april2021 - 16

FEATURE
BUSINESS VALUATION

Insight: Business valuations are often necessary during business ownership transfers,
divorce litigation and family wealth planning.
Although a small niche, about 10% of our
voters had a preference in this category.
VALUADDER: 27.7%
ValuSource Pro, BVM Pro & Express
Business Valuation: 25.1%
SageWorks Valuation Solution: 20.3%
MoneySoft Corporate Valuation Pro,
DealSense & Business
Valuation Specialist: 10.8%
Other:
16.1%

* AMS 1099-Etc Payroll (2.5%)
* Sage 50 (2.4%)
* AccountantsWorld Payroll Relief (2.1%)
* Crest Payroll (1.6%)
* CYMA Payroll (1.5%)
* Cougar Mountain (1.5%)
* Patriot Software (1.4%)
* SurePayroll (1.4%)
* CheckMark Payroll (1.3%)
* Other (Real Business Solutions, Rippling, PenSoft,
BenefitMall, OnPay, Paylocity, Red Wing Software,
JustWorks, PayCom, Workful) (15.7%)
* QuickBooks Payroll - by Intuit includes QuickBooks
Online Self Service Payroll, QuickBooks Online Full
Service Payroll, QuickBooks Desktop Enhanced
Payroll, and QuickBooks Desktop Assisted Payroll.

1099/W-2 COMPLIANCE

FIXED ASSET MANAGEMENT

Insight: Fixed asset management straddles
the line between being an accounting or a tax
function. Tracking and maintaining the location and condition of assets is one part, and
properly depreciating them using appropriate
treatments is the other. As states get more
aggressive on tax collections, property tax
assessors will likely become more vigilant
as well, so strong asset management is a
must-have.
WINNER: Thomson Reuters Fixed Assets
CS (26.9%)
Runners Up:

* Intuit ProSeries Fixed Asset Manager (25%)
* Wolters Kluwer CCH ProSystem fx Fixed Assets &
Fixed Asset Manager (9.7%)
* Sage FAS Asset Accounting (8.2%)
* Pro-Ware Asset Keeper (7.4%)
* Real Asset Management Inc. (4.1%)
* Wasp Barcode Technologies (2.8%)
* Bloomberg Tax Fixed Assets (2.6%)
* Open Systems (2.1%)
* MultiView Asset Management (1.2%)
* Other (10%)

PAYROLL

Insight: Payroll is a huge category, and we
don't even include every possible option on
the market. These systems have gotten so
" smart " over the past decade, making payroll
services a respected revenue channel for
many firms which are able to process dozens
or hundreds of payrolls each month with
systems that automate most of the tasks.
WINNER: QuickBooks Payroll - by Intuit*
(29.3%)
Runners Up:
* Drake Accounting (10%)
* ADP Payroll Solutions (9.8%)
* Gusto Payroll (6.4%)
* Paychex (6.2%)
* Thomson Reuters Accounting CS Payroll or myPay
(3.5%)
* PC Software Accounting Inc. (3.4%)

16

APRIL 2021 ■

Insight: Most systems designed to prepare
forms W-2 and 1099 for multiple clients also
automatically file them, and help eliminate
much of the work required to process
hundreds or thousands of forms.
WINNER: Drake Accounting (15.4%)
Runners Up:

* eFile4Biz (6.9%)
* CFS Tax Tools (6.6%)
* Intuit QuickBooks (6%)
* Track 1099 (5.5%)
* AMS 1099-Etc (5.2%)
* WoltersKluwer W2/1099 (4.9%)
* Greatland Yearli (4.4%)
* Thomson Reuters Accounting CS Payroll Compliance
(4.4%)
* EagleView (3.5%)
* W2 Mate (3.5%)
* Payroll Compliance Reporting (2.6%)
* 1099 Pro (2.5%)
* Tenenz Laser Link (2.5%)
* AccountantsWorld (2%)
* EG Systems (1.6%)
* Convey Compliance (1.5%)
* Magtax American Riviera (1%)
* FormMagic Tax-Mate (1%)
* Spokane Computer MAG-FILER (0.5%)
* Other (PCSAI, Adams, Tax 1099, Efile My Forms,
AME, ATX, TFP, Medlin, Sage) (18.5 %)

TIME & BILLING

Insight: Time and billing management
systems do so much more than the name
implies, also offering advanced project tracking and reporting that can help determine
productivity, profitability of segments of the
firm, and identifying roadblocks.
WINNER: TSheets by QuickBooks (26.2%)
Runners Up:
* OfficeTools Workspace by AbacusNext (8.9%)
* Sage Timeslips (6.9%)
* ImagineTime (6.2%)
* ClockShark (5.7%)
* Bill.com (5.4%)
* Chrometa (4.7%)
* TPS Software (4.6%)
* BQE Software (3.8%)
* PracticeEngine (3.4%)
* AccountantsWorld Practice Relief (2.2%)
* CCH Axcess, iFirm, ProSystem fx (2.2%)
* Bill4Time (1.9%)
* BigTime IQ (1.2%)
* Other (16.7%)

www.CPAPracticeAdvisor.com

PRACTICE MANAGEMENT

Insight: We define practice management
as those with more extensive functions for
managing firm productivity and workflow
management, automation of tasks, and
record maintenance. This year's winner,
Financial Cents, is a relative new-comer, but
has wowed the firms using its system
enough that they voted it into first place.
FINANCIAL CENTS: 40%

Thomson Reuters Practice CS: 13.3%
Wolters Kluwer CCH Axcess, iFirm
or ProSystem fx Practice: 9.3%
Canopy Tax Practice Management: 8.6%
ClientWhys/TaxBuzz.com: 6.9%
Karbon Workflow Management: 3.5%
TaxWorkFlow: 2%
XCM Workflow: 1.5%
BQE Core or Core AI: 1.4%
Other: 13.5%

ONLINE INVOICING/BILL
PAYMENT SOLUTIONS

Insight: Stand-alone invoicing tools can help
firms with AR, while bill payment systems can
help streamline AP.
WINNER: Intuit Payments (37.5%)
Runners Up:
* PayPal (16.3%)
* Bill.com (9.1%)
* Invoiced (6%)
* Xero (5.2%)
* ReceiptBank (5.1%)
* Sage Payments (4.2%)

* FreshBooks (3.3%)
* Bill & Pay (2.9%)
* CollBox (2.9%)
* BizPayO (2.8%)
* Zoho Books (1.3%)
* Other: (3.4%)

CLIENT PORTALS

Insight: Sending client invoices by email is
a big no-no. It is not secure and can lead to
fines for the firm for breaching privacy and
data protection laws. But client portals are a
safe and efficient way to give clients access
to not only their invoices, but also virtually
any of the files you want to share with them,
including returns, financials and other documents. They also make it easier for clients to
submit documents to the firm.
WINNER: Drake Software
SecureFilePro.com (25.9%)
Runners Up:

* Citrix ShareFile (8.8%)
* DropBox (8.2%)
* Wolters Kluwer CCH Axcess Portal/ProSystem fx /
iFirm (5.8%)
* ClientWhys/TaxBuzz.com (5.7%)
* Thomson Reuters NetClient CS Portals or Onvio (5.2%)
* Canopy (4.7%)
* SmartVault (4.6%)
* CPASiteSolutions (3.7%)
* Doc.IT Portals (2.1%)
* cPaperless SafeSend (2%)

* eFileCabinet SecureDrawer (2%)
* Suralink (1.5%)
* Box (1.4%)
* OfficeTools from AbacusNext (1.4%)
* AccountantsWorld CyberCabinet (1.2%)
* Other (15.8%)

DOCUMENT MANAGEMENT &
DOCUMENT STORAGE

Insight: There is a wide range of systems in
this category, ranging from basic file folders,
to advanced programs that include client
collaboration tools, automatic archiving,
retention functions and multi-worker productivity features.
WINNER: Drake Document Manager
(32%)
Runners Up:
* Intuit ProSeries & Lacerte DMS (11.4%)
* Thomson Reuters FileCabinet CS/GoFileRoom (9.7%)
* ClientWhys/TaxBuzz.com (5.8%)
* SmartVault Document Storage (5.1%)
* Wolters Kluwer CCH Axcess or ProSystem fx
Document (4.8%)
* eFileCabinet (4.7%)
* Doc.IT - Doc.IT DM (3.6%)
* OfficeTools WorkSpace by AbacusNext (3.1%)
* Doculex (3%)
* Conarc (2.8%)
* AccountantsWorld Cloud Cabinet (2.6%)
* Cabinet SafeCloud (1.4%)
* Suralink (1.4%)
* Canopy (1%)
* PaperlessPlus (1%)
* Personable (1%)
* Other (5.6%)

OTHER DOCUMENT
MANAGEMENT TOOLS

Insight: Document management also
requires special tools that sometimes work
with the scanner or work with the document
management system directly for functions
including OCR.
WINNER: Fujitsu (39.7%)
Runners Up:
* HP (22.5%)
* Canon (10.4%)
* Kofax (9.2%)
* Nuance (8.1%)

* cPaperless Tic-TieCalculate (7.1%)
* ABBYY (2.7%)
* Other (0.3%)

COMPREHENSIVE FIRM WORKFLOW SYSTEMS

Insight: This category is divided into two
groups: Comprehensive Workflow, and Other
Workflow Tools, which are designed for aiding
in specific tasks and engagements and for
smaller firms. Financial Cents also took first
in this category, providing firm workflow management tools that optimize firm profitabitilty.

COMPREHENSIVE WORKFLOW
WINNER: Financial Cents (54%)
Runners Up:

* Thomson Reuters Practice CS Project Management
(12%)
* Wolters Kluwer CCH Axcess or iFirm (10.6%)
* OfficeTools WorkSpace by AbacusNext (7.3%)
http://www.Bill.com http://www.SecureFilePro.com http://www.Bill.com http://www.CPAPracticeAdvisor.com
april2021

Table of Contents for the Digital Edition of april2021
