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Wednesday
Dec072016

Put accountants back in control of accounting

This byline was originally published on Business2Community.

Small business accounting is dominated by over-the-counter DIY (Do It Yourself) solutions catered to business owners. This environment creates significant pain for both accountants and their clients. If you were to ask your clients if they love doing accounting, how many would say yes? Hardly any.

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.

Despite these challenges, DIY software was the best and most widely-used option before the cloud, but now things are different. Today, cloud-based professional accounting systems give accountants the control they need through two important capabilities they haven’t had before.

Making the most of the cloud

First, professional cloud-based solutions like Accounting Power enable accountants’ staff to do all of the work that their clients or clients’ staff performs, only faster, easier and more accurately, without leaving the office. Second, these solutions allow accountants and their clients to collaborate, while accountants maintain full control over the data. Because of the cloud, accountants can customize their services for each individual client, based on their needs and preferences. For those who prefer not to do anything, accountants can completely eliminate the need for clients to perform any accounting work. For those 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.

Either way a client decides to go on their level of involvement, the accountant’s time is freed up to focus on providing value, such as identifying growth opportunities or flagging discrepancies or threats to the client’s business.

Strengthening the client relationship beyond bookkeeping and taxes

Accountants can continue to demonstrate their value to their clients by offering complete accounting and payroll services. By making the most of collaborative cloud-based 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.

Learn more about how Accounting Power puts accountants like you back in control of accounting, and get a free demonstration today.

 

Thursday
Dec012016

AccountantsWorld Co-Founder Named to 2016 Most Powerful Women in Accounting List

For the fourth year in a row, Sharada Bhansali, co-founder of AccountantsWorld, has been named as one of the 2016 Most Powerful Women in Accounting by CPA Practice Advisor.

The award recognizes women who are making the greatest impact on the tax and accounting profession. Each year, CPA Practice Advisor's publishers and editors review nominees selected by industry peers and experts.

"The growth of cloud computing has provided the profession with a lot of flexibility and even more opportunities for women," said Sharada. "To be consistently honored alongside these incredible professionals is inspiring. I'm confident that, working together, we can share our passion with future generations and continue to push the industry forward." 

Over the years, Sharada has remained dedicated to reinventing and innovating the industry with new tools to help accountants succeed in an ever-evolving environment. With Masters degrees in both Engineering and Mathematics, she started her career by creating Micro Vision Software, a leading producer of professional desktop tax software. In 2000, anticipating the power of the Internet, she and her husband Chandra co-founded AccountantsWorld to forge new opportunities for accountants via cutting-edge cloud-based solutions.

For more than 30 years, Sharada and Chandra have been committed to providing advanced tools to support accounting professionals. Recently, AccountantsWorld launched Payroll Retirement Relief Solution (PRRS), its latest product that helps accountants and CPAs to work with small business clients to enable them to offer affordable, compliant and protected retirement plans for their employees. This is one of the many ways Sharada and AccountantsWorld help accountants increase their revenue and expand their capabilities.

Friday
Oct142016

AccountantsWorld Co-Founders Named Top 100 Most Influential People in Accounting

AccountantsWorld founders Dr. Chandra Bhansali and Sharada Bhansali were both once again named to the Top 100 Most Influential People in Accounting list by Accounting Today magazine for 2016. They have now achieved a combined 18 awards in the Top 100 list.

For more than 16 years, the couple has transformed the accounting profession by designing highly acclaimed, cloud-based solutions for professional accounting, payroll, document management and more. Winners are nominated by industry professionals and peers who are asked to identify who they believe are the most influential people in the sector.

"For us to be consistently named among the most influential people in accounting each year 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 our passion to continue developing innovative tools to better serve accountants and their clients."

Since the company's inception in 1999, AccountantsWorld has been a pioneer in leveraging the power of the Internet to help accountants advance their practices. Chandra and Sharada 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, and most recently added an integrated bill payment feature to Accounting Power, which received a five-star rating from CPA Practice Advisor. This focus on continued innovation has earned AccountantsWorld countless product awards, including "Best Small CPA Firm Solution" and "Best Cloud Power Solution" by K2 Enterprises.

"As technology continues to advance, we will remain focused on helping accounting professionals grow their practices and strengthen client relationships by empowering them with cutting-edge software solutions," said Sharada Bhansali, co-founder of AccountantsWorld. "Whether it's via mobile platforms, third-party integrations or strategic partnerships, we strive to make their professional lives easier and help them stay ahead of the game." 

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

Wednesday
Oct122016

Huffington Post interview with AccountantsWorld co-founder Sharada Bhansali

AccountantsWorld's co-founder Sharada Bhansali was interviewed by Laura Dunn of Huffington Post for an extensive Q+A. The interview was the latest in Huffington Post's Women in Business series. Among the topics covered:

 

  • The biggest highlight - and challenge - during Sharada's tenure leading AccountantsWorld
  • Sharada's advice to women who want a career in accounting
  • Cracking the code on work-life balance

 

Read the full Huffington Post interview with Sharada here.


Tuesday
Sep062016

Three ways to grow your bottom line - without adding staff or clients

Accountants have typically seen growth as a double-edged sword. The thinking goes: 

“Sure, I could grow my bottom line, but every path to growth also involves putting in more hours myself, hiring more staff and increasing costs. Do I really need more complexity in my professional life?”

Enter the latest cloud technology. In the past, advances in technology have primarily helped accountants perform client engagements faster. Now, for the first time, the latest technology – the cloud – is actually creating new growth opportunities for accountants.

Here are three ways that cloud technology can help increase the amount of money you make – without requiring more time, effort, or staff.

 

1.     Offer existing services more profitably

Utilize automated bank feeds: Manual data entry is time-consuming and error-prone. Most cloud solutions enable you to download bank and credit card transactions directly from providers. Write-up clients who write manual checks can reduce data entry time and minimize errors by 70-80%, and make bank reconciliation faster and easier.

Reduce client errors: For most accountants, client bookkeeping errors are an enormous drain on productive time. A truly professional cloud-based accounting system like Accounting Power lets you work collaboratively with your clients, enabling you to customize the system for each client to give them access only to the functions they can perform, minimizing client errors.

2.     Regain a service that had been lost to competing forces

Payroll services: In the past, payroll was taken over by payroll service bureaus. They had access to processing centers with massive computers that could automate complex payroll processing tasks. Accountants had no such tools.

But now, the cloud has leveled the playing field. Professional payroll systems like Payroll Relief were designed specifically for the needs of accountants, and have completely automated payroll processing. They've even eliminated the need for accountants to do data entry or print checks in their offices. Accountants can now make payroll processing one of their most profitable services, and one that, unlike tax and accounting, requires little professional time and generates a perennial revenue stream.

3.     Offer services clients need and value

 



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