Every business revolves around two crucial factors: time and money. Understandably, efficient management of both elements is vital for profitability and growth. Enter the realm of time tracking and invoicing, where accuracy meets profitability. Let’s delve into OfficeTools’ functionalities that make this a reality for many businesses. Understanding the Need: The Questions That Matter In the hustle and bustle of daily business several pressing questions emerge: What exactly are we doing? Is our current activity billable? Did we really dedicate that much time to a particular client? The unanim ..read more

For decades, the accounting industry has universally billed its clients based on set rates, typically hours-based, for specific time spent or discrete tasks performed. In recent years, however, we’ve started to see a significant shift in these billing structures. A recurring payment, also referred to as a subscription, recurring billing or automatic payment, is an electronically processed payment that repeats according to a preset schedule.  Today, accounting firms are increasingly offering subscription billing to their clients to charge for the value of various levels of services more ac ..read more

In 2021 the FTC received 1.4 million reports of identity theft. While we often think of phishing frauds and online imposters as the source of these crimes, identity thieves also target accounting firms due to the types of data they process. Accounting and tax firms collect the personal details of clients and employees including Social Security numbers, addresses, employment details, banking information and other highly sensitive data. With identity thieves continuing to target the tax community, the Internal Revenue Service is urging tax professionals to learn the signs of data theft so t ..read more

Accounting is one of those age-old occupations, steeped in tradition. The essentials of maintaining numbers related to a company’s financial activity or that of a private client haven’t changed much. Business types change, financial instruments change, but the essentials of profit and loss remain the same. What has changed is the ability of accounting firms to do business at an unprecedented scale, and the ability of individual companies to streamline their accounting operations, by using digital technology—particularly that mysterious thing known as “the cloud.” Let’s get the cloud mystery ou ..read more

Whether full-time or on a hybrid schedule, plenty of people around the globe are working from home in today’s world, and that includes accountants. The days are long gone when accountants had no choice but to toil over handwritten ledgers or even work with software that could only be accessed from an office desktop with a hard link to a mainframe. The age of digital transformation in accounting is in full swing.  Transformative times for traditional businesses Of course, that doesn’t mean accounting digital transformation is happening everywhere, and at the same pace. For some firms, remo ..read more

Client accounting advisory services — “CAAS” or “CAS” as they are more popularly known — are transforming traditional accountancy by changing the way CPA firms serve their clients. Number-crunching and bookkeeping are now being supplemented with entire suites of other services designed to position the CPA firm as a trusted advisor. That’s right. Trusted advisor. Not just “tax season form filer.” The word “accountant” can conjure a lot of unflattering images. Visored bean counters. Poor old Bob Cratchit working for Ebenezer Scrooge. Leo Bloom, the negligible nebbish from The Producers.  Wh ..read more

When tax season has abated, it’s time to turn the focus of your firm to some of the key accounting industry trends. Understanding how your industry is performing can help shape your success this year and in the years ahead. 6 accounting industry growth trends to stay on top of Here’s a list of the trends that are having a positive impact on accounting practices now and can help you build a strong foundation for the future: 1. Remote work will reign indefinitely While the pandemic made remote work a necessity, by all accounts it’s here to stay. According to a 2020 survey published by Arizent, 8 ..read more

Mid-year is the perfect time to start thinking about the goals you have for your accounting firm in the next six months and into 2022. Growth is generally one of the primary objectives that many firms wish to accelerate, yet they often don’t have a clear plan for making it happen in the short- or long term. These four key strategies for accounting firm growth can change this! 4 accounting firm growth strategies Consider each of them, then take action to implement the ones that align the most closely with your overall vision for your accounting practice. 1. Market Penetration: Expand your exist ..read more

Cybersecurity has become a necessary practice for businesses across industries, especially the accounting industry. As the rate of cyberattacks grows, hackers know vulnerable systems that contain important financial information can become easy targets. Accounting cybersecurity practices ensure that your firm protects sensitive data, not only for the compliance of your firm but for the safety of your clients who’ve entrusted you with their financial, personal, and professional information. The importance of proactive accounting cybersecurity The risks of not proactively addressing accounting cy ..read more

Between COVID-19, regulatory and tax changes and other adjustments, the last three years have been full of upheaval, keeping small accounting firms busier than ever. At the same time, technology has continued to advance, even if firms haven’t had the time to take advantage of it. If your firm is like many others, you’re likely long overdue for a technology and business process makeover. Now is the time to make it happen, because there will only continue to be more challenges for you and your clients down the road. The key is knowing where to start. To help you figure that out, Brian Tankersley ..read more