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Entries in accounting power (4)

Thursday
May042017

AccountantsWorld Endorsed by Maryland Association of CPAs as Preferred Software Provider

AccountantsWorld is proud to announce a strategic endorsement from the Maryland Association of CPAs (MACPA). AccountantsWorld is the newest preferred provider of accounting practice management and software for the MACPA.

 

The MACPA is committed to helping CPAs adapt to an ever-changing business climate, and has aligned with a partner in AccountantsWorld who shares the goal of empowering accountants for the future.

Tom Hood, MACPA

 

"Our members rely on us to keep them updated on the latest technological improvements and issues facing the accounting industry," said Tom Hood, CEO and executive director of MACPA. "AccountantsWorld is a client accounting platform that should be on their radar. With this partnership, we hope to advance and educate more than 9,000 CPAs across the state about this new solution."

 

 For more than 17 years, AccountantsWorld has transformed the accounting profession with its cloud-based solutions designed exclusively for CPAs and accountants. The company's flagship solutions for accounting and payroll help CPAs grow their practices and foster closer collaboration with their clients. AccountantsWorld puts professional accountants first by never selling its products or services directly to their clients.

"Our mission is to help them take back control of client accounting," said Chandra Bhansali, co-founder and CEO of AccountantsWorld. "We're excited to serve members of MACPA as a preferred provider and trusted advisor for their accounting software needs."

AccountantsWorld continues to receive recognition for its cloud-based offerings for professional accountants. AccountantsWorld's full-service client accounting solution, Accounting Power, has consistently received five-star ratings by CPA Practice Advisor. Additionally, the company recently partnered with TAG Resources and Transamerica Retirement Solutions to add retirement capabilities to their signature product, Payroll Relief.

 

Click here to learn how Accounting Power is helping accountants regain control over client accounting.

Thursday
Jul072016

Accounting Power now includes fully integrated bill payment

AccountantsWorld is proud to announce significant enhancements to our signature product, Accounting Power. These enhancements will enable accounting firms to provide more complete accounting services, including bill payment and bookkeeping, to all of their clients within one platform.

The new updates seamlessly integrate bill payment capabilities into Accounting Power and streamline the entire bill payment process, which makes this service highly efficient and profitable.

Unlike Do-It-Yourself accounting programs that are created for small businesses, Accounting Power is the first cloud-based system designed specifically for the needs of professional accountants. It lets accountants customize their accounting services to meet each client's needs and preferences.

"Our research shows that given the choice, one out of every four small business owners would consider offloading all their accounting work to their accountants. However, most accountants currently don't offer bill payment and bookkeeping services to their clients because the limitations of current systems have made them high-hassle, low-margin services," said Dr. Chandra Bhansali, CEO and co-founder of AccountantsWorld. "With the new capabilities, accounting firms are able to perform these functions faster and easier than before, and thereby turn them into high profit-margin services."

By using Accounting Power's newest features, accounting firms can facilitate end-to-end bill payment and invoicing. The updates include:

  • Mobile uploads. Clients can now upload images of their invoices and payments received against account receivables with any mobile device. When accountants log onto the platform, the uploaded invoices and payments are automatically attributed to the corresponding client and presented for processing.
  • Unified dashboard to monitor workflow. Accounting Power lets accountants establish a uniquely streamlined operation. A single unified display monitors all bill payment activity for multiple clients at once, allowing the accountant to easily identify which client bills need to be processed, approved, or paid.
  • Faster and easier approval process. With the new approval feature, accountants can send payment approval requests to multiple clients with one click. Clients can approve the bills to be paid fully or partially using their PC or any mobile device. Firm can make the payments for the bills approved by clients either by printing physical checks or using electronic checks (ACH).

By combining these functions into a single cloud-based solution, Accounting Power has once again simplified client accounting and increased efficiency and profitability for firms. In 2015, Accounting Power was awarded "Best Small CPA Firm Solution" and "Best Cloud Solution" by K2 Enterprises. The product also received a five-star rating by CPA Practice Advisor earlier this year and was a finalist in the 2016 Cloud Awards.

About AccountantsWorld 
With more than 15 years' experience, AccountantsWorld is 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 the bottom lines of their practices. 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.

Monday
Jul272015

Where Are the Growth Opportunities for Accountants?

At first glance, it appears that there aren’t many bright spots for growth for accounting practices today.

For starters, look at the state of tax preparation. More and more clients are buying "do-it-yourself" tax programs and doing their tax returns themselves. Undoubtedly, the market for this service is shrinking.

What about client accounting? It's become a low-margin commodity service, thanks to the most widely used "do-it-yourself" accounting systems sold directly to small businesses. These pieces of software have taken control of many accountants' time and processes. Clients buy the software, but most don't know a thing about accounting, so they end up making bookkeeping messes. Professional accountants like you have to spend hours cleaning up those messes before they can do their professional work. You became an accounting professional so that you could add value to your clients' businesses, and give them the crucial business advice they need. But current circumstances make it difficult – if not impossible – do that.

If we look closely, we uncover a disturbing reality – and the reason that accountants have lost control of their core services (tax and accounting).

While technology has undoubtedly brought in tremendous benefits to accountants, it's also the cause of the diminished control that accountants now have over their core services, and of the marginalization of accounting practices.

The "do-it-yourself" (DIY) accounting systems and tax programs are products of the PC era. DIY accounting systems took control of accounting away from accountants, and DIY tax programs have taken a big bite out of the tax preparation business.

Meanwhile, payroll bureaus used the power of mainframe computers to capture payroll processing services from accountants. The tools accountants had in the 1980's and 1990's were no match for the power of these mainframe computers.

If accountants continue on the same path and keep surrendering more and more of their territory to the ever-increasing intrusion of external forces, the prospects for a brighter future for accountants will keep getting dimmer.

But fortunately, unlike previous technologies, new technological advances have created tremendous potential for accountants to recapture a good amount of business they had lost to external forces.

And that's not all. These technological advances have also created billions of dollars' worth of new opportunities for accountants.

The revolutionary cloud technology that has transformed so many aspects of our lives in sweeping ways has the potential to completely transform the accounting profession and help you revamp your practice.

Ready to learn more? Download our white paper today.

In this white paper, we'll review the major challenges accountants face in accounting today. These obstacles include:

  • Time spent on non-billable (or non-productive) tasks. This includes barriers like fixing client bookkeeping errors, managing different versions of software, and sending files and paper back and forth with your clients.
  • Significant inefficiencies in client accounting, thanks to the reactive role that accountants play in current "do-it-yourself" accounting systems created for small businesses.
  • Diminished perceived importance of your services. When clients use these "do-it-yourself" accounting systems, they believe that they have done most of the work. They get the wrong impression that, as an accountant, you essentially add just little value over what they have accomplished using a piece of software.
  • Difficulty in differentiating your firm.

Then we'll explain why, despite these challenges, we are confident that the future for accounting practices is actually very bright. We'll show you how certain types of cloud technology can help you overcome these challenges. Then we will discuss five exciting growth opportunities created by the cloud and other new developments. These trends have the potential to add billions of dollars in revenue to accounting practices over the next five years. These opportunities include:

  • Regaining control of accounting and strengthening your client relationships.
  • Making your client accounting work 30 – 50% more profitable.
  • Becoming an indispensable "virtual CFO" to your clients.
  • Turning a service you may have considered "no gain, all pain" into one that can be "all gain, no pain" for your practice.
  • Offering a complete accounting service – without additional staff or overhead.

The reality is there is no lack of opportunities for proactive accountants. Download our white paper to learn how to start tapping your practice's true potential today.

Thursday
Nov132014

AccountantsWorld makes significant enhancements to ACCOUNTING POWER® with primary focus on mobility and complete accounting.

November 13, 2014 — AccountantsWorld, a leading provider of cloud-based solutions for accountants, has announced major enhancements to its popular ACCOUNTING POWER® software, part of its complete suite of cloud-based applications. These enhancements are designed to accommodate a more mobile audience on smartphones and tablets in addition to its availability across all browser platforms. Enhancements include expanded tools for financial analytics, including a comprehensive Dashboard, financial reporting capabilities, and bill payment approval process to help accountants perform complete accounting services more efficiently. A streamlined setup process, more intuitive navigation, and overall operational and archiving advances have been implemented, all designed with the critical needs of accounting professionals in mind.

“The entire platform has been optimized from the ground up for display on mobile devices, tablets, and across all browsers” said Sharada Bhansali, Executive VP and Co-Founder of AccountantsWorld. “Our reorganized Dashboard provides an expanded graphical interface with more useful and robust charts, data, and reports. With our enhanced software, uploading and editing e-statements are now easier, with the ability to add an alias ’on the fly‘ when importing credit cards and on bank transactions. This function, which usually takes hours, can now be done in minutes using ACCOUNTING POWER®”.

ACCOUNTING POWER® now allows three years for open transactions, and up to two for closed years, and provides the full range of letters based on AICPA guidelines that accounting practices need. In addition, ACCOUNTING POWER® now offers enhanced capabilities for Not-for-Profit organizations. 

“ACCOUNTING POWER® makes it extremely easy to archive reports and financials and share them with your clients,” said Dave Munnell, Director of Product Development at AccountantsWorld. “You can create a custom report set that is automatically archived and made available to your client as soon as you close a period. This provides users with consistent reporting and archiving, which is now easier and fully automated. And now you can keep your financials and reports for as long as you want,” continued Dave. Accounting Power also has improved flexibility, making the initial setup more streamlined and eliminating the usually-required accounting formatting.

 These new enhancements continue to strengthen the family of AccountantsWorld products. ACCOUNTING POWER® puts control back into the hands of accountants, and makes client accounting both highly efficient and more profitable. By combining all accounting functions into one unified cloud-based accounting system, Accounting Power practically eliminates key time wasters, streamlining client accounting and reducing the time accounting firms spend on client overhead by 30-50%.

About AccountantsWorld
For over 26 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