Practice Development News

Practice Development News

No Time Like The Present

December 2006

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Accounting and Finance Professionals

Ghosts of Years Past

2006 has been a year of adoption for accounting technology services and solutions. The market has recognized the need for client portal technologies, online application deliveries, and centralized document management solutions, and these services are being integrated into professional practices of all sizes and types. Given the current trend, it seems amazing that just a few short years ago there was nothing of the sort available. In fact, it is difficult to remember what it was like without these tools - and without the use of the Internet. But it has not been that long.

1981 BITNET, the "Because It's Time NETwork". 1982 DCA and ARPA establish the Transmission Control Protocol (TCP) and Internet Protocol (IP), as the protocol suite, commonly known as TCP/IP, for ARPANET 1983Desktop workstations come into being, many with Berkeley UNIX (4.2 BSD) which includes IP networking software. 1984 Domain Name System (DNS) introduced; number of web service hosts breaks 1,000. 1986 Mail Exchanger (MX) records developed to allow non-IP network hosts to have domain addresses. 1987 First TCP/IP Interoperability Conference (March), name changed in 1988 to INTEROP; Number of hosts breaks 10,000. 1989 Number of hosts breaks 100,000

1990 Electronic Frontier Foundation (EFF) is founded by Mitch Kapor. 1993 InterNIC created by NSF to provide specific Internet services:directory and database services (AT&T) registration services (Network Solutions Inc.) information services (General Atomics/CERFnet) US White House comes on-line (http://www.whitehouse.gov/) President Bill Clinton, Vice-President Al Gore 1994 ARPANET/Internet celebrates 25thanniversary. 1995 Main US backbone traffic now routed through interconnected network providers; RealAudio, an audio streaming technology, lets the Net hear in near real-time; Traditional online dial-up systems (CompuServe,America Online, Prodigy) begin to provide Internet access; A number of Net related companies go public, with Netscape leading the pack with the 3rd largest ever NASDAQ IPO share value (9 August); The Vatican comes on-line 1996 Internet phones catch the attention of US telecommunication companies who ask the US Congress to ban the technology (which has been around for years)

1997 InsynQ delivers hosted application services to first client.

view Hobbes Internet Timeline

Give The Gift of Access

The last month of the year is not the optimum time for implementing new technologies in your practice, but there are a few things that you can do now to help ease the crunch time of tax season. Setting up yourself (and your clients) for remote access to your accounting systems is one area where a little effort can make a bit difference when the workload begins to increase.

The application hosting service allows the accounting professional and the client business owner to access their accounting applications and data from any Internet-connected location. For the business owner, this provides the flexibility of being able to access business information at any time and from anywhere. Whether vacationing during the holidays, or working overtime in the store � the business owner has the benefit of knowing their systems are protected, backed up, and always on when they need it. For the accounting professional, it means having the flexibility of working on client files on your own schedule, as well as having the ability to access or review multiple clients� files quickly and efficiently. When the applications and the data are �always on�, the firm knows it can address client demands in a timely manner � even during the busy season.

Imagine being able to keep up with the write-up, bookkeeping, and other regular work your clients require during tax time. Now, imagine being able to keep up with the workload with your existing staff and resources. Application hosting services can deliver increased efficiency that helps you get more work done in less time, possibly alleviating the need for additional temporary support or professional staff.

Setting up your team members and clients for online accounting with QuickBooks Pro, Premier or Enterprise can be the best gift you give to your firm this season. Find out now how your firm and your clients can benefit immediately from this innovative solution, and set yourself up now for a better and more productive new year.

Hot Gift This Season: The AccountingStation

Holiday Travel Plans - Your Roadmap to e-Enlightenment

The e-Accounting philosophy is to use technology to improve business efficiency and effectiveness. By outsourcing non-core activities (such as information technology management), our professionals and team members are able to focus on the things that mean most to the practice. The fundamental goal is to identify and apply the tools required to enable the practice to earn more while offering a higher quality of service to the client.

The "Road map to e-Enlightenment" is the product of over 10 years of real-life experience and education in working with accounting and finance professionals as they embrace and apply those technologies and solutions which enable the practice to do more and better business. The road map represents a realistic path for growth and technological enablement of the firm, with each step delivering incremental improvements and establishing the foundation for the next.

The road map takes you through four different areas of development. There's the terrain of (1) struggling to compete, (2) surviving, (3) growing your practice, and finally, (4) thriving in a global economy. There are also three stages, where you engage with Internet technology, enable your clients and firm to effectively use it, and evolve into an e-Enlightened practice. Follow along and see where it can lead you.

Along the road, there are detours that represent risks to your practice or organization. If one doesn't implement the first Stop, they risk failing to be relevant in today's economy. If they don't continue on to Stop 2, they risk becoming obsolete. If they try to set up hosting technology themselves, they risk becoming overburdened. Without implementing Stop 4, they risk stagnating in their growth. If they don't outsource tedious work, they risk the inability to compete in the marketplace.

Challenges you face today

Taking Shortcuts

Yield vs. Stop Signs is about what you can put off until later (if you must), versus what you can't do without (mandatory stops).

Yields are items you ultimately need, but can do without and still move forward. Typically, you will end up needing the item eventually. We recommend you plan ahead, start small, and allow the business case to fuel the additional investment. This holds true for websites, online applications, anything. Identify the requirement, but make certain the business case (revenue?) is or will be there to sustain the solution.

Stops are items you need to seriously consider. Without them, you are basically off the road, not moving forward, and you will not reach the ultimate goal--streamlined efficiency and growth through technology, or an e-Enlightened practice.

Enabling Tax Prep and Engagement - Enhanced Application Hosting

The Warm and Fuzzies

Dress comfortably. Put on your bunny slippers, kick your feet up and simply login. Do business at any time and from anywhere you have an Internet connection. The data and the applications are managed and secure, so you don't have to worry about losing your laptop or virus scanning and backing up files. Now you can get more work done, and work when and where it's right for you.

And best of all - when you're working remotely, they can't see what you're wearing.

How You and Your Clients Benefit

practice development news | 2006