TIPS, TreNdS, aNd cONNecTIONS fOr USerS Of ThOmSON reUTerS...
Transcript of TIPS, TreNdS, aNd cONNecTIONS fOr USerS Of ThOmSON reUTerS...
SOLUTIONS
NO STOPPING HER Jody Padar is on track to build her father’s firm into a million-dollar business.
TIPS, TreNdS, aNd cONNecTIONS fOr USerS Of ThOmSON reUTerS SOfTwareIS
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GET STRaTEGIc IN THREEmarketing tips for the bound and determined.
jumP IN, THE waTER’S fINENo website yet? It’s time to take the plunge.
full SPEEd aHEadFirms of the future are really going places—are you?
Blogging and tweeting, remote access and leasing: Accountants are growing with smart technology and creative solutions.
+
Solutions is published by the Tax & Accounting business of Thomson Reuters, 7322 Newman Boulevard, Dexter, MI 48130; 800.968.8900. Printed in the United States. Copyright 2010 Thomson Reuters, Issue 2, 2010. Page 6 and above: Copyright 2010 Joe Vaughn/Vaughn Media Inc. (Kathie Knapp); pages 8-11 and above: Copyright 2010 Steven E. Gross and Associates (Jody Padar)
issue 2 | 2010
[ 2 ]
Questions or feedback? Email your thoughts to [email protected].
The Tough Get Going12
4 NEwSlINEE-filing is upon us; happy birthday ARNE; manage payments online.
7 IN YOuR wORdS You, too, can have a professional website. (And, really, you should.)
14 TIPS & TacTIcSNew and better ways to reach out to your faraway clients.
AlSo INSIDE
SOLUTIONS
Join our online users’ forum, at CS.ThomsonReuters.com/Community.
Find more on the web, at CS.ThomsonReuters.com.
SolUTIoNS [issue 2, 2010]
Facebook (search for Thomson Reuters Tax & Accounting)
Twitter (@TRTaxAccounting)
YouTube (@YouTube.com/ThomsonReutersTax)
FEATURES
ThIS IS NOT YOUr faTher’S fIrm
8
6 Inside Story:
KaThIeKNaPP
Visit us on:
A Conversation With Jon Baron and Teresa Mackintosh: Part II
VIEW PoINT
Starting with the next issue, Teresa
mackintosh, cPa.cITP, senior vice president
and general manager, Professional market,
will be taking over the Solutions View Point
column from jon Baron, as Jon concentrates
his efforts on his new role as president,
americas, workflow & Service Solutions,
for Thomson reuters.
In the previous issue of Solutions Teresa and
Jon gave us their thoughts on the changes
impacting the accounting industry; in this
View Point, they talk about the changes
wrought by globalization, and share what
they’re looking forward to the most in their
new duties.
Q. jon, you became president of what
was then creative Solutions, Inc. in 1998.
That organization is now, of course, part
of the global Tax & accounting business
of Thomson Reuters. How do you think
globalization has changed the challenges
Teresa will face?
jB: The sun never sets on our customer base.
That’s something that wasn’t true back in
1998, and it’s a huge opportunity. But it has
big implications for the way we do business.
how do we manage serving those firms? we
have great tools to allow them to move
work electronically, but what about service
and support hours? what about our data
center operations for Virtual Office cS,
GoSystem Tax rS, Gofileroom, SaaS for
cS Professional Suite, and Netclient cS?
we have answers to all of this, but it’s very
different than it was in 1998. Information
travels much faster today than it did just a
few years ago.
There’s also the impact of international
reporting, and the general operations of
our customers’ clients that have global or
international operations. Our customers look
to us for assistance with IfrS, XmL, and
tax provision and transfer pricing issues—and
to provide efficient solutions to them to serve
their global clients.
Q. Teresa, what’s the single most
important thing jon has taught you that
you’ll carry over into your new duties?
Tm: Jon has taught me a tremendous amount
over the last fourteen years, and he’ll continue
to be an important voice in our business for
years to come. he’s a true visionary when it
comes to game-changing technology, yet
he manages to stay very grounded and keep
business operations running at top efficiency.
That’s because he’s careful to keep a balanced
perspective—and that’s the “lesson” I want to
carry with me, to always keep that balance in
mind whatever I do.
Q. what are you each looking forward to
most about your new roles?
jB: I’m most looking forward to the
opportunity to extend the leading technology
we’ve developed beyond the U.S., if it’s a
good fit. That would include our document
management systems and client collaboration
and communication tools such as portals,
practice management, and others. I’m excited
to compare accounting and tax processes in
different parts of the world, and to see how
their differences and similarities could affect
the future of the profession. I’m also looking
forward to better understanding the tax needs
of large corporations who are operating on a
global basis.
Tm: working with customers and staff has
been my favorite part of my career at Thomson
reuters, and I’m looking forward most to
continuing those relationships in the future. I
really think we share a exceptional connection
with our customers, which gives all of us here
at Thomson reuters a wonderful sense of
validation and makes us feel like our hard
work pays off in so many ways, every single
day. and in the coming years, I think that
relationship will only be enhanced as we guide
our customers through the trends impacting
the profession right now. It’ll be exciting to go
through those changes together.
CS.ThoMSoNREUTERS.CoM [ 3 ]
go gloBAl: leARn MoRe ABouT ACCounTing ABRoAd BY liSTening To Jon BARon And TeReSA MACkinToSh’S podCAST, cS.THOmSONREuTERS.cOm/cOmmuNITY/BlOGS/SOluTIONS/.
Jonathan a. Baron
President, americas, workflow &
Service Solutions, for Thomson reuters
Teresa mackintosh cPa.cITP
Senior Vice President & General manager,
Professional market
NeWsLiNe
SolUTIoNS [issue 2, 2010][ 4 ]
Have you been waiting for the ability to update your payment information online? Or the option to use a direct debit account for your payments? The wait is over!
we’ve recently added the ability to manage your payments online, which includes the option to use a direct debit account for your payments and gives you more control over your payment options for various services. Our new manage Payment Options feature can be accessed through the my account tab on our website, cS.ThomsonReuters.com,
where you already have the ability to update your email address and subscriptions, select delivery preferences, adjust account settings, renew your products, take surveys, download software, and more.
So the next time you visit our website, take a moment to check out the new manage Payment Options functionality in the my account section. It’s just another way we’re trying to serve your needs. If you have questions or suggestions for the new manage Payment Options tool, please email us at [email protected].
NOw YOU caN maNaGe YOUr PaYmeNTS
oNlINE
aRNE: One Year OldIn June 2009 we unveiled a complete overhaul of arNe (the accountant’s resource Network) to the Thomson reuters tax and accounting user community. although we kept the same resources and 24/7 access to discussions with community members, we changed the layout and updated the overall operation significantly—making sure in the process that arNe remains completely adaptable and scalable to meet future needs and enhancements.
we’re pleased to report that the new arNe is a hit; over the past year we’ve seen a substantial increase in new users joining the ranks of the forum and blog veterans. Groups have formed quickly, allowing like-minded users to have discussions based on shared interests, and the marketing mondays blog, which offers users access to a wealth of marketing tips and advice, is another popular feature. arNe’s growth has also allowed us to poll users for opinions on select topics from time to time, which helps us tailor the community to our users’ needs.
The future of arNe is bright, and there are plans in the works for even more enhancements and refinements. Stay tuned …
pRACTiCe CS Wins Technology innovation Award
The CPA Technology Advisor recently recognized the Staff management module of Practice cS with a Technology Innovation award, which honors emerging technologies that have the potential for significant positive impact on the tax and accounting profession.
Visit cS.ThomsonReuters.com/Practice for more information.
CS professional Suite®
& enterprise Suite™
ACCounTing
accounting cS™
client Bookkeeping Solution®
engagement cS®
financial analysis cS®
Trial Balance cS™
write-Up cS®
doCuMenT MAnAgeMenT
filecabinet cS™
Gofileroom®
pAYRoll
accounting cS Payroll
myPay Solutions®
Payroll cS®
pRACTiCe MAnAgeMenT
Practice cS®
TAX
fixed assets cS®
GoSystem® Tax rS
Planner cS®
ToolBox cS®
UltraTax cS®
WeB SeRViCeS
Netclient cS®
NetStaff cS®
web Builder cS®
SaaS Leasing
MoBile AppliCATionS
mobile cS™
Z
CS.ThoMSoNREUTERS.CoM [ 5 ]
aRE YOu REadY? MANDAToRY 1040 E-FIlING FoR 2011as you know, starting January 1, 2011, tax professionals who expect to file more than 100 individual or trust tax returns during the year will be required by the IrS to start using e-file. Tax professionals who expect to file more than 10 returns will be required to e-file beginning January 1, 2012. Get a jump on the electronic filing mandate now and be ready with our helpful e-filing resources.
at cS.ThomsonReuters.com/uTefile, you’ll find a number of useful resources and links to help you with the e-filing process, including: • IRSlinks,including
www.irs.gov/efile, where you’ll find the applications and instructions to participate in the IrS e-file program
•TheUltraTaxCSElectronic filing Guide (Pdf)
•AlinktoUltraTaxCSElectronicfiling training information
•ThecompleteStateElectronicfiling Guide
If you’re new to electronic filing, keep in mind that the IrS may require up to six weeks to process your e-filing application. we recommend that you complete and submit your application as soon as possible to ensure you’re approved at the beginning of the 2010 tax season.
for more information about e-filing with UltraTax cS, visit cS.ThomsonReuters.com/uTefile.
accounting cS, which debuted in may, is already opening new possibilities for firms of all sizes with its ability to divide work by task as well as by client, allow multiple staff to work on the same client simultaneously, and combine write-up, live and after-the-fact payroll, trial balance, and financial reporting into a single, unified platform.
with the recent introduction of accounting cS client access, customizable, real-time collaboration with clients is now possible. The firm and client can work simultaneously in the same database, for seamless updates and anytime-anywhere access. client access is remotely hosted, so there’s no need for firm employees to install applications on their clients’ local machines, or to learn a separate client application. The firm simply chooses which data to make available to clients.
coming soon, new additions to accounting cS will make it an even more powerful tool. They include:•Newaccountingfeatures:Clientconsolidationcapabilities,split-screencapabilitiesinthe
enter Trial Balance display, and the ability to insert charts, graphs, and logos into financial statements (late 2010).
•Newpayrollfeatures:TheabilitytoseparatepayratesandG/Laccountsbydepartment,supportfor alternative overtime rates, monthly limits on deductions, and support for sales-based calculations (late 2010).
•Newaccountspayablecapabilities(spring2011).•Newaccountsreceivableandengagementworkflowcapabilities(late2011).
for more information on accounting cS, visit cS.ThomsonReuters.com/accountingcS.
New Features Coming to accounting cS
MoBile CS RElEASEDiPhone® Users Now have on-the-Go Access to Practice CS
Using cutting-edge mobile application technology, mobile cS extends the reach of cS Professional Suite and enterprise Suite products from your desktop to your iPhone, giving you 24/7 access to your data from any location. The initial release of mobile cS offers Practice cS content with on-the-go access to helpful client and staff data, as well as key firm data such as wIP and ar. future releases will expand the content to other products. Learn more at cS.ThomsonReuters.com/mobilecS.
helping clients with the HIRE Act
did you know that Thomson
reuters provides free resources
to help you communicate the
provisions and benefits of the
hIre act to your clients?
Visit cS.ThomsonReuters.com/
Support/marketingTools
and log in to access free
letter templates under the
Payroll Services section.
whether you process payroll
yourself, or refer it to
myPay Solutions, you can
use this communication as an
opportunity for relationship
building and business growth.
[ 6 ] SolUTIoNS [issue 2, 2010]
PRoFIlE: KaTHIE KNaPP
a reaL Team PLaYer
iNsiDe sTORY
It was a pretty sure bet that KaTHIE KNaPP’S career would involve
accounting. After all, this sporty director of Accounting Development
comes from a family of accountants. She joined Thomson Reuters
in 1994 as a phone support representative. Knapp has since helped
develop three generations of accounting products, and moonlights
as a self-described hockey mom.
In Her words
combining technology with my business and accounting background has been a perfect fit for me. even though my dad, brother, and sister were all accountants, I didn’t plan to be a cPa. Still, my B.a. in business and economics was highly focused on accounting. I had never thought about working in the software field, but I ended up falling into it and it opened up a lot of opportunities for me.
does my accounting background influence my work? Sure. coming from a family of accountants, I feel I understand what accountants need in order to be more efficient. accounting cS, which I helped develop, is a good example because it helps clients do their own bookkeeping in an environment the accountant controls—which makes the accountant’s life so much easier.
Technology has definitely evolved since the days our products were dOS-based. It was exciting to work on the accounting cS team, since it’s the first generation of our accounting products that can be used by both the accountant and the client. Instead of two applications built by two separate teams, it’s a single product created through true team collaboration.
Sports are a big part of my family’s life. I played volleyball in college and still do. while I used to play in several leagues, now I limit it to one women’s league. as I get older and family activities increase, I’ve had to tone it down a little bit.
my 9-year-old son plays hockey and my 74-year-old dad and I both play softball. we’re a very close family, and going to University of michigan football games has been a big part of our family gatherings for 25 years. we love tailgating—at an afternoon game, we’ll grill turkey burgers, although I like doing the breakfast thing better. we make a special egg casserole and a baked french toast dish that’s a family tradition.
[ 7 ]CS.ThoMSoNREUTERS.CoM
wHO SaYS SmallER fIRmS caN’T cOmPETE
wITH laRGER ONES? certainly not milton dean of
dean financial Services. and here’s the secret: You’ll
need a website.
“having a website levels the playing field a little
bit when competing with the much larger firms,
because you can present a lot of content and detailed
information,” explains dean, an accountant who
operates the South fulton, Tenn., firm with his father
and a very small staff.
dean developed the firm’s website nearly 10 years ago,
using web Builder cS. “You can create your site in about
two hours,” he says. “Then you can tweak it and update
it in minutes whenever you need to.”
having a website helps dean financial Services work
with clients all over the country, a notable benefit for
firms in rural locations. Plus, with the client portals
they provide using Netclient cS, the firm can offer
the same level of advanced technology available from
even the largest practices, such as online invoicing
and bill pay or stock quotes.
The dean financial Services site also offers tools
that ensure that clients keep coming back, including
calculators and informational links. This self-serve
functionality enhances customer satisfaction and
loyalty, while moving the firm ever closer to a truly
paperless environment.
“I don’t know why even the smallest firm would
hesitate to have an online presence,” dean says. “If you
haven’t already created a website, I urge you to jump
in because it’s a very simple process. The water’s not
nearly as deep as you might think.”
iN YOuR WORDs
BuIld
youR own. Visit cS.ThomsonReuters.
com/web-Builder to
learn more.
maKe IT LIKe a PrOwant to see a professional-looking website
designed by someone who isn’t a professional
web designer? check out dean financial
Services’ website at deanfs.com.
The firm created its site using web Builder cS,
which provides templates and tools
customized for the tax and accounting
industry. Thomson reuters can also help you
secure and maintain your domain name,
aka website address.
There are other options out there, too,
including the iweb software on apple
computers and other programs for users
ranging from novice to pro. Only a few are
designed specifically for tax and accounting
firms, though, and in most cases you’ll be on
your own when it comes to managing your
domain name.
Take the plungeIt’s simpler than ever to develop your own website.
[ 8 ] SolUTIoNS [issue 2, 2010]
JOdY L. Padar, cPa, mST, Grew UP IN a TaX fIrm. really. her father did his accounting work in the family’s home.
“I remember being about 6 years old and opening the door for clients who were coming to our house during tax season. we had a home office before home offices were trendy,” Padar says.
Today, Padar is a partner in the firm her father James J. matousek, cPa, founded nearly 40 years ago. The practice is currently rebranding itself as New Vision cPa Group, a name that better reflects the firm’s forward-thinking approach.
“we’re not doing business the old way,” Padar explains. “It’s portal-driven, it’s technology-driven. Things are changing so we want to stay new and future-focused.”
The New family BusinessPadar joined the firm four years ago, after working for practices large and small. at the time, her father offered this succinct advice: “Go get your own clients.”
he made it clear to her that she wasn’t going to be taking over his work. “he already has his clients,” she says. “It was about me doing what I need to do to create my own firm.”
One of the first things Padar did was start offering clients a complete accounting and tax solution package. Instead of just preparing tax returns, New Vision cPa Group performs reviews throughout the year leading up to tax time, and also provides payroll services.
clients pay a monthly fee for the package of services they choose—as well as for the comfort and confidence that comes from knowing their accounting firm is available to them year-round, offering advice to help them run their business.
“Now clients are paying for the knowledge in my head, instead of my time. Plus, clients like knowing exactly what they’ll be paying every month.”
a child of TechnologyPadar remembers childhood trips to chicago with her father, dropping off tax returns at the data
Well, in the case of this accounting practice, it actually is. only better.
Father’s Firm
This is Not Your
FiRM FACTS
Z BaSIcS: Based in mount Prospect, Ill., New Vision cPa Group has a staff of four, plus three contractors. The firm specializes in bookkeeping and provides tax and accounting services to individuals and small business entrepreneurs.
Z wEBSITE: The firm provides a wealth of resources, including a secure client portal created using Netclient cS, at newvisioncpagroup.com.
Z SOfTwaRE: In addition to most elements of SaaS for cS Professional Suite, the firm uses other products that work within their SaaS environment.
Jody Padar, cPa, walking with her father, James J. matousek, cPa, on the campus of Oakton community college in Illinois, where she teaches taxation and consulting.
SolUTIoNS [issue 2, 2010][ 10 ]
40/40In 2009, Padar was honored by The CPA Technology Advisor
as one of the “40 Under 40.” She earned her master’s degree in taxation
from Northern Illinois University.
ZNo one can accuse Padar of being all work and no play. She’s a master swimmer who competes on a team and gets in about 3,000 yards twice a week. Swimming pals encouraged her to enter a triathlon a couple of years ago, which she proudly completed.
She and her husband, chris, are the parents of two children: an 8-year-old son and a daughter who is “10 going on 30,” Padar says. Padar loves traveling, especially to rome, where she lived for a year during college, but is equally happy on the day trips she and her girlfriends take to a casino in milwaukee to play bingo for the afternoon.
By offering our clients more value, we’ve tripled the size of our firm in four years—and that was during a recession. my goal is to become a million-dollar firm.
Jody Padar
“ “iN The
sWim OF
ThiNgs
processing center followed by a stop for ice cream on the way home. She began her career in the 1990s, when technology was really starting to take off.
Today, Padar can’t imagine running a practice without a full complement of technology. “If you’re afraid of technology, you’ll be left behind,” she says.
her father used UltraTax cS for years, and Padar has migrated the firm to Software as a Service (SaaS) for cS Professional Suite, which enables online remote access. SaaS technology provides the flexibility of leasing while keeping costs down and reducing IT burden.
Padar and her father work in two separate offices and her mother, Peaches matousek, who has always handled administration for the firm, works from home. Other than one full-time staff member who works alongside Padar, everyone else works remotely.
“all our contractors work where they live,” she says. “my parents have a vacation home in wisconsin, so even during tax season they can be there and still be working.”
Larry Goeckner, the Thomson reuters associate sales manager who works with Padar, admires how she integrates her professional and personal responsibilities.
“She’ll call me from one of her kids’ events,” he says. “She’s involved with the firm and with her family life, using technology to bridge the two. and her parents do it, too, which dispels the misconception that older professionals are anti-technology.”
Padar tried other ways of working remotely, including a virtual private network (VPN), but prefers the reliability and convenience of SaaS.
CS.ThoMSoNREUTERS.CoM [ 11 ]
leSSonS leARned: hear Jody Padar speak about joining her father’s firm in one of our exclusive Solutions podcasts. Visit cS.ThomsonReuters.com/community/Blogs/Solutions.
lIFEloNG lEARNING
waNT TO lEaRN SOmETHING NEw? juST aSK
jOdY PadaR. She’s always eager to expand her
own expertise, and admits to having “the heart of
a teacher.”
She’s an adjunct professor at Oakton community
college in Illinois, where she teaches taxation
and QuickBooks consulting. Plus, Padar believes
in educating her firm’s clients instead of just
providing them with deliverables.
“Small businesses need someone to help them
work through ideas—that’s what they’re hungry
for,” she says. “They’re not hungry for a tax
return, though they need that, too.”
Padar will also be a speaker at this year’s
Thomson Reuters users’ conference in October,
where she’ll make presentations on social media
and Software as a Service (SaaS).
what’s more, she’s now an official blogger
for webCPA.com and will be speaking at the
accounting Today Growth & Profitability Summit
in November. The topic, appropriately, is, “You’ve
Got Your dad’s firm: Now what?”
“Our VPN never worked right and we had to do the updates, which we don’t have to do anymore,” Padar explains. “Plus, when my laptop broke recently, I had all my data on a new laptop within two hours.”
Last year, the firm also launched another key element of a paperless practice, a secure client portal. They are preparing to implement Practice cS this year.
Technology and TraditionPadar’s enthusiasm for technology doesn’t end with the software at her practice. She’s also an avid user of Twitter, which she joined about a year ago.
In addition to using it to exchange ideas with other cPas, she follows customer service experts to learn more about keeping clients happy. “Knowing how to really delight customers is something I think sets our firm apart,” Padar says.
Plus, she’s made valuable peer connections and even picked up new business via Twitter. “You’re not going to close a deal on Twitter—you still have to make a personal connection,” Padar says. “But through Twitter, I’ve ended up getting to know people in the next town.”
and even with its extensive use of new technology, the traditions of Padar’s family company remain strong: Great service and smart business. 2
[ 12 ] SolUTIoNS [issue 2, 2010]
The Tough Get GoingKeep your firm moving forward with a 1-2-3 punch of strategic marketing.
Has the going been tough?
No doubt about it. The last
couple of years have been
challenging for just about
everyone and every
business. But that’s no
reason to let your firm
lose momentum.
In fact, many
accounting practices
are starting to focus on
business development—
particularly now, as
we’re beginning to see
some “pockets of optimism,” says
hugh duffy, cofounder and chief marketing officer
of Build Your firm, a practice development and
marketing company that works exclusively with
accounting firms.
The economic downturn actually prompted many
accounting firms to learn how to use marketing
for lead generation, according to duffy. “even in
the severe down economy, we have clients that are
doing extremely well. They are maintaining more
control over their own destiny,” duffy explains. “To
do this, you have to be proactive about managing
your marketing as well as new business acquisition.”
1. GET STRaTEGIc
Though there are numerous marketing options
out there, don’t plan on using them all.
Instead, duffy suggests, employ a targeted
strategy that suits your firm’s expertise
and resources. whether you opt for email
newsletters, a facebook page, or participation
in business-appropriate LinkedIn Groups,
establish your firm as an expert.
“find the forum that suits your expertise, your
comfort level, and your professionalism, and do
it extremely well,” duffy says. “The cost for these
strategies isn’t significant, but they do require
time and effort.”
he advises against any media that aren’t
targeted, including cold-call telemarketing and
Yellow Pages advertising. also, duffy suggests,
don’t solicit business from market sectors
that are still struggling, such as real estate
or construction.
WhY go online? hugh duffy explains marketing via social media in a Solutions podcast. Listen at cS.ThomsonReuters.com/community/Blogs/Solutions.
CS.ThoMSoNREUTERS.CoM
The Tough Get GoingKeep your firm moving forward with a 1-2-3 punch of strategic marketing.
add to your marketing toolbox.
find more resources at
cS.ThomsonReuters.com/Support/
marketingTools.
Z
[ 13 ]
GeT TO KNOw ByF
Build Your Firm (BYF) works with accounting professionals to help them learn to market, price,
and sell their services for optimal returns. A Thomson Reuters preferred partner, BYF offers its
clients customized software bundles that facilitate BYF’s workflow approach, which helps firms
leverage technology to operate more efficiently. To learn more, visit buildyourfirm.com.
2. GET PERSONal
whenever possible, use marketing to express your
firm’s personality and create a personal connection.
If you or someone on your team has great charisma,
try posting a YouTube video about your firm’s
services and expertise on your website. “Potential
clients want to identify with folks who speak to
them, who can address their needs, and build a
sense of trust,” duffy explains.
Look for ways to share kudos about your firm. People
look online for performance ratings and reviews, so
get the word out. “whether it’s a recommendation
from a LinkedIn contact or a review on angie’s List,
an accumulation of positive press posted on the
Internet can establish trust,” he says.
when clients praise your work, get in the habit of
asking them for a recommendation or whether you
can post their quote on your website.
3. GET SmaRT
If you’re like most professionals in accounting, you’re
probably wondering when you’re going to find the
time to do all this marketing. Use your resources.
If your firm is on the larger side, consider hiring or
appointing someone to oversee these activities.
Smaller firms can work with one or two practice
development firms. and, regardless of firm size,
duffy recommends accountants attend at least
one accounting marketing workshop each year, to
learn best practices in both marketing and closing
the deal.
“There’s plenty of business out there,” he says, “so
it’s worth the upfront investment to develop the skill
set to know how to effectively market your firm.”
Tips & TACTiCs
[ 14 ]
Tune in online
more answers await you at cS.ThomsonReuters.
com/Tips.
SolUTIoNS [issue 2, 2010]
ulTRaTax cS Q: what’s the final date for transmitting returns on
form 4868 extension?
A: The deadline for transmitting returns on form
4868 extension is October 15, 2010. Thomson reuters
transmits returns to the IrS Submission Processing
centers at the drain times published by the IrS,
which vary depending on the client’s state of
residence. To view a list of the published drain
times from UltraTax cS:
1. click the Electronic filing and other product
news link in the Notices section of the
UltraTax cS home Page.
2. In the detail column, click the link for the 1040 e-file
Processing Schedule, 4/23 to 10/20 notice posted
on april 23, 2010.
To ensure that electronic files are transmitted to the
IrS on time, we recommend that you transmit files to
Thomson reuters at least one hour prior to the drain
time published by the IrS.
#Tip: Because the IrS experiences a high volume of
transmitted electronic files between October 10 and
October 15, transmissions and acknowledgments
may be delayed. we recommend you transmit
returns as soon as possible before October 10,
rather than accumulating a batch of returns and
transmitting them on October 15. The IrS allows
returns that were rejected on October 15 to be
retransmitted electronically within five calendar
days of the deadline to avoid penalties, so the last
date to retransmit rejected late returns or rejected
returns on form 4868 extension is October 20.
NETclIENT cS
Q: I’d like to share files with my clients through their
portals. what’s the easiest way to do that?
A: New features in file exchange let you assign next-
generation Netclient cS users to groups and then
grant the groups access to shared and personal
file exchange folders.
#Shared folders: clients see the entire contents
of each folder, and you choose whether they can
upload files to shared folders. clients cannot create
or delete subfolders or files in shared folders.
Next-generation NetStaff cS users with access to
the Netclient cS tab and file exchange can see
all files that are in shared folders.
#Personal folders: Netclient cS users can upload
files to personal folders, and each user can see
only the files he or she uploaded. Next-generation
NetStaff cS users with access to the Netclient cS
tab and file exchange can also see all files that
users have uploaded to personal folders.
If you use UltraTax/1040 web client Organizers
or if you deliver UltraTax/1040 returns to
Netclient cS portals, you can assign all of your
1040 clients to a group and give that group access
to the Source documents personal folder. By doing
this, you can quickly and easily provide all your 1040
clients with a private Source documents folder. You
can then log in to NetStaff cS and download files from
your clients’ Source documents folders at any time.
# Note: You can also give your clients access to
a Private folder. You cannot use this folder to
exchange files because only Netclient cS users
can upload files to the Private folder, and each
Netclient cS user can see only the files he or
she uploaded.
GET BETTER cONNEcTEd
have questions about sharing files with clients or transmitting returns? we’ve got the answers!
featured solutions in this issue
ACCounTing
client Bookkeeping Solution
financial analysis cS
[ 15 ]CS.ThoMSoNREUTERS.CoM
PaYROll cS
Q: how can I automatically retrieve the total deposits
into Line 11 of form 941?
A: as long as the deposits have been recorded
using printed or handwritten vendor checks, those
check amounts can be retrieved into the form. from
the form 941 screen in the Payroll Tax Processing
window, choose Tasks > Vendor checks and select
the appropriate vendor. checks dated within the last
quarter are selected as the original default setting
for each client. The amount in the Total field of the
Vendor checks dialog automatically carries to Line 11
in the form 941 screen.
# If necessary, you can use the Offset (In days) field
to change the default setting for the range of check
dates to be retrieved each quarter. for example,
enter 10 in the Offset field to retrieve amounts
for vendor checks dated from 10 days after the
beginning of the quarter through 10 days into
the subsequent quarter. (for third-quarter filing,
that would include checks dated between 7/10/10
and 10/10/10.)
fINaNcIal aNalYSIS cS
Q: I’ve produced some reports in financial analysis cS
that my out-of-state client could use. how can I get the
information to my client electronically?
A: from the Print Reports screen, you can choose a
formatting option for the final report. You can extract
the information as a read-only Pdf file, or as an
excel spreadsheet, which allows the client to
manipulate the information further if necessary.
#The Output to file and Output to email options
available in the Print reports screen support
both of these formats. If you’re a licensed user of
filecabinet cS, you’ll also find an option to send
the report directly to that program.
#Note: If you send the report to your client
from filecabinet cS, you must use Pdf as the
file format.
clIENT BOOKKEEPING SOluTION (cBS)
Q: Is there a way to import transactions from my bank
statement so I don’t have to re-enter them in cBS?
A: with cBS, you can import transactions that are saved
in either OfX or QfX format. Once you’ve downloaded
the transactions from your bank’s website, you can
choose checkbook > View Bank Transactions and then
select the checkbook to work with.
fIlEcaBINET cS
Q: can I place a file in multiple client drawers when I
initially store the file?
A: Yes. Starting with version 09.1.0, filecabinet cS
allows you to place documents in multiple client
drawers. when printing files to, embedding files in, or
scanning documents into filecabinet cS, follow these
steps to place a document in multiple drawers.
1. Open the drop-down list for the drawer Id field and
choose Select multiple drawers.
2. In the Select multiple drawers dialog, move the
appropriate drawers to the drawers selected pane
and click OK.
GOfIlEROOm
Q: what types of files can I work on when I’m not
logged in to Gofileroom?
A: You can check out any file that is stored in
Gofileroom and update the file in offline mode. after
you check files out, enable offline mode by choosing
Offline from the drop-down list in the Gofileroom
control Panel. The control panel system tray icon
changes to indicate the offline status; you can right-
click the system tray icon to re-connect to Gofileroom
or exit the application.
# If you’re prompted to log in while you’re working in
offline mode, you can choose to remain in offline
mode. after you log in to Gofileroom, you can
check in the files you changed while working offline.
doCuMenT MAnAgeMenT
filecabinet cS
Gofileroom
pAYRoll
Payroll cS
TAX
UltraTax cS
WeB SeRViCeS
Netclient cS
PRSRT STDU.S. Postage
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TL 22462
The JeWel oF The CApiTAl Region hOSTS The 30Th aNNUaL USerS’ cONfereNce
The 30th annual Thomson reuters Users’ conference for Professional Tax & accounting firms will take place October 27-30 at the beautiful Gaylord National Hotel & conference center in National Harbor, md, just minutes from washington, d.c.
This year’s conference offers more than 70 workshops—including cS Professional Suite and enterprise Suite training. You’ll also enjoy a variety of practice management and technology sessions, keynote addresses by nationally recognized speakers, entertaining events, and rich networking opportunities.
Visit cS.ThomsonReuters.com/uc to register or for more information. You can also register and request a printed program by calling a customer Service representative at 800.968.8900 and pressing 1, then 5.
Registration is Open!
SaVINGS & dIScOuNTSThe registration fee is $1,195 for the first person registered from your firm. and even though the early registration period has ended, you can still save up to $150 with these discounts:• AdditionalFirmAttendees—SAVE$100• PreviousAttendeeDiscount—SAVE$50if
you attended the 2009 Users’ conference
BOOK YOuR ROOm TOdaYdiscounts are based on availability, so hotel reservation requests must be received by October 5, 2010, to qualify for the special conference room rate and to ensure room availability. The Gaylord National is also extending the special group rate for three days before and three days after the main program dates of October 27-30—a great opportunity to explore the history and excitement of our nation’s capital, one of the most dynamic cities in the world.
make your reservation by calling the Gaylord National at 301.965.4000 and asking for the Thomson reuters Users’ conference group rate c-reU10. You can also visit us online at cS.ThomsonReuters.com/uc, then click the Travel link.
REgIsTER AT Cs.THomsonREuTERs.Com/uC