jay Abraham - one of the brightest experts on business growth in the world.

Just a couple of weeks ago, over 3,000 business people in China paid $5,000 each to attend Jay's one-day seminar. He is a mentor of mentors like Daymond John of Shark Tank and Tony Robbins, and he has helped thousands of business become more successful.

Jay has agreed to AccountantsWorld’s request to conduct a one-day seminar exclusively for accountants, to demonstrate breakthrough ways to grow your practice. The primary focus of Jay’s seminar is the practical application of his theory of Preeminence to transforming an accounting practice.


Jay Abraham presenting in October 2017.

 

Jay's theory of Preeminence involves first not only understanding the geometry of your business, but also your clients’ business.

The basic premise of the theory of preeminence is that you learn how to look at both your OWN practice – plus all your client’s businesses - on a three-dimensional level no one else focuses on. Once you are able to do that, you can grow your practice at a highly accelerated pace. You start to see many new sources of internal growth, as well as growth in clients’ revenue.

Jay AbrahamWith over 30 years of experience in helping businesses across hundreds of industries, Jay has uncovered a broad spectrum of diverse ways to reach, attract, and connect with the highest-value client, and dozens of ways to generate referrals.

This is the first event of its kind that brings a new perspective not about just how to grow your practice but, most importantly, also about how to raise your relevance!

Jay will devote ample time to answering audience questions and engaging you in a highly stimulating discussion that, along with new ideas and techniques, will fuel your motivation to get to a higher plane.

All participants will have access to the recording of this event for later viewing with their team for continual learning.

Neither Jay nor AccountantsWorld are gaining any monetary benefit from this event. Jay typically earns tens of thousands of dollars for one day of his time, but has graciously agreed to do this seminar gratis. The modest fee that AccountantsWorld is charging does not cover the expenses of this event.

So why are we excited to present this event? Because AccountantsWorld is committed to helping accountants, in any way we can, to raise their relevance. Our professional cloud solutions are already giving thousands of accountants stronger control over their accounting and payroll services, so they can better serve their clients and add value to clients’ businesses. 

This one-time event will take place in New York City on November 17, 2017. Click here for details and to register.

 

Thursday
Sep072017

AccountantsWorld CEO and Director named among Top 100 Most Influential in Accounting

AccountantsWorld CEO Dr. Chandra Bhansali and Director of Practice Development Hitendra Patil were both named to the Top 100 Most Influential People in Public Accounting list by Accounting Today magazine for 2017.

Most Influential People recipients are nominated by industry professionals and peers who are asked to identify who they believe are the most impactful people in the accounting profession. AccountantsWorld is one of only six organizations to have multiple representatives on this prestigious list. 

"For Hitendra and I to be named among the most influential people in accounting is an incredible honor," said Dr. Chandra Bhansali, CEO and co-founder. "It is gratifying to see that our peers recognize the achievements of not only the two of us, but our entire team. This recognition further fuels AccountantsWorld to continue developing innovative tools and services to better serve accountants and their clients."

For more than 17 years, AccountantsWorld has transformed the accounting profession through its highly acclaimed, cloud-based solutions for professional accounting, payroll, document management and more. Since the company's inception in 1999, AccountantsWorld has maintained its focus on one vision: to help accountants advance their practices. Co-founders Chandra and Sharada Bhansali led the effort to create a complete suite of fully integrated, cloud-based products that puts accountants back in control of their core offerings, while also fostering greater collaboration with their clients. And unlike most other solutions providers, AccountantsWorld has made an unwavering commitment to professional accountants by never selling its products or services directly to their clients.

AccountantsWorld continues to enhance its products every year. This focus on innovation has led to both flagship solutions (Payroll Relief and Accounting Power) repeatedly earning five-star ratings from CPA Practice Advisor and other industry experts. AccountantsWorld has also garnered countless product awards, including "Best Small CPA Firm Solution" and "Best Cloud Power Solution" by K2 Enterprises.

"I am greatly honored and humbled to be named to the Top 100 Most Influential People list," said Hitendra Patil. "I owe the recognition to those thousands of accounting professionals, my teams and several influencers who have worked and interacted with me over the years. Accountants trusted me and shared with me their achievements, goals, processes, challenges and struggles – and how intensely they want to help their clients. That helped me identify solutions that can enhance the lives of accountants – which I kept sharing with the profession."

Hitendra has served the accounting profession for over 13 years and the technology-enabled financial services industry for 25 years in numerous capacities across multiple countries. Prior to AccountantsWorld, he worked as the chief operating officer of Pransform, Inc., a processing solutions provider for small- to medium-sized accounting, CPA and tax firms in the U.S. Before joining Pransform, Hitendra was the assistant vice president of global financial services at Viteos Technologies. He's also the author of the critically acclaimed book, "Accountaneur: The Entrepreneurial Accountant," devoted to helping accountants become more entrepreneurial in their quest for robust and profitable growth.

To view the complete list of the Top 100 Most Influential People in Accounting, please visit www.AccountingToday.com.

Monday
Jul242017

"How do I make my accounting firm more profitable?"

This is perhaps the most acute strategic challenge facing professional accountants like you. Most firms spend over 80% of staff time on core services like tax, accounting, audit and payroll. These are all either compliance services, or services that are considered commodity services by clients. That makes it very difficult for accountants to "price their way to success" by raising rates on those services. Moreover, the fees that you and your peers have traditionally been charging for these services have already set a precedent for the “right” fee for these services in the minds of your clients. That’s naturally going to be very hard to change.

So if greater profits aren't achievable simply by changing our rates, what's the alternative?

There are simple techniques that virtually every CPA firm—large or small—can use to make their practices significantly more profitable. And you can accomplish this growth without increasing your fees, or adding any clients or staff. What’s more, you’ll also become a better advisor and add more value to your clients’ businesses while you’re raising your bottom line.

To learn how, we have to draw from parallels in other industries.  

Take the examples of Amazon Web Services (AWS), the largest Web hosting platform in the world, or Google Maps. These are astoundingly valuable servcies for consumers or, in the case of AWS, for web-based companies around the world. And yet, these services are inexpensive or even free - but still drive significant profitability for Amazon and Google. Why? Because those companies found ways to innovatively use the cloud to create exceptional value.

Accountants can do the same thing—build value for their practices by innovatively using the cloud.

Here are some ways to apply cloud innovation to boost your profits.

Transform your client accounting practice

The right cloud solutions can help accounting firms convert commodity accounting services into higher profits. Accounting is marred by numerous problems and inefficiencies for one simple reason: because it is led not by accountants, but rather by a “DIY” program sold directly to small businesses.

The solution: cloud-based professional systems that put accountants back in the driver’s seat. Using Accountant-Centric systems such as Accounting Power, CPA firms have turned Client Accounting Services into a highly profitable and sought-after service. And solutions with automated bank feeds can transform write-up from a low-margin, highly manual service to a reliable source of profits with up to 80% reduction in staff time.

Profit from payroll

The same principle of turning commodity into a competitive advantage also applies to payroll processing. Cloud-based payroll systems have made payroll processing highly profitable for accountants by giving them capabilities that only payroll service bureaus could previously afford—namely, high levels of automation.

The award-winning Payroll Relief system can perform direct deposit, tax payment, tax-form e-filing, and child support-related tasks automatically, on time, with 100% guaranteed accuracy. You can even eliminate data entry and check printing in your office. The result: over 60% of customers have experienced at least a 25% improvement in their payroll practice since switching to Payroll Relief.

To capitalize on these innovations, you have to discard hourly billing

We know many accountants won't like to hear this, but hourly billing is totally irrational for accounting practices in the digital age. If you use cloud technology to perform accounting and payroll more efficiently, hourly billing actually punishes you financially for your innovation and efficiency! Instead, accountants should charge clients a fixed monthly fee for most services. You'll earn the same amount (or more) from each client, all while using the cloud to complete that work in fewer staff hours.

And it’s easy to transition from hourly fees to a fixed fee, because given the choice, clients invariably prefer the greater certainty of a flat fee. Moving to a flat monthly fee model can help them better budget their monthly expenses and manage their cash flow. While their total yearly expenses would remain pretty much the same as before, switching to a fixed fee model is another way you provide extra convenience to them.