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TechTimes CPAConnections News From Your Alliance Leaders

April 2021

From Member Services: Expansion of Services As the accounting profession continues to evolve, the needs of CPAConnect members grow and change. While CPAConnect D'Yãn Davis can address Director of CPAConnect some of these concerns via new preferred providers, webinar content and encouraging discussion list participation, we believe that it is the opportunity to share with one another in real-time that delivers the biggest impact. Getting to know your peers and learning who the helpers and experts are within the alliance can be a significant time saver when unusual or complex issues arise. Based upon member requests and recommendations, CPAConnect is excited to announce a new line-up of online live group meetings designed to

highlight member-driven content and enhance small-group sharing. Taking place in the summer and early fall of 2021, the new Regional and Practice Management meetings will qualify for CPE, be available at minimal cost and focus on actionable content that can elevate the management of your firm. For the online Summer Regional Meetings, CPAConnect firms have been assigned to groups in five regions: Central Mountain, Midwest, Northeast, Southeast and West Coast. Each region supports approximately 30 member firms, which ensures robust discussions with fellow experts in the alliance. Two additional online practice management meetings will take place in early fall with topics concentrated on client and staff management, peer benchmarking, niche services and ongoing succession planning matters. So that content will be tailored appropriately, participants will select between attending the Sole Practitioner

Forum and the Multi-Partner Conference. These new events will not replace the annual CPAConnect Roundtable which is the premier event for the Leading Partners, Partners and Leadership team of all CPAConnect firms. The 2021 CPAConnect Roundtable takes place in Tucson, AZ at the Omni Tucson National Resort from October 26-29, 2021. Registration for all events will open on April 19th. Watch your email for updates and reminders! For more information, email D’Yan Davis at ddavis@cpamerica.org.

Next Gen Heads to the Big Easy July 14-16 at Omni Royal in New Orleans, LA

We are excited for the return of the 2021 Next Generation Conference, scheduled for July 14-16 at the beautiful Omni Royal in New Orleans, LA. This conference is designed for the firm’s successful seniors through managers that want to understand more about how the business works and how they can fit into the bigger picture. Attendees will be immersed in relationship building, leadership principles and practice management basics with other professionals at their level along with partners and presenters committed to developing “career coachable” employees within our

member firms. Proudly returning in its 8th year, the progressively designed Next Generation Conference offers two concurrent tracks, Intermediate and Advanced. First-time attendees will attend the Intermediate Track while returning attendees will be in the Advanced Track. Attendees are welcome and encouraged to attend multiple years, with the Advanced Track content changing yearly to bring the most relevant content to the needs of the group each year. If you have any questions about the

NextGen Conference, please reach out to Jenn Walker at jwalker@cpamerica. org or our Senior Events Manager, Toya Frazer-Ellis at tellis@cpamerica.org. We look forward to seeing you in New Orleans!

Technology for the Next Normal

by Randy Johnston, shareholder, K2 Enterprises LLC The COVID-19 pandemic accelerated technology innovation for both CPA firms and their clients. Some pundits suggest that 2020 forced five years of innovation into one. While work-at-home became a “new normal” during the stay-at-home orders, partners discovered that many of their professional team were more productive and happier to work from home (WFH). So, does WFH become the common way to do business? Is work from home the next normal? While the answer to the WFH question remains to be seen, the factors that drive this decision seem clear. 1) Can client service be maintained or improved? 2) Does realization improve? 3) Are engagements and projects appropriately covered? 4) Does the firm culture remain? 5) Is business development expanded? 6) Can the firm maintain team member satisfaction without losing key personnel to competitors? I am sure you have a few questions of your own to add to this list. Further, technology is a “must-have” component to make this all work. What changes are we likely to see in tech after we emerge from the pandemic? Besides the traditional firm technology of tax, audit, and practice management software, WFH required sound document management systems (DMS), workflow, and Voice Over IP (VOIP) while adding software for collaboration and web meetings. For firms that had not embraced Zoom, Microsoft Teams, GoToMeeting, WebEx, or various other video conference software tools, these became a “must-have” part of the practitioner’s tool kit. Firms running a private cloud or using a hosting company had a minimal impact during the transition to WFH. However, integrated silos of information will become more common over the next decade instead of using a monolithic suite of products using centralized computing. My firm decided to move to WFH in the morning and completed the entire move in less than 90 minutes. By the way, we had never had a work from home culture or a desire to have our team working from home, so this was quite a cultural transition for our firm. But the real question is about the technology we will see emerge as vaccinations allow businesses to return to an adjusted normal, that is, the “next normal.” I believe these technology adjustments will become permanent fixtures of the future: • Collaboration in the cloud will become mandatory • Client Experience tools will improve • Workflow will gain more automation from Robotic Process Automation (RPA) • DMS will become more sophisticated and easier to use • Integrated web meetings that will blend a hybrid of physical and virtual meetings evolve • There will be more transition to Software as a Service introducing more silos of information and integration with digital plumbing tools • Security improvements with ease of use such as passwordless access must occur • Audit and trial balance tools will improve

• Tax planning, compliance, and other tax advisory services will experience a notable change • Client accounting services tools will become more seamless and comprehensive • Cash flow forecasting and other business advisory tools will become commonplace • Practice management will evolve to enable hybrid workforces, collaborative workflows, and interactive team member and client experiences While this list seems long, the initial transition accelerated during the pandemic year. Vendors and software publishers had time to focus on their products and discovered new needs and opportunities while firms and their clients considered if the conditions were a new normal or the next normal. Many found that they enjoyed not commuting to an office and that productivity went up. While the comradery and culture of interacting in an office were missed, perhaps two or three days of time in the office was enough. Scheduling time on Tuesday through Thursday or on Tuesday and Friday was sufficient to handle all administrative work and needed face-to-face meetings. Can your firm make the transition to embrace and adopt all the technologies named above? First, vendors may not give you a choice as older technologies are discontinued. Second, you will need to adopt many of these technologies to provide a better team member experience. Technology remains one of the best recruitment levers available to firms. Third, your clients have come to expect ease of use and convenience. Firms cannot continue to business in this third decade of the 21st century the same way they did in the 20th century! Clients may stay with your firm because they like you and your work, but they may not tell you that your client experience is terrible! What are some potential tools to use today? While this article cannot provide all the details to make the transition, I would encourage you to participate in CPAmerica events this year and beyond. Presenters will cover every topic above in the technology conference, and many will be covered during other events. Consider this “best of the best” evolving product guide below for each category named above. There are many technologies to consider, but remember to look at your firm’s Mission, Vision, Goals, Strategic Business Plan, and Tactical Business Plan before adding these tools to your Strategic Technology Plan and Tactical Technology Plan. So, what can we review and select in each of these categories? While your firm strategy, size, and in each of

these categories? While your firm strategy, size, and expertise could change these products, these recommendations should be directionally accurate.

1. Collaboration requires the right platform • Google Workplace • Microsoft 365 (best for CPA Firms) • Zoho One (best for start-up businesses)

2. Client Experience is going through one of the larger transitions • CCH Axcess Client Collaboration Portal • Liscio • Suralink 3. Workflow RPA tools will notably improve productivity • Digilence for efling automation and other functions • Microsoft Power Automate • XCM with Automation Anywhere 4. DMS • Doc.It • GetBusy Virtual Cabinet • Microsoft Teams for DIY instead of a network share • Thomson Reuters ONVIO Firm Management Document Center 5. Web Meetings • Microsoft Teams • ON24 • Zoom 6. Core accounting firm options using Software as a Service with digital plumbing tools • CCH Axcess • Intuit QuickBooks Online and ProConnect Tax • Sage Intacct • Thomson Reuters ONVIO • Zapier

9. Tax planning, compliance, and other tax advisory will ence a notable change • Corvee • LukkaTax • SOVOS

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10. Client accounting services tools will become more seamless and comprehensive • AccountantsWorld Accounting Relief • Autoreview.io • BaCo Tech • Botkeeper • SmartBooks Genie • Vic.AI 11. Cash flow forecasting and other business advisory tools will become commonplace • Commercial Loan Success • Complete Advisory Solution (F3C Advantage) • Fathom • Jirav • LivePlan • Spotlight 12. Practice management will evolve to enable hybrid workforces, collaborative workflows, and interactive team member and client experiences • Aero Workflow • Avii • Clarity Practice Management • Empire RESOURCE • Karbon • STAR • TPS

7. Passwordless security • FIDO2 keys like Yubico YubiKey • Microsoft Authenticator, Hello, Edge • Microsoft Azure AD PREMIUM P1 8. Audit and trial balance tool evolution • CCH Axcess Engagement • Dynamic Audit Solution • Validis with Valid8 • Verady • Tallyfor

Randy Johnston is a shareholder in K2 Enterprises LLC, and co-founder of Network Management Group Inc. Concepts for this article came from Johnston’s consulting experience at firms and sessions written for the K2 Technology Conferences. Contact him at 620-664-6000 or randyj@nmgi.com.

Preferred Provider Spotlight: DEXT Receipt Bank has a new name, but their mission is the same. Dext makes accountants, and the businesses they advise, more productive and profitable through better data and insights. They've shifted to a multi-product platform and updated the names of their products to more accurately describe what they can do for your firm. Dext Prepare helps you prepare client accounts, improve bookkeeping profitability, and free up your best people’s time to focus on value-adding advisory.

Dext Connect introduces the same speed and accuracy of Prepare (with Receipt Bank) to your Quickbooks Desktop clients. Now the power of bookkeeping automation extends to all your clients - so your processes can be uniform across the board. Dext Precision gives you trust in your data by automatically spotting errors and allowing for proactive correction. It provides award-winning data assurance, with client dashboards and HealthScore checks that power advisory services - coming to the U.S. market soon. email Keith Bateman at keith.bateman@dext.com. 3

New Member Spotlights Please feel free to welcome your fellow members to our association with an email or call. edonovan@cpaconnect.com

Cummings-Grayson & Co.

Scheer Guarnieri & Associates, CPAs, LLP

915 NW 1st Avenue, Bay #3A Miami, FL 33136 Phone: (305) 377-1952

1 Kings Highway Tappan, NY 10983 Phone: (914) 437-9400

Marcia Grayson-Carty - Managing Partner Email: cartymarcia@yahoo.com Website: www.cummingsgrayson.com

Michael Guarnieri, Managing Partner Email: michaelg@sga.cpa Website: http://www.sga.cpa/

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