CPA Practice Advisor - 29

TECHNOLOGY IN PRACTICE
Digital Annotation: 82%
of firms in the CPAFMA
survey had standardized
on a digital annotation tool
such as PDFlyer or Tick Tie
& Calculate for PDF annotation. Is
the firm's use of digital annotation
tools standardized and are personnel consistently trained?
Preparer/Reviewer Workstations: Did all workstations
promote efficient production
and have adequate displays
for personnel to work effectively? As firms adopt more digital
tools, it is imperative that each
member have adequate screen real
estate, so these applications are
all viewable concurrently. Firms
also need to evaluate the increase
in remote work and the impact on
workstation replacement (desktop
vs. laptop) as well as update their
remote work policies.
Preparer Review: Were preparers adequately trained,
appropr iately assig ne d
returns, and did they follow
the process to check their
work before submitting for review?
Did the preparation process go well
and if staffing was not adequate
what changes should the firm
consider (interns, outsourcing)?
Review Optimization: Were
returns assigned to the appropriate level person and where
did we experience bottlenecks
where returns could be reassigned? What percentage of returns
were completed with one review
and what could be done to improve
this statistic? Returns completed
in one review are SIGNIFICANTLY
more profitable than those that are
reworked.
Collaboration Tools: Are
all firm personnel trained
on using digital collaboration tools (Skype, MS
Teams) and what opportunities does the firm have to use
them more effectively for tax pro-

duction? The CPAFMA survey found
that 56% of firms had standardized
on a collaboration platform.
Securing Access: Are all
firm members trained
on securely accessing
tax applications, aware
of cur rent secur it y
threats, and knowledgeable about
responding to client inquiries? 52%
of CPAFMA survey respondents had
implemented multi-factor authentication (MFA) to access the firm's
network.
Delivery: What percentage of returns were delivered electronically versus
physically, and where
did the firm experience
bottlenecks? The CPAFMA survey
found that 74% of firms delivered the
majority of their returns digitally;
what can the firm do to further
promote efficient delivery this
extension season?
Signatures/Authorizations: How well did the
firm's process to get
signed authorizations
work? 57% of CPAFMA
surveyed firms were using a digital
eSignature tool; how could the firm
benefit or improve the process if
digital signature tools were utilized?
Invoicing: How well did
the tax invoicing process
work this year and was
the firm able to provide
invoices with completed
returns where appropriate? The
CPAFMA survey found that 72%
of firms created the majority of
invoices onscreen; what can the
firm do to streamline, improve the
invoicing process, and what digital
delivery options are available?
Payment Options: Did
the firm make it easy for
clients to pay with the
receipt of their return?
43% of CPAFMA survey
respondents had implemented
a "self-service" payment option

on their website, and 79%
utilized CheckScan for daily
direct deposit of physical
checks.
While the above items
will help streamline
production processes
from now through the
October 15 deadline,
below we list a few
additional items that
firms may want to
review and consider
process changes in
preparation for the
2020 filing season
that can also be
explored at this
summer's conferences.
Organizer Production: Has
the firm reviewed organizer/
engagement letter delivery
opportunities to see where
they can be streamlined? The
CPAFMA survey found that 31% of
firms were delivering the majority
of their organizers digitally which
would have a significant impact on
production processes as well as the
adoption of portal solutions with
PBC (provided by client) request
listings such as Lacerte Link, CCH
My1040Data and SuraLink.
Tax Planning/Projections:
What percentage of 1040
clients does the firm do a
projection for? With the transition to higher value clients
and adoption of more consultative
practices, one of the key indicators
of success is the volume of clients
the firm is producing a projection
for. This is also one of the easiest
to adopt as the firm already has the
relationship, data, and knowledge of
which clients would benefit.
Consulting Opportunities:
Does the firm have a process
to discuss tax and business
consulting opportunities with
business clients? Expanding
services with existing clients is
much easier and more lucrative

MAY 2019 ■

than going after new business so
what can the firm do to proactively
increase consulting opportunities?
Optimized Training: What
additional training should
be scheduled for firm personnel to improve next busy
season?
Scheduled Maintenance:
What other equipment maintenance and/or upgrades
need to be scheduled prior to
next busy season? Year-end
provides an opportune time to reevaluate equipment leases and look
at hardware that has been successful in other firms (i.e. duplicators,
scanners, phone systems, etc.)
Debriefing tax production should
be a recurring activity after every
busy season and provides an opportunity for firm personnel to identify
areas for improvement and propose
solutions or search for alternatives.
Mixing up the format will help keep
personnel engaged and open to new
ideas and technology. ■

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