Make Your Accounts Payable Digital

Woman entering credit card information on laptopLook for cash rebates.

By Roman H. Kepczyk
Quantum of Paperless

Processing accounts payable is another of the manually intensive processes within the firm’s administrative department that can be significantly streamlined through digital processes.

MORE: Remote Deposit Saves 130 Hours Per Year | SURVEY: 76% of Auditors Rely Heavily on Remote Access | Enter T&E Daily | SURVEY: Firms Divided on eSignatures | Firms Need ‘Best Practices’ Manuals
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Consider how many “touches” a single payable creates: receipt of the invoice, timing of payment in a folder, writing the check and attaching the stub, sending it to an owner for signature, filing a copy of check with backup in its own folder, and stuffing, sealing and sending the check to the vendor.
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Remote Deposit Saves 130 Hours Per Year

Person writing check with pen and checkbookUse enough services and your fees will fall.

By Roman H. Kepczyk
Quantum of Paperless

One of the easiest processes to convert to paperless with an immediate ROI is the firm’s system for depositing client checks.

MORE: SURVEY: 76% of Auditors Rely Heavily on Remote Access | Digital Swap Stems ‘Overauditing’ | SURVEY: Vertical Monitors Not the Norm Yet | SURVEY: 53% of Firms Deliver Tax Returns Digitally | Why a Digital Tax Workflow System is Vital
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Manually receiving and physically going to the bank to deposit checks can be time-consuming and subject to too many errors. The manual procedure requires firms open mail on a daily basis, make copies to file in a binder, complete deposit slips and then send a person physically to the bank, which can easily take a half hour every day, five days per week, 52 weeks per year.
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Going 100% Digital

Senior businesswoman using tablet and desktop computersPssst ... here's a way to get owners comfortable with portals.

By Roman H. Kepczyk
Quantum of Paperless

Improving firm efficiency means that the owners have to get on board. One of the more obvious opportunities is the delivery of the firm’s own financial reports.

MORE: Enter T&E Daily | SURVEY: 62% Link Audit, Tax Software | Digital Swap Stems ‘Overauditing’ | Optimize Scanning Procedures | Why a Digital Tax Workflow System is Vital | How Long Do You Need That File?
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Many firms still print a hard copy of the monthly financials and distribute them to each owner, many of whom physically store these documents in a binder or drawer in their office.
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Enter T&E Daily

Scale with coins on one side, alarm clock on the otherBilling? That can be done daily, too.

By Roman H. Kepczyk
Quantum of Paperless

Studies done over the past two decades have clearly shown that there is a significant improvement in realization for firms that enter, release, and post time and expenses on a daily basis. This process allows for daily or “hotel” type billing that is sent out with the completion of each billable project.

MORE: SURVEY: 62% Link Audit, Tax Software | Digital Swap Stems ‘Overauditing’ | SURVEY: Vertical Monitors Not the Norm Yet | SURVEY: 53% of Firms Deliver Tax Returns Digitally | Why a Digital Tax Workflow System is Vital | SURVEY: CPA Firms Split on OCR for Tax Scanning
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The next step in the evolution of time and billing systems provided real-time dashboards to report on firm activities and effectively allow firms to generate invoices.
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Digital Swap Stems ‘Overauditing’

Blue audit button on keyboardCompare Thomson Reuters and CCH to see whether you need to switch.

By Roman H. Kepczyk
Quantum of Paperless

Traditional audit practices use the previous year’s audit programs and processes updated for the current year as their standard operating plan.

MORE: SURVEY: Firms Divided on eSignatures | Today’s Three Essential Audit Tools | SURVEY: When Two’s Not Enough | Optimize Scanning Procedures | How Long Do You Need That File? | Don’t Underestimate Document Management | Digital Communications Unify Messaging
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Eventually this can lead to a significant amount of “overauditing.” Breaking this habit is difficult as every level of staff has been trained in the manual processes and falls back on them when deadlines approach.
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Today’s Three Essential Audit Tools

audit and compliance issuesWithout them, you're still in the stone age.

By Roman H. Kepczyk
Quantum of Paperless

The advent of today’s audit “document container” applications has transitioned every aspect of audit production into a digital format.

MORE: Firms Need ‘Best Practices’ Manuals | Telling Clients: Go Digital, or Just Go | SURVEY: 72% of Firms Annotate PDFs | SURVEY: 67% Turn Client Documents into PDFs | How 53% of Firms Use Intranets to Work Smarter | Check Your Bandwidth
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The key to successfully using these engagement applications is to make sure your personnel have the optimal equipment with them to work digitally. This includes: READ MORE →