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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.

 

 

 

Wednesday
Jul052017

Chandra Bhansali speaking at 2017 NY Accounting Show

 

Dr. Chandra Bhansali, CEO and co-founder of AccountantsWorld, will be speaking at the 2017 New York and Northeast Accounting Show and Conference. The show will take place July 12-13 at the Pennsylvania Hotel in New York City.


Dr. Chandra BhansaliDr. Bhansali will be speaking on Thursday, July 13, at 11 am, along with Rick Telberg, publisher of CPA Trendlines. Their topic: How to Put Cloud Computing to Work in Your Practice. Dr. Bhansali and Mr. Telberg will discuss:

 

  • four ways to ensure that your firm experiences the full benefits of the cloud
  • how the right cloud approach can help you build sustainable value in your practice - without adding new clients or staff
  • the differences between various approaches to cloud adoption and migration
  • how to identify and implement the right cloud strategy for your firm's specific needs

 

 

Click here to register for the 2017 NY and Northeast Accounting Show. 

 

Tuesday
May232017

How we partnered with Ledgersync to make write-up more efficient (VIDEO)

We are pleased to announce that Ledgersync is now an accepted Bank Data Feeder to Accounting Power from AccountantsWorld. 

Accounting Power is the first cloud-based professional accounting system that gives accountants unprecedented control over client accounting. It includes everything you and your clients need, including write-up, trial balance, customized financial statements and a comprehensive bookkeeping module. Accounting Power is designed to help you work collaboratively with your clients.

Ledgersync is a Bank Feeding software solution that allows accountants and bookkeepers secure read-only access to a client’s:

  • Bank / credit card statements
  • Bank / credit card transactions
  • Bank check images

Accountants who are using the integration of Ledgersync.com with Accounting Power are realizing significant improvement in their productivity, thanks to:

  • Significant reductions in manual data entry
  • Far greater accuracy. Ledgersync imports check images and PDF bank / credit card statements, to prevent manual error or inaccuracies

 

Below are three videos that Ledgersync has created to detail the bank feed process within Accounting Power. For more information, please contact an Accounting Power practice consultant at 888-999-1366.

 

 

 

For more information about LedgerSync bank feeds in Accounting Power, please contact a practice consultant at 888-999-1366.

Wednesday
May102017

Why value billing doesn't work in accounting

Five ways to build sustainable value for your practice


We’ve all heard a lot of buzz about value billing. It sounds like a great way to boost a firm’s bottom line, but have you tried it? Chances are you haven’t.

First of all, although value billing is a great concept in theory, it’s too complex to use. Second, there's no easy way to apply it to core services like tax, accounting, audit and payroll, which make up more than 80% of most CPA firms’ work. These are either compliance services, or services that are considered commodity services. Therefore, these services are obviously not the right candidates for value pricing. Finally, 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 very hard to change.

So if the answer to growth isn’t value billing, what's the alternative?

There are simple techniques that virtually every CPA firm—large or small—can use to make their practices more profitable. We have to draw from parallels in other industries.  

Take the examples of Amazon Web Services, the largest Web hosting platform in the world, or Google Maps. These services are inexpensive or even free, and yet drive significant profitability for Amazon and Google—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.

The right cloud solutions can assist accounting firms in converting commodity accounting and payroll services into higher profits. Accounting is marred by numerous problems and inefficiencies because it is not led 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.

And the same principle applies to payroll as well. 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.

OK, so if value billing can't be used effectively in accounting practices, are hourly fees a better answer for growth?

Absolutely not. 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 punishes you financially for your innovation and efficiency. Instead, accountants should charge clients a fixed monthly fee for most services.

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.

What is AccountantsWorld doing to help firms build sustainable value?

We built Accounting Power —the first cloud-based professional accounting system that puts accountants back in the driver’s seat. It includes everything you need for your professional work, along with a comprehensive general ledger system.  Now your staff can do everything that your clients’ staff currently does—only much faster, easier, and more accurately, all right from your office. That means you can offer highly profitable Client Accounting Services. 

We also developed Payroll Relief, our award-winning payroll processing system. Payroll Relief automates most compliance tasks, minimizes data entry, and is affordable for firms of all sizes. The result: a high-margin, perpetual revenue stream.

 

AccountantsWorld Value Building webinar