By Sandi Smith Leyva Accountant’s Accelerator We all spend a huge amount of time working all those emails we receive. Luckily, there are many ways to tame the task so you can free up valuable time to work on other things. Here are four ideas to check against what you’re already doing and possibly get a productivity boost…
Topic: tech trends
As data-entry costs plummet, new opportunities for accountants open up. By Sandi Smith Leyva Accountant’s Accelerator After over 30 years in this profession, accounting has never been more promising and more exciting. The main reason is technology is driving data entry costs so low that it’s just about to disappear. That means we can finally focus on helping small businesses get more out of their accounting dollars through more analysis and better tools. Here are five areas that I believe are essential to serving clients best:
It’s time to start to start thinking about the tax and accounting ramifications of digital, virtual currencies. By Hitendra Patil Pransform Inc. Bitcoin is virtual currency much in the news these days. It’s peer-to-peer so there’s no central bank or government. But, because it necessarily represents income or asset, it needs to be accounted for and hence will have tax ramifications. Accountants, the IRS and accounting software developers are starting to take it seriously. But in the absence of IRS rules specific to bitcoin taxability, accountants have to draw upon their knowledge of IRS rules that govern income, assets, capital gains or losses, and stock and bond transactions, and apply that corollary to bitcoin ownership and transactions.
And the two professional remedies you already know. By Frank Stitely, CPA Stitely & Karstetter PLLC Cloud accounting software revolutionizes our relationships with our clients, enhancing our ability to provide real-time and forward-looking tax and accounting services. At the recently concluded Sleeter Conference in Las Vegas, cloud vendors promised zero data entry, the editing of transactions in spreadsheet format and seamless integration with best of breed third-party applications. They didn’t mention, however, that their programmers redefine accounting principles by sacrificing sound internal control at the ease of use altar. Before launching your clients into the accounting cloud, evaluate the risks currently ignored by many, if not most, cloud vendors.
Buying opportunity: Firms trailing the tech curve will need to merge out – cheap. See the complete 2014 Roundtable By Roman Kepczyk Xcentric Analysis Firms are getting optimistic again and gearing up for slow steady growth. We are seeing investments in many specific technologies (workflow, cloud, remote access, security, BYOD) and projects targeted for handling this growth. Outlook I think cautionary investments will be the rule and we can expect to see major activity coming out of busy season for both investments in firm technology and processes, particularly cloud applications that are more secure, available from any Internet-enabled device and less expensive.