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Entries in cloud (4)


The Cloud as a Game-Changer

"The cloud has changed the rules for everyone."  

Dr. Chandra Bhansali
CEO and Co-founder

Dr. Chandra Bhansali, founder of AccountantsWorld, describes how cloud technology will change the way accountants do business, in an interview with Accounting Today editor-in-chief Dan Hood.


The Most Important Cloud Term Every Accountant Needs to Know

That term is DDIY™, or Don’t-Do-it-Yourself. It creates a paradigm shift that is going to change the landscape of client accounting, and put accountants back in control of accounting.

So-called DIY (“Do-It-Yourself”) accounting programs that were sold directly to clients dominated the desktop era. Despite their marketing hype, the reality is that these programs rarely saved clients money, but they did cause unnecessary headaches for both accountants and their clients.

With DIY accounting programs, you had little control over what clients did, and your firm had to spend unnecessary, unproductive hours fixing the bookkeeping messes clients made. Because clients believe they’ve done most of the work, DIY accounting programs have also negatively impacted the perceived value of your services in clients’ minds. Obviously, your needs took a back seat in DIY systems -  after all they weren’t created for accountants!

Ask your clients if they like to do the accounting-related work they are doing. Most would be glad to offload that work to you. The problem is that with desktop solutions, offering complete accounting services is not efficient enough or profitable enough to make it worth your while.

The cloud has created a better model for client accounting—the Accountant-Centric model that puts accountants back in the driver’s seat. This innovation has enabled an important paradigm shift from DIY to DDIY

Unfortunately most cloud solutions are based on the current DIY model and they are sold directly to small businesses. Only the new breed of Accountant-Centric accounting systems, such as Accounting Power from AccountantsWorld, use the DDIY model.

With an Accountant-Centric cloud solution, without leaving your office, your staff can do what your clients’ staff does, only better, faster, and more accurately. That’s how you can offer your clients complete accounting services efficiently, at competitive prices, while earning higher profit margins.

Your firm can perform transaction entries, pay bills, perform general ledger and trial balance work, prepare fully customizable financial statements, manage cash flow, prepare budgets, and offer CFO services. With automated bank and credit card feeds, you eliminate a significant amount of data entry, as well.

This new DDIY model eliminates all of the challenges you and your clients face with the DIY model, and offers tremendous benefits to both you and your clients. It creates billions of dollars worth of new revenue streams for accountants, and raises your relevance, better serves your clients’ needs, and allows you to offer valuable services you could not offer in the past.

Clients will benefit as you eliminate unnecessary hassles so they can focus on doing what they do best, as well as from the additional advisory services you can offer them to help them grow their businesses.


What Makes It Possible?

The cloud makes it possible to offer a unified accounting system that includes everything you need for complete client accounting including - bookkeeping, write-up, trial balance, and customizable financial statements. Additional capabilities make it easier than you ever thought possible to monitor the fiscal health of all your clients. You are alerted if the system detects potential issues such as cash flow problems or mounting accounts receivables, and you can choose to have those alerts sent to your client’s smart phone, as well.

Unlike DIY solutions, Accountant-Centric systems are sold exclusively to accountants like you, and you decide how to use it for each client, giving you that much needed control over your accounting practice.

Imagine…you can now manage clients with different needs differently, tailoring the functions available to each client based on their abilities. For those clients who want to do some of the work themselves, you can give them access to the functions they can perform. For some, that access may be limited to writing checks and entering cash receipts, while for others, it may include accounts receivable, accounts payable, and even bank reconciliation. Once clients have completed their entries, your staff can log in and finish the work. It’s an ideal environment for collaboration with your clients – and the best part is that you remain in total control. 

The DDIY paradigm shift is an important development in client accounting that raises your relevance and your bottom line while offering better client service and eliminating the hassle clients face.

It’s a win-win for both you and your clients.

AccountantsWorld is offering accountants a variety of webinars to show how you can benefit from DDIY paradigm shift. Click below to attend one of the webinars.

DDIY—the key to a thriving accounting practice.


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 and follow them on LinkedIn and Twitter at and


It’s time to challenge the conventional wisdom

I still recall the 1980s, when accountants had just begun to use PCs. The first programs available were tax systems that mimicked the batch mode of mainframe computers to process tax returns. Accountants would fill in input sheets and hand them to key punch operators to key punch the tax returns. If changes were needed, they’d have to go through the same routine all over again.

PCs were supposed to put computing power at our fingertips, but we realized that, if accountants were to take advantage of the computing power of PCs, they would have to use their own fingertips. So we created the first interactive tax program—Tax Relief—that let accountants themselves use PCs to prepare tax returns. Tax Relief calculated the forms instantly, so accountants could do tax planning. When we showed Tax Relief to accountants, they would say, "Chandra, you must be kidding. Do you expect me to sit at the PC and 'key punch' a tax return?"

How many accountants do you know today who don’t use PCs to prepare tax returns?

The moral of this story is that, to take full advantage of any new technology, you must challenge conventional wisdom and reengineer your processes. Today, we have another revolutionary technology—the cloud. Look around you and you’ll see the many unexpected ways it is being used to transform our lives. In the accounting profession, the transformation may not be dramatic, but it will still be quite significant. Here are some examples of how it can transform accounting:

One unified accounting system: In the desktop era, clients went out and bought their own accounting software, while you used a professional system for write-up and trial balance work, and to create fully customizable financial statements. Unfortunately, most vendors are still following that same model. Just as with the first PC-based tax systems that mimicked the mainframe approach, these systems mimic the desktop approach.

Now, however, there is a completely new class of Accountant-Centric systems such as Accounting Power from AccountantsWorld that have challenged the conventional wisdom. Accountant-Centric systems provide all of the functionality you and your clients need into a single unified system that includes bookkeeping, write-up, trial balance, financial reporting, alerts to help you stay on top of your clients’ finances, and more. In these systems, offered only to accountants, you remain in full command over the entire accounting process. You decide the functions you want each client to perform, based on their needs and abilities. Clients log in to the system from your website to enter information, and you use the same system to perform your professional work, so that you and your clients share data. As the name indicates, Accountant-Centric systems put you back at the center of client accounting. Because clients’ accounting data is available to you in real time, you can use the advanced tools available within the system to offer crucial financial advice to your clients in a timely manner.

After-the-fact write-up: You probably still have clients who write manual checks for their businesses and come to you with their cancelled checks and bank statements, which your staff then enters into a write-up system manually. That time- and labor-intensive process is now a thing of the past. Thanks to the cloud, your firm hardly needs to enter data manually for clients at all, as every day, bank transactions for your clients are downloaded into your write-up system, keeping your clients’ books current while spending a fraction of the time your staff spends now. Not only that, keeping clients’ books updated throughout the year reduces the year-end closing crunch significantly.

Automated document sharing: In the desktop era, integration between applications just meant data exchange between different applications. The cloud brings integration between applications to a different level, allowing you to automate many time-consuming tasks.

Consider how you send finished documents to your clients. You’ve probably spent a significant amount of time and money to get tax returns, financials, and payroll reports to your clients safely and securely. Now, thanks to the integration of tax, accounting, and payroll systems with online document management systems and client portals, that process is completely automated, saving you hundreds of hours while enhancing client satisfaction. As soon as you close the books, for example, you can automatically save a complete set of reports and financials in client portals that your clients can access securely at any time, from anywhere.

These are just a few of many examples of how the cloud is helping accountants revamp their processes.

As part of our Expert Webinar Series, AccountantsWorld is offering Using Cloud Technology to Improve Your Processes, presented by AccountantsWorld President Jeff Gramlich.