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Tuesday
Jul072015

Visions of the Profession: A New Era of Collaboration

AccountantsWorld CEO Dr. Chandra Bhansali discusses technology changes in the field of accounting and how the cloud is encouraging collaboration between accountants and their clients, in an interview with Accounting Today editor-in-chief Dan Hood.

Thursday
Jul022015

Don’t be the cause of your clients’ pain. Be the reason for the cure.

by Dr. Chandra Bhansali, Co-founder and CEO, AccountantsWorld


Recently, I attended a meeting of small business owners and casually asked how many of them loved doing accounting. Out of a group of about 30 business owners, three hands went up.

I’d guess that if you were to poll your own clients, the results wouldn’t be much different. From experience, you know that the vast majority of small businesses don’t like doing accounting work and find it to be a burden. For many small business owners, managing accounting functions is a headache and a distraction from what they love to do –growing their businesses. Accounting is mostly seen as a regulatory burden, and few small businesses use accounting tools to manage their business finances.

It’s also often hard for small businesses to get competent accounting or bookkeeping staff or help. And you know pretty well what the consequences are for you and your clients. You spend a significant amount of your time fixing the bookkeeping errors clients make. Numerous surveys of accounting practices rate this as one of the major challenges accountants face.

These are the easily-foreseeable results of using the DIY (Do-It-Yourself) accounting systems that are created for small businesses.

The question then arises - why recommend these DIY accounting programs to your clients? The answer is straight forward – you don’t have a choice. Virtually all of the accounting systems on the market today are DIY systems. Even most cloud-based accounting systems are created primarily for small businesses and are based on the DIY model. Despite knowing that most small businesses don’t like performing accounting tasks, most accounting system software providers continue to push DIY accounting systems to small businesses.

So what is the solution?

It’s simple – eliminate the need for small businesses to perform accounting functions in their offices, and have your firm handle all accounting functions for them!

You can become the solution by offering complete accounting services to your clients, including paying bills, recording transactions, performing trial balance work, creating financials, and managing your clients’ cash flow and business finances.

Accountants often find, however, that the DIY systems that were created for small businesses are not the right solutions to use when offering complete accounting services to their clients. To offer such services effectively, you need a cloud-based professional accounting system that lets your staff do what your clients’ staff currently does…only faster, better and more accurately, without leaving your office.

Of course, not all of your clients will choose to engage you to perform all of their accounting functions, and you’ll have clients who want to continue to do some accounting work. The system should let you work collaboratively with those clients, giving you the ability to customize the system for each client to let them do the tasks they feel comfortable performing.

A professional system should help your firm perform write-up work efficiently for the clients who don’t want to stop writing manual checks. Automatic bank feeds can cut data entry time significantly, reducing your write-up time by 50-70%.

To accommodate the clients who continue to use another system, choose a solution that has powerful trial balance capabilities and lets you prepare fully-customizable financial statements easily. For maximum efficiency, look for a system that lets you easily import client data into your accounting system to perform trial balance work and prepare financials.

To help you to offer virtual CFO services to your clients, look for a system that provides a comprehensive dashboard, alerts, and snapshot capabilities.

DIY accounting solutions were a necessity of the desktop. The cloud has opened the door to bring complete accounting services back to accountants. Don’t miss the chance to capitalize on the billions of dollars’ worth of new opportunities the cloud makes possible.

Click here to watch a 2-minute video that shows how you can offer highly-profitable, complete accounting services using Accounting Power from AccountantsWorld.

Dr. Chandra Bhansali is the CEO of AccountantsWorld, a pioneer in cloud solutions for accountants and the developer of the DDIY model of accounting software. AccountantsWorld offers a full suite of seven cloud solutions. 

 

About AccountantsWorld

For over 15 years, AccountantsWorld has been the leading provider of cloud-based solutions for accountants. AccountantsWorld offers a complete, integrated suite of innovative accounting, payroll, and practice management solutions that help accountants work collaboratively with clients to foster greater client loyalty and improve practice bottom lines. AccountantsWorld is also the only leading cloud solutions provider that puts Accountants First™ by never competing with accountants or selling services directly to their clients. For more information about any of the AccountantsWorld cloud-based solutions, please visit www.accountantsworld.com or call 1-888-999-1366. 

Wednesday
Jun172015

AccountantsWorld Partners with Abacus Worldwide to Offer Power Practice System to their Members

AccountantsWorld, a pioneer in cloud-based software solutions for accountants for over 15 years, has announced their alliance with Abacus Worldwide and will now be offering a discount to Abacus members for their Power Practice System accounting software.    

“We are excited to be working with Abacus and believe that our solutions can really help their firms move their business forward,” said AccountantsWorld President, Jeff Gramlich. The Power Practice System is a fully integrated suite of Accountant-Focused cloud solutions. “Our Power Practice System includes cloud solutions for bookkeeping, trial balance, document management, client portals, practice management, website builder, and more.  It includes virtually everything an accountant needs to manage and grow their practice” continued Jeff.

“Abacus Worldwide is truly pleased to be working with AccountantsWorld for the enhanced benefit of our association members. Abacus strives to align with top service providers to both the accounting and legal industry and we feel that AccountantsWorld are leaders and innovators for the accounting industry,” said Abacus Worldwide President and CEO, Julio Gabay.

 

About AccountantsWorld

For over 15 years, AccountantsWorld has been the leading provider of cloud-based solutions for accountants. AccountantsWorld offers a complete, integrated suite of innovative accountingpayroll, and practice management solutions that help accountants work collaboratively with clients to foster greater client loyalty and improve practice bottom lines. AccountantsWorld is also the only leading cloud solutions provider that puts Accountants First™ by never competing with accountants or selling services directly to their clients. For more information about any of the AccountantsWorld cloud-based solutions, please visit www.accountantsworld.com or call 1-888-999-1366. 

 

 About Abacus Worldwide

 Abacus Worldwide is an alliance comprised of independently owned and managed professional service firms providing direct access to law firms and accounting firms in every region of the world.  As a multi-discipline membership association, both law and accounting firms join Abacus in order to support international business referrals, participate in knowledge exchange and gain access to practice management tools all to better serve their growing clients. For more information about Abacus Worldwide, visit http://www.abacusworldwide.org/

Wednesday
May062015

An important development in accounting that every practicing CPA must know about.

By Dr. Chandra Bhansali, AccountantsWorld

Now that migration to the cloud is inevitable, proactive CPAs are finding ways to take advantage of the cloud to revamp their practices, and are evaluating the changes to their core services - tax, accounting, and payroll - made possible by the cloud.

In this article, we’ll focus on how cloud technology has enabled an important breakthrough in client accounting.

The development of DIY (Do-It-Yourself) accounting software, led by Intuit, fundamentally changed accounting, and today, the DIY model is the norm for accounting software. Almost all accounting systems, whether desktop or cloud-based, are created primarily for small businesses, and are sold directly to them.

DIY accounting systems undoubtedly offered considerable advantages compared to the manual accounting they replaced, but they have also created many challenges for accountants. DIY systems have taken control of accounting away from accountants, and the bookkeeping errors clients make while using DIY software products have become a major source of wasted time and effort for accountants. Many accountants also feel that DIY accounting systems reduce their standing and relevance in their clients’ minds.

While most cloud solutions are based on DIY model, a new DDIY model has emerged that harnesses the cloud to give control of accounting back to accountants, lets accountants overcome the challenges they currently face, and makes accounting more profitable and rewarding.

The cloud-based DDIY accounting system takes the opposite approach to the DIY model. While DIY software was created for small businesses and is sold directly to them, DDIY software is a professional system that is sold exclusively to accountants. It lets accountants work collaboratively with their clients while they remain in full control.

An important advantage of the DDIY system is that accountants can give their clients as much or as little involvement that’s right for each client. Accountants can easily undertake all accounting functions for the clients who prefer not to do any accounting work. The DDIY model makes offering complete accounting services highly profitable, because with the DDIY software, your staff can do what your clients’ staff currently does, only fast, easier and more accurately, all without leaving your office.

Because DDIY systems can be easily customized for each client, you can work collaboratively with clients who want to maintain some involvement in accounting, enabling them to perform the functions that suit their needs and abilities.

For the clients who prefer to write checks by hand, you can perform after-the-fact write-up work much faster than ever before. Automatic downloading of credit card and bank transactions can virtually eliminate data-entry, and can reduce the time spent on write-up engagements by 50-70%.

If you have clients who are better served by a system other than the DDIY system you offer, those clients can continue to use the system that best meets their needs. The DDIY system enables you to download data from the systems they use and use your own DDIY system to perform trial balance work and prepare fully-customizable financials.

Another useful advantage of the DDIY model is that it lets you offer your clients timely financial advice for managing their cash flow and running their businesses efficiently. 

The DDIY model not only makes your accounting practice highly profitable, it also makes it more rewarding by raising your relevance.

Now you can tell your clients, “Don’t-Decide-It-Yourself. Let’s work together to make accounting painless for you.”

That’s why the new model is called the DDIY model.

To learn more about the DDIY model, click here to watch a 2-minute video. 

Dr. Chandra Bhansali is CEO of AccountantsWorld, a pioneer in cloud solutions for accountants and the developer of the DDIY model of accounting software. AccountantsWorld offers a full suite of seven cloud solutions. 

Thursday
Dec182014

Sharada Bhansali, Co-founder of AccountantsWorld, named one of the Top Most Powerful Women in Accounting

Hauppauge, NY, December 18, 2014 – AccountantsWorld, a leading provider of cloud-based solutions for accountants is proud to announce that CPA Practice Advisor has named Sharada Bhansali, Co-founder of AccountantsWorld, one of the Top Most Powerful Women in Accounting. The announcement and awards were presented at The Sleeter Group’s 2014 Accounting Solutions Conference held November 9-12 at Caesar’s Palace in Las Vegas.

The award reflects the ever increasing number of women involved in the accounting industry and the influence that they have in the development of technology which helps accountants succeed and grow their practices. “This is truly a great honor, not only for me, but for professional women all across the United States. It reflects how the industry has changed, and demonstrates the impact that women have had on all areas of the industry be it technology, research or running their own  business” said Sharada.

Sharada holds a Master’s degree in both Engineering and Mathematics. She has led the development of a new class of "Accountant-Centric" solutions, making a long-lasting, significant contribution to the accounting profession. As an entrepreneur, Sharada has been serving the accounting profession for over 30 years. In 1984, she founded AccountantsWorld’s predecessor, Micro Vision Software, a leading producer of desktop solutions for accounting professionals. Micro Vision’s Tax Relief system was one of the most highly acclaimed professional tax software packages and the first to take full advantage of the Microsoft Windows platform.  Along with her husband, Dr. Chandra Bhansali, Sharada co-founded AccountantsWorld where together they are forging new paths with cutting edge, accounting-centric software such as Accounting Power™, Payroll Relief, Cloud Cabinet, Website Relief, Directory Listing, After-the-Fact Payroll and Practice Relief - all designed specifically for accountants.

About AccountantsWorld
For over 27 years, AccountantsWorld has been the leading provider of cloud-based solutions for accountants. AccountantsWorld offers a complete, integrated suite of innovative accounting, payroll, and practice management solutions to help accountants work collaboratively with clients, foster greater client loyalty, and improve the profitability of their practices. AccountantsWorld is also the only leading cloud solution provider that puts Accountants First™ by never competing with accountants or selling services directly to their clients.

For more information go to www.AccountantsWorld.com and follow them on LinkedIn and Twitter at https://www.linkedin.com/company/accountantsworld and https://twitter.com/PowerAccountant