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Transforming Client Accounting Blog

May 2010

05/21/2010

Workflow Solutions Save Time, Money, & Resources

You are familiar with the traditional tax season workflow model a manual process including file folders spread about your office, rubber bands holding routing sheets to client folders, and mounds and mounds of paper.

However, a cloud-based workflow solution takes that process, automates it, and allows you to put your finger on your client’s paperwork electronically from anywhere within the process.

The March 2010, Journal of Accountancy article Toward a (More) Paperless Tax Practice described the automated workflow as a system that electronically moves work from person to person, including:

  • Scanning incoming client documents and filing them digitally.
  • Shifting responsibility from receipt of source documents through preparation and shipping or e-filing.
  • Viewing scanned source documents to prepare and review the return digitally in your tax software.
  • Using remote access to check the status and/or responding to review points from home or in the field.
  • Archiving the completed return with the source documents in a secure document management or network filing tree.

In fact, the Business Services Industry blog Why Use Workflow Automation indicates that workflow automation may reduce business costs, and that re-engineered processes require less execution and cycle time and fewer steps and employees.

Christopher Colyer, tax manager at Livingston, N.J.-based Wiss & Co. LLP. a firm, which handles about 2,500 individual returns and 3,000 business returns a year, told WebCPA, "It used to be that we'd have meetings to figure out who is doing what; but, you don't need those meetings. It [workflow] is more efficient."

According to XCM CEO, Mark Albrecht, “XCM [workflow] is accessible from anywhere at any time, enabling a virtual work environment giving the individual more control, and the firm (or corporate department) more flexibility in its staffing decisions.”

In May 2010, CPA2Biz added XCM Solutions to its Trusted Business AdvisorSM Solutions program, which also includes Bill.com, Copanion, Intacct and Paychex.

Posted by AICPA on 05/21/2010 in Client Accounting, Cloud Financials, On-Demand Financial Applications, Resources, Workflow Solutions  |  Permalink  |  Comments (1)
05/06/2010

The HIRE Act and How It Impacts Your Firm and Your Clients

In the spring, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act, more commonly known as the federal “jobs bill.” The cornerstone of the HIRE Act is a federal program that provides employers with incentives to hire and retain certain previously unemployed workers (“qualified employees”), including:

  • Payroll Tax Exemption
    Employers will be exempt from their portion of Social Security taxes (6.2 percent) for the remaining year—through December 31, 2010—for new hires who had been unemployed for at least 60 days, or who had worked no more than 40 hours total.
  • New Hire Retention Credit
    Employers can claim a business tax credit of up to $1,000 for each qualified employee who stays on payroll for at least 52 consecutive weeks. 

Would you like additional information? View a recent Infocast on this topic.
You can view the recent AICPA Infocast on “The 2010 HIRE Act Understanding the Employer Incentives” to help you understand and take decisive action on the newly required components of HIRE Act and what it means to your firm and your clients.

The Infocast was developed to help you ensure your clients stay in compliance with this new legislation and help you better recognize how your clients can benefit from the key provisions, such as increased tax credits and reduced payroll taxes.  

Also visit www.paychex.com/hireact for more information and to calculate the possible savings for your client’s business.

Posted by AICPA on 05/ 6/2010 in Client Accounting, Payroll  |  Permalink  |  Comments (1)