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What about Randy?Technology Tools for YourPracticePresented by Randy JohnstonK2 Enterprises Inducted Accounting Hall of Fame, Feb2011 2004-2011 Accounting Today 100 MostInfluential in Accounting for seven years 30 years of technology experience Author of articles on Technologyincludinga monthly column in CPAPractice Advisor Top rated speaker for over 25 years Published author of five books From Hutchinson, KS randy@k2e.com or randyj@nmgi.com 620-664-6000 x 112Copyright 2011, K2E, LLC All Rights ReservedWhat about NMGI?Copyright 2011, K2E, LLC All Rights ReservedCPA Firm Technology Website CRN top 100 technology company MSPMentor top 100 company Announced June 7, 2010 the generalavailability of national CPA support services NetCare and NetHosting – Managed and Cloudservices NetRescue and NetStore – Backup Appliancesand web-based backup nPEN – Secure email, HR – Business andpersonal goal achievement and managementtrack training, BC/DR – Full documentation andbackup services www.cpafirmtech.comReviews, product listings,recommendations, articles,warnings, etc.What Should You Ask?Copyright 2011, K2E, LLC All Rights ReservedSecurity and PrivacySerious Risks For Accountants Significant financial lossLoss of credibility and future businessLoss of right to practiceFinesImprisonment (not likely unless there wasgross negligence or intent)Copyright 2011, K2E, LLC All Rights ReservedSaaS Cloud Computing modelASPYour Firm(e.g. AccountantsWorld)Web-Applications,Storage, SecureAccess, BackupStaff at Client SiteRemote StaffVacationSource: AccountantsWorldCopyright 2011, K2E, LLC All Rights ReservedClient Location(SaaS)Client inmultiple locationsCopyright 2011, K2E, LLC All Rights Reserved
Tax Software MarketMajor Tax Compliance SuitesSingle User, NoOffice CCH (ProSystem fx, ATX/TaxWise)Thomson Reuters (UltraTax CS, GoSystem)Intuit (Lacerte, ProSeries)Drake (Drake Tax)RedGear (1040Works, TaxWorks) Working out ofhome Possibly part time Limited Number ofReturns, all 1040’s Includes UnenrolledPreparers, low endEA’s, Retail TaxPractitionerSmall Firm May want DMS Needs ease of input Staff arebookkeepers orother paraprofessionals Association ofIndependents Shared Staff andServices Need To ManageMultiplePreferencesNo User Security1040WorksIRS Instruct. Available Consolidations Import/Export Departments Role-Based SecurityMulti-Office orLarge SingleOfficeMulti-Office,EnterpriseSolution RecordsManagement Multi-Office Access OverallManagementReporting CustomizableWorkflow The most complexreturns Portal Integration Complex securityrequirementsBasic User SecurityGranular Security (templates,role-based)Integration with AD,Hosted/SaaS AvailableElectronic w/ Integration toOnline ResearchElectronic w/ Integration,AutoUpdate for newguidance, changes inassessmentsElect w/ Integration, ted with ADRuns Local or SaaS SeamlesslyGoSystem RSTaxWorksLimited Electronic GuidanceMedium SizedFirmElect w/ Integration, supportsdepartment-specificprocedures & preferencesProSystem fx TaxImport from QuickBooks,Quicken, Peachtree,SpreadsheetImport Manager withCustomizable Templates,Limited Support forEngagement SoftwareScan, Organize Available fromThird PartiesScan & Organize from Vendoror 3rd PartiesDrake TaxBase Practitioner Applicationfor 1040sCustomizable ImportManagerSupports All EngagementSoftwareSupports RALsSingle PreparerProSeries,Live Interview ModelSingle PCScan & Organize, ImportSchedule DInterfaces w/ OutsourcersScan, Organize, PopulateInterfaces w/ OutsourcersBuilt-In Outsourcing Support,Complex or CustomizablePortal Support§ 7216 Masking FeaturesNo DMS,Portal SupportATX, TaxWisePortal IntegrationSimplePortal IntegrationVersioningOpen DatabaseMultiple Integrated Portalswith Strong Automation andAPIUltraTax CSWorkflow with Departments& OfficesCustomizable Workflow,Tight DMS IntegrationCheck -n, Check-OutLimited Portal IntegrationElectronic File CabinetBasic WorkflowComplex 10401120, 1120S, 1065Workflow with DepartmentsLacerteComplex 1040, 1120, 1120S,1065plus 5500, 706, 709All Complex ReturnsDeep Industry SupportCopyright 2011, K2E, LLC All Rights ReservedCCHAll Complex Returns andIndustriesSingle Tier ConsolidationsAll Complex Returns andIndustriesMulti-Tier ConsolidationMulti-User in One ReturnCopyright 2011, K2E, LLC All Rights ReservedPfx Tax Application (Next Gen) ProSystem fx Tax – High end, full featured– Now handles multi-tiered consolidations– Two versions of Next Gen: Foundation (traditional, locally installed) Next Generation (available only as SaaS)– Next Gen platform for local (Foundation) installwill not launch until after next tax season(2Q/2011) Small Firm Services – Lower end, acquisitions– ATX– TaxWiseCopyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedThomson ReutersApplication IntegrationsThomson Reuters GoSystem TaxVirtual Office CS– High End Tax Application, supports multi-tiered consolidations,departments, multiple offices, etc.– Web-based. Most use SaaS version, although local installation is available.– Target is top 30 firms, plus users who need high end features.– Strong integration with GoFileRoom & FirmFlow. UltraTax CS– CS Suite Tax Application– Effort in recent years to bring up level of application to be morecompetitive with feature set of ProSystem fx.– Strong integration with other CS Suite apps as well asGoFileRoom. Different sales channels, sales force, although bothsales groups sell both product lines.Copyright 2011, K2E, LLC All Rights ReservedPractice CSClientBookkeepingSolutionEngagement CSGoFileRoom &FirmFlowNetClient CS(ClientPortals)GoSystem Tax RS& Ultra Tax CSRIA/PPCMicrosoftQuickBooksSurePrepCopyright 2011, K2E, LLC All Rights Reserved
GoSystem Tax Enterprise-grade productThomson Reuters UltraTax CS Medium to high end, full featured– Supports the most complex entities– Supports multiple users in a return at the sametime and multiple security settings– Supports multiple offices, departments Delivered as web-based SaaS application 9 of the Top 10 Accounting Firms useGoSystem Tax 70,000 total users May be too complex for low end returns– Supports all federal and state forms– Multi-tiered consolidated returns requireGoSystem, but UltraTax handles most othertax needs. Strong integration with CS Applications Two versions: Locally installed Delivered over Citrix using Virtual Office CSCopyright 2011, K2E, LLC All Rights ReservedUltraTax CSCopyright 2011, K2E, LLC All Rights ReservedLacerte Tax (Intuit) Flagship Intuit tax application, supports complexreturns and all states for 1040, 1120, 1120S, 1065,and 990 706, 709, 5500, and 1041 available for Federal andselected states Pay per return and unlimited versions available Write Up software available (formerly known asEasyAcct) Strong QuickBooks integration Scan and Organize (OEM Copanion,) portalsolutions availableCopyright 2011, K2E, LLC All Rights ReservedProSeries Tax (Intuit) Professional and Basic versions, Website describesbasic version as “the perfect upgrade from TurboTax” Entry level product focused on value pricing and easeof use. Designed for retail tax and less complexcorporate returns, supports RAL/bank products. Focused on 1040 productivity and the most commonforms, Pay as you Go and packages available Scan and organize available True SaaS tax prep app available through IntuitProLine Tax Online Edition (new for 2010 tax season) Preparer certifications and Accountant WorkExchange for people looking for help on projectsCopyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedDrake Key player in EA and value segment Application suite is value priced (from 1,300) and includes:– 1040/1120/1065– RIA Research– Tax Planner– Document Management– Time & Billing/Practice ManagementCopyright 2011, K2E, LLC All Rights Reserved
DrakeDrake Tax Designed for speed and quick data entry. Data entry isdesigned to not require you to use the mouse. Goal of support is to have an agent answer the phoneand resolve issues without ever using an automatedattendant. Every person in the building (includingsenior executives), field support calls to make thishappen. Good fit for tax-driven firm who wants everything forone low price. Good fit for startups, retail 1040’s Features competitive with ATX, TaxWise, 1040Works,and TaxWorks, and Drake is priced below theircompetitors.Copyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedTaxWorksTaxWorks FeaturesTaxWorks RedGear HR Block McGladrey TaxWorks offers a full compliance suite, including1040, 1120S, 1120, 1065, 1041 Federal and Stateforms and schedules. The product supports Federal Forms 706, 709, 990,and 5500 and select states. A Fixed Asset Manager is included which handlesall fixed asset needs including complexdispositions. TaxWorks is currently in use by approximately12,000 independent offices, 30,000 professionaltax preparers which includes CPAs, EAs, andAttorneys, and 4,200 H&R Block offices. TaxWorks publisher, RedGear Technologies, isowned by H&R Block. Asset ManagerHover & FlipEstimated FieldsForm FillerExcel Import / ExportDetail StatementsKeyboard Short CutsClient Data ConversionsQuickBooks Import Real Time Calculation Flexibility in FormSelection Kiddie Tax Import K1 Import Partnership SpecialAllocations Tick Mark on OutputForms Audit TrailCopyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedHow Important is Resolution? There are many scanner options on themarket today that allow choices of 300dots per inch (DPI) to a 4600 DPI or higher. Experience tells us that you most likely willnot need more than 300 dpi for scanningbasic text document or photo prints or 600dpi for line art documents, assuming thatprinting is at the original size.Copyright 2009 K2 EnterprisesRecommended Resolution General Document Management:––––300 dpi, black & whiteScan to PDF or TIFF based on application recommendationsSet compression to CCITT Group 4 FaxConfigure & Use Kofax VRS Pro properly (CRITICAL)Scan & Organize Package Recommendations SurePrep: 300 DPI, Black & White. Detailed configuration steps, includingKofax VRS configuration available in initial certification process, contactaccount manager for configuration instructions. Copanion GruntWorx : 600 DPI, Black & White. Scanner settings andscanning tips online @ http://bit.ly/CGWXSCAN Thomson Reuters: 300 DPI, Black & White for scan/organize, 100 DPIB&W for document management. More info @ http://bit.ly/TRSCAN CCH: 300 DPI, Black & White. Tips @ http://bit.ly/pfxscanCopyright 2009 K2 Enterprises
Capture Preparation SoftwareOriginal Document Image What is Capture PreparationSoftware?– The software that talks to the interfacesoftware (TWAIN or ISIS)– Basically responsible for cleaning upimages as well as compression and soforth.– Leading vendor is Kofax,www.kofax.comCopyright 2009 K2 EnterprisesCopyright 2009 K2 EnterprisesScanned without PreparationCopyright 2009 K2 EnterprisesScanned with PreparationKofax VRS is under 300 depending on features, included with many scanners, 1995 for ProCopyright 2009 K2 EnterprisesEFFICIENT NAVIGATIONProSystem fx Document (SaaS) Intuitive / Customizable User Interface: Completely redesigned userexperience which utilizes Microsoft standards for consistentfunctionality.Enhanced Search, Filtering, & Grouping Capabilities: New Outlooklike search functionality. File Groups allow diverse forms ofinformation to be flexibly grouped and made quickly accessible.Centralized Management: A suite-wide Administration Managersignificantly reduces system administrative overhead and helpsassure the consistent application of user privileges.Drag-and-drop capability allows files to be quickly added by droppingonto Document.Improved accessibility provides the ability to leverage resourcesacross multiple offices.Status indicators allow users to quicklydetermine document availabilityNavigation panel allows the user toeasily move between Clients, Staff, andNon-ClientsCopyright 2011, K2E, LLC All Rights Reserved
FileCabinet CSFileCabinet CS Thomson Reuters CS-Suite documentmanagement system Tight integration with CS Suite applications,and supports storage of data files in nativeformat Available as a hosted application throughVirtual Office CS, or as a locally installedprogramCopyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedGoFileRoomGoFileRoom Web-based DMS Designed to be easy to use and scalable. Notable price reductions in 2010. Used by firms as small as one, and as large as1500. 70% of Top 100 firms that use a 3rd Party DMS(including one Big 4 Firm) use GFR. Integrated with client portals and mostapplications.Copyright 2011, K2E, LLC All Rights ReservedDoc-It Doc-It is a full-featured document managementsystem (DMS) which also includes a recordsmanagement system (RMS) to help firms dealwith completed files during their archived life(e.g. after they are finalized but before thesupporting records are destroyed).Copyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedThe Doc-It Inbox iswhere Items go whenfirst printed to PDFwith the Doc-It DM.Doc-It includes a PDFEditor which can beused to create, edit,and annotate fileswithout the addedexpense of AdobeAcrobat licenses.Copyright 2011, K2E, LLC All Rights Reserved
Doc-It Archive ExplorerIntuit (Lacerte / ProSeries) Lacerte DMS is sold as an add-on toLacerte or ProSeries Basic electronic file cabinet Strong integration with Intuit’s ProLine taxapplications May not be as adaptable as some DMSapplications to applications other than taxdocument storageCopyright 2011, K2E, LLC All Rights ReservedDrake Document ManagerCopyright 2011, K2E, LLC All Rights ReservedDrake Document Manager Drake Document Manager is a multi-userelectronic file cabinet (EFC) which isdesigned to allow users to organize andindex documents based on a three-levelhierarchy:– Cabinets– Drawers– Folders (can have multiple levels of folders) Drake DM is included with purchase of aDrake Software packageCopyright 2011, K2E, LLC All Rights ReservedXCM Update Copyright 2011, K2E, LLC All Rights ReservedControl Sheethttp://www.xcmsolutions.com/XCM* workflowCPA firm and industry workflowList of featuresSecurityCopyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights Reserved
Documents LinkedRedGear TaxWorks has ArkWorks Multi-User SecurityFile EncryptionView DocumentsDocument Maturity (version control) and Audit TrailEdit and Annotate DocumentsEmailPrint to FaxExport (Burn to CD or other removable media)ScanImport all file types45Copyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedAccounting Portal Hosting VendorsCPA Firm Portals and Security Portals provide a more secure way to:– Transfer tax documents to the client Thomson Reuters – NetClient CS– http://cs.thomsonreuters.com/portals CCH ProSystem fx Portal– http://tax.cchgroup.com/portal ShareFile - http://www.sharefile.com Sage AssuredSend/LeapFile– http://www.sagesend.com– Gather tax organizer information– Provide payroll services to clients– Store and exchange workingdocuments with clients Website Relief by AccountantsWorld– http://bit.ly/WSRELF Additional solutions are available from almost every tax anddocument management vendor.We DO NOT RECOMMEND that you do this internally. The time,compliance requirements and technical knowledge needed to do thisright mean that most firms will outsource this function.Copyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedPortal MainSharefile for Accountants www.sharefilecpa.com With over 450,000 users in 120 countries One of the leading file transfer services for smalland medium businesses Version designed for CPA firms Site branded with firm’s logo & layout Exchange confidential tax documents with yourclients in a completely secure, professional, andeasy manner Transmit large QuickBooks, PDF, Excel, or any othertype of business files and make them available forpassword-protected download by your clients.Copyright 2011, K2E, LLC All Rights Reserved
Website ReliefAccountantsWorldCCH New Product – ProSystem fx WorkStream– Offered as SaaS only– Integration is best with Next Gen applications Most Foundation clients using XCM for taxworkflow AutoFlow technology in ProSystem fx Scanis a key workflow tool – more on this later.Copyright 2011, K2E, LLC All Rights ReservedDoc-It Workflow ManagerCopyright 2011, K2E, LLC All Rights ReservedResearch Tools CCH (CCH/Miller/Kleinrock)Thomson Reuters (RIA Checkpoint/PPC)Intuit (ProLine Research is BNA OEM)Other/Independents– BNA– Tax Analysts– IRSCopyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedDoc-It Workflow ManagerCopyright 2011, K2E, LLC All Rights ReservedCCH - IntelliConnect IntelliConnect replaced Tax Research Network in 2009– New platform, new/casual users accepted changes OK. Someexisting TRN users did not like the new UI.– New platform offers Google-like search capability Tax (IntelliConnect) and A&A (Accounting Research Manager)currently on separate platforms, require separate logins SmartCharts allow comparison of data by jurisdiction or otherattributes Integration with ProSystem fx Correspondence Manager Miller A&A guidance achieving critical mass as a PPCalternative Training offerings for staff which dovetail with applications andguidance Major improvements released 2H 2009, many planned forcalendar 2010Copyright 2011, K2E, LLC All Rights Reserved
Intuit – ProLine Tax ResearchThomson Reuters – RIA Checkpoint RIA CheckPoint Research Portal– Same platform for Tax & A&A Content– One of two (with CCH) leading full-featuredonline resource platforms– Includes PPC audit content, RIA tax content,and numerous national and internationalsources for authoritative and interpretiveguidance– Includes RIA’s US Tax Reporter, which is theirbaseline tax research service Licensed BNA content, includes IRS code,instructions Annual, monthly, or daily subscriptions Daily subscriptions may be a good tool forthose who need to do occasional research Research pane appears in Lacerte andProSeriesCopyright 2011, K2E, LLC All Rights ReservedCopyright 2011, K2E, LLC All Rights ReservedProSystem CCH (fx) Scan with AutoFlowTechnologyThomson Reuters1. Leverages Technology to Enhance Efficiency GoSystem – TaxSort application is their toolfor scanning, organizing, and populatingtax data into GoSystem UltraTax – UltraTax SourceDoc Auto Entry isthe UltraTax tool for scanning, organizingand populating documents into taxsoftware––––2.Automatic identification of source documents allows a preparer tobegin value-added work immediately instead of spending valuable timecopying, sorting and organizing client 1040 source documents.Automated data entry for the most commonly used forms removes theneed for time consuming manual data entry and allows the preparer tofocus on issues requiring professional judgment.System-generated diagnostics which highlight areas requiring attentionhelp assure the completeness and accuracy of available information.Expanded functionality for Adobe Acrobat dramatically reduces thetechnical expertise required and reduces the time necessary to performcommon functions.Promotes a Consistent 1040 Preparation Process––All workpapers reside in a single, organized, consistent PDF filebenefiting preparers, reviewers, and partners.CPA-specific tools such as tickmarks, hyperlinks and a 10-key calculatorpromote preparation and review standardization.Copyright 2011, K2E, LLC All Rights ReservedProSystem CCH Scan with AutoFlowTechnology3. Copyright 2011, K2E, LLC All Rig
GoSystem Tax – High End Tax Application, supports multi-tiered consolidations, departments, multiple offices, etc. – Web-based. . GoSystem Tax RS & Ultra Tax CS GoFileRoom & FirmFlow NetClient CS (Client Portals) Micr
