cs professional suite - future focus · 2 solutions issue 3, 2014 solutions is published by the tax...

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Sharon L. Trabbic ShowS how kindneSS counTS

TipS, TrendS, and connecTionS for uSerS of ThomSon reuTerS SofTware iSSue 3 | 2014

beyond The clockTipS for biLLing cLienTS for vaLue, noT hourS

ongoing suppoRT maximize producTiviTy wiTh Training and conSuLTing

invest in the growth of your firm—and the profession—by paving

the way for the best and brightest

focusfuture

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2 soluTions Issue 3, 2014

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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 2014 Thomson Reuters, Issue 3, 2014. Photo credits: cover: © Reuters; page 4 and above: © Media Bakery / Dougal Waters; page 6: © Pierre Maldonado (Raphael Hargrave); page 7 and above: © Reuters; pages 8 to 11, above, and cover (inset): © Joe Vaughn (sharon L. Trabbic); pages 12 to 13 and above: © Reuters; page 15: © Media Bakery; page 16: © Reuters.

Questions or feedback? email your thoughts to [email protected].

Join our online users’ forum, at cS.Thomsonreuters.com/community.

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Issue 3 | 2014

4NeWsLINe

esignature is now part of ultraTax cs; a closer look at medical reimbursement plans;

and our new LinkedIn page.

7sofTWARe IN AcTIoN

5 reasons you should be using document management software.

8useR PRofILe

sharon Trabbic shows that it pays to prioritize customers, employees, and community.

12INDusTRY AT LARGe

Making way for younger professionals.

8

cs.ThomsonReuTeRs.com 3

viewpoinT

4 7

12 curious to see what an osborne 1 looks like? visit

CS.ThomsonReuters.com/Solutions to get a glimpse

of computing history.

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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 2014 Thomson Reuters, Issue 3, 2014. Photo credits: cover: © Reuters; page 4 and above: © Media Bakery / Dougal Waters; page 6: © Pierre Maldonado (Raphael Hargrave); page 7 and above: © Reuters; pages 8 to 11, above, and cover (inset): © Joe Vaughn (sharon L. Trabbic); pages 12 to 13 and above: © Reuters; page 15: © Media Bakery; page 16: © Reuters.

Questions or feedback? email your thoughts to [email protected].

Join our online users’ forum, at cS.Thomsonreuters.com/community.

Find more on the web, at cS.Thomsonreuters.com.

cS.Thomsonreuters.com/facebook

cS.Thomsonreuters.com/Twitter

cS.Thomsonreuters.com/Linkedin

cS.Thomsonreuters.com/youTube


viewpoinT

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Meeting New Demands from the New consumer: sYNeRGY 2014i still remember the day when my kids found my first portable computer, an osborne 1, as we were cleaning out our basement. i tried to explain to them what an amazing piece of technology it was in its day. at only 24 pounds (including fold-up keyboard), it was small enough to fit under an airline seat. it had dual 90k floppy drives, one on each side of its 5” monochrome display, and an impressive 64k of memory. i also told them that it cost $1,800 when i bought it in 1982, a bargain considering all the bundled software that came with it. i was sure they would be impressed.

instead, they laughed. i guess i shouldn’t have been surprised. They’ve grown up a tap or two away from all the content, videos, apps, and software they want. They live in a wireless, cloud, and mobile web world where 90k wouldn’t even hold one of their school documents. Their devices weigh next to nothing. So the idea of a device like the osborne 1 was inconceivably limiting to them. it’s just one example of how dramatically our expectations as consumers have changed.

in the past, we would plug in a new gadget or walk into a store, and we’d work to understand what it could do and how it fit into our lives. Today, we expect technology and businesses to understand us. we expect every interaction to be thoughtful, functional, pleasant, simple, and above all, immediate. we’re part of a new generation of consumers that expects far more from the people and products that we interact with.

These new expectations have taken hold in an amazingly short period of time. and i think as professionals, it’s important for us to turn the mirror on ourselves and ask whether we’re meeting these new expectations in our own businesses or firms. are we working to understand our clients or are we forcing them to understand us?

if you attended Synergy 2014 in national harbor, maryland, you already know that progressive firms are rising to the challenge and working hard to meet the demands of their clients and prospects—of the new breed of consumers. i talked with dozens of attendees who are implementing new systems and processes, from more robust portal systems to extensive mobile capabilities. They’re essential tools that will enable today’s firms to serve their clients in the way they expect to do business.

i also want you know that we’re working every day to stay on top of these new expectations and give you the tools to exceed them. if you were at Synergy, you saw tools like our next-generation document management system, our vision for portals, our new eSignature capabilities, and our new Legal and business forms product that will be offered through netclient cS. They’ll enable you to provide your clients with the secure, user-friendly, simple experience they demand, and they’ll generate some additional revenue opportunities for you as well.

i’d like to thank everyone who attended this year’s Synergy conference. i think events like Synergy are some of the best tools we have for staying on top of new technology and new ideas. i look forward to it every year and i hope you enjoyed it as much as i did.

best wishes for a happy holiday season and a prosperous 2015.

Jon baronmanaging director, professional Segment, Tax & accounting, Thomson reuters

curious to see what an osborne 1 looks like? visit

CS.ThomsonReuters.com/Solutions to get a glimpse

of computing history.

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4 soluTions Issue 3, 2014 cs.ThomsonReuTeRs.com 5

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newsLine

cs professional suite®

ACCOUnTinG & AUdiTinGaccounting cS®

accounting cS client accessadvanceflow™

engagement cS®workpapers cS™

dOCUMenT MAnAGeMenTfilecabinet cS®

gofileroom®

MOBiLe APPSarne

mobile cS®mypay Solutions®

netclient cS®

PAYROLLaccounting cS payroll

mypay Solutions®

FiRM & WORkFLOW MAnAGeMenT

practice cS®firmflowTm

TAXultraTax cS®

goSystem® Tax rSfixed assets cS®

planner cS®Toolbox cS®

WeB SeRViCeSSaaS for cS professional Suite

virtual offi ce cS®web builder cS®

netclient cS®

esignature Is HereThe next level of convenience comes to ultraTax cS

W ith the november 2014 release of ultraTax cS, you can easily gather signatures from your clients for individual signature forms (such

as form 8879), engagement letters, and consent forms—at any time and from anywhere.

eSignature, our new fee-based ultraTax cS feature, gives you and your clients the convenience, security, and effi ciency you’ve been looking for in an eSignature function. with the eSignature feature, you’re sure to:

• Save Time—clients sign electronically in a simple process, so you don’t have to spend your valuable time gathering the required signatures in person.

• Save Headaches—The eSignature feature was specifi cally developed to integrate with ultraTax cS, so integration is a snap.

• Save IRS Hassles—you can be confi dent you’re in compliance, because eSignature meets stringent irS requirements for knowledge-based authentication (kba) for form 8879.

• Save Travel Expenses—you never have to leave your offi ce, since clients can complete their eSignature on their desktop, laptop, tablet, or smartphone from wherever they are.

Learn more at CS.ThomsonReuters.com/UltraTaxCS/eSignature, or call 800.968.0600.

The Trouble with medical Reimbursement plans medical reimbursement plans have traditionally been a popular means for small employers to offer health benefi ts to their employees as a tax-free fringe benefi t under irc Sec. 105. funded entirely by the employer, these plans typically allow for tax-free reimbursement of employees’ out-of-pocket health care costs such as individual health insurance policy premiums, copays, dental and vision costs, and any other deductible medical expense.

although the payroll tax treatment of medical reimbursement plans remains intact, a problem arises because the plans don’t comply with the affordable care act market reform provisions that are in effect beginning in 2014. as explained in irS

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esignature Is HereThe next level of convenience comes to ultraTax cS

• Save Headaches—The eSignature feature was specifically developed to integrate with ultraTax cS, so integration is a snap.

• Save IRS Hassles—you can be confident you’re in compliance, because eSignature meets stringent irS requirements for knowledge-based authentication (kba) for form 8879.

• Save Travel Expenses—you never have to leave your office, since clients can complete their eSignature on their desktop, laptop, tablet, or smartphone from wherever they are.

Learn more at CS.ThomsonReuters.com/UltraTaxCS/eSignature, or call 800.968.0600.

The Trouble with medical Reimbursement plans medical reimbursement plans have traditionally been a popular means for small employers to offer health benefits to their employees as a tax-free fringe benefit under irc Sec. 105. funded entirely by the employer, these plans typically allow for tax-free reimbursement of employees’ out-of-pocket health care costs such as individual health insurance policy premiums, copays, dental and vision costs, and any other deductible medical expense.

although the payroll tax treatment of medical reimbursement plans remains intact, a problem arises because the plans don’t comply with the affordable care act market reform provisions that are in effect beginning in 2014. as explained in irS

notice 2013-54, these reimbursement plans are considered group health plans and are subject to the market reforms, including the requirements that no annual limit be imposed on certain health benefits, and preventive health services be provided at no cost to the employee. a medical reimbursement plan doesn’t meet these requirements because the plan is considered to impose an annual limit up to the amount of the reimbursement, and only certain out-of-pocket preventive service costs are reimbursed. notice 2013-54 makes it clear that these arrangements can’t be integrated with an individual policy to satisfy the market reforms.

employers with plans that don’t comply with the market reform requirements are

potentially subject to a steep penalty of $100 per day per employee, or up to $36,500 per participant per year, under irc Sec. 4980d. Limited exceptions exist where pre-tax reimbursement plans may still work, but for the most part they’re no longer a viable option. Look to ppc’s guide to health care reform, ppc’s payroll Tax deskbook, and ppc’s guide to compensation and benefits for insights on health benefit alternatives for 2014 and forward.

Learn more about these products and the entire line of Thomson reuters checkpoint® health care reform resources at Tax.ThomsonReuters.com/HealthCareReform, or call 800.431.9025.

ouR new Linkedin page:your link to the cs professional suite

have you visited our new Linkedin page? This informative outlet brings you news and updates on Thomson reuters cS professional Suite products, services, and events, as well as articles on other topics of interest to tax and accounting professionals.

The new page is a perfect complement to our existing Linkedin cS professional Suite user group. Join the conversation at CS.ThomsonReuters.com/LinkedInGroup, where you can discuss cS professional Suite software and general tax and accounting topics with other group members.

To follow our Linkedin page, visit CS.ThomsonReuters.com/LinkedIn.

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sOftwareinaCtiOn


BeHindThesCenes

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Building Relationships, solving ProblemsmEET RaPHaEL HaRGRavE, lead business analyst

for Information Systems at Thomson Reuters. He

joined the company right out of college in 2002 as a

DOS support rep. Over the last 12 years he’s worked

as a business analyst and senior analyst, and was

promoted to his current position three years ago.

SOLUTiOnS: why did you choose Thomson reuters for your fi rst job out of college?

RAPHAeL HARGRAVe: i was fi nishing my accounting information Systems degree at eastern michigan university when a guy from the company came to career day. he got me really interested in the opportunities here.

Tell us about the work you do.i work with our enterprise management System (emS), which we use to run all of the enterprise functionality for the internal operations of our tax and accounting business. our team builds relationships with the local businesses so we can understand their needs and supply them with solutions, now and in the future.

What do you like best about your job?i love interacting with people. when i can solve a problem someone is having in their department—seeing it go from start to fi nish—that’s what keeps me motivated. business analysts do much more than coding and working on computers. we have to build relationships and communicate to solve problems.

How do you spend your time away from work?one of the things i do most is coach little league football. both my sons were in the program and it was a great way to spend extra time with them. but i still build relationships with a lot of the kids, and they come back and tell me how much they’ve appreciated my interactions with them. That’s a great feeling.

QA

In Praise of Document Management softwarefive reasons you should be using this valuable asset.

firms that are already using document management software (dmS) know fi rsthand how valuable it is to their practice. but for those who haven’t made the transition yet, here’s a rundown of the benefi ts from andy Smith, Thomson reuters product manager of document management and workfl ow Solutions.

1. Improved effi ciency. all the information needed to do business is accessible in an instant—much faster than digging through documents in a traditional fi ling cabinet. every fi rm will save time when using dmS compared to a paper-based system, although it differs from fi rm to fi rm.

“The more complex a fi rm’s workfl ow, the bigger the impact of implementing a document management system will be,” Smith says. “greater effi ciency will especially help fi rms that want to move toward a more trusted advisor role, because there’s less time and effort required to get through basic compliance work.”

plus, there’s the added advantage of the process improvements that can be made while setting up a dmS system, which gives fi rms an opportunity to evaluate their workfl ow.

2. Risk mitigation. automating document management means you can pre-set retention policies and security on a document and then forget about it. no worrying about how long to keep documents or whether unauthorized personnel have accessed them.

“There’s a risk to having things on paper, which could be taken out of the offi ce,” Smith says. “The importance of securing access to documents and client fi les cannot be overstated.”

3. Client satisfaction. every client will appreciate faster turnaround, which dmS delivers. “if a client calls and asks about a specifi c document, you can access it right away,” Smith says. what’s more, fi rms can

Family FUn

Staying together: with two football-playing sons and a daughter who runs track, hargrave and his wife, monya, spend most of their spare time at meets and games. “we do it as a family and it’s fun,” he says.

Playing together: The hargraves are fans of theme-park vacations. Their favorite? cedar point. “The kids like their roller coasters best.”

Praying together: The family is actively involved in their church, spending time every week volunteering.

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sOftwareinaCtiOn

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What do you like best about your job?i love interacting with people. when i can solve a problem someone is having in their department—seeing it go from start to fi nish—that’s what keeps me motivated. business analysts do much more than coding and working on computers. we have to build relationships and communicate to solve problems.

How do you spend your time away from work?one of the things i do most is coach little league football. both my sons were in the program and it was a great way to spend extra time with them. but i still build relationships with a lot of the kids, and they come back and tell me how much they’ve appreciated my interactions with them. That’s a great feeling.

In Praise of Document Management softwarefive reasons you should be using this valuable asset.

firms that are already using document management software (dmS) know fi rsthand how valuable it is to their practice. but for those who haven’t made the transition yet, here’s a rundown of the benefi ts from andy Smith, Thomson reuters product manager of document management and workfl ow Solutions.

1. Improved effi ciency. all the information needed to do business is accessible in an instant—much faster than digging through documents in a traditional fi ling cabinet. every fi rm will save time when using dmS compared to a paper-based system, although it differs from fi rm to fi rm.

“The more complex a fi rm’s workfl ow, the bigger the impact of implementing a document management system will be,” Smith says. “greater effi ciency will especially help fi rms that want to move toward a more trusted advisor role, because there’s less time and effort required to get through basic compliance work.”

plus, there’s the added advantage of the process improvements that can be made while setting up a dmS system, which gives fi rms an opportunity to evaluate their workfl ow.

2. Risk mitigation. automating document management means you can pre-set retention policies and security on a document and then forget about it. no worrying about how long to keep documents or whether unauthorized personnel have accessed them.

“There’s a risk to having things on paper, which could be taken out of the offi ce,” Smith says. “The importance of securing access to documents and client fi les cannot be overstated.”

3. Client satisfaction. every client will appreciate faster turnaround, which dmS delivers. “if a client calls and asks about a specifi c document, you can access it right away,” Smith says. what’s more, fi rms can

integrate dmS with client delivery software for truly seamless operations.

4. Cost savings. improved effi ciency reduces costs. So does eliminating the need for space previously taken up by old-fashioned fi le cabinets. worried about the expense of moving to dmS? you can implement it incrementally, keeping some paper-based processes, until your budget and time frame allows.

5. Employee recruitment. according to Smith, when he was weighing offers from accounting fi rms early in his career, fi rms without a document management system were signifi cantly less attractive to him.

“candidates entering the workforce now are expecting a higher level of technological sophistication. not having dmS limits what you can do from a staffi ng standpoint,” says Smith.

dmS, delivered check out filecabinet cS at CS.ThomsonReuters.com/FileCabinetCS and gofileroom at CS.ThomsonRetuers.com/GofileRoom.

documenT managemenT, deFineddocument management

is how fi rms store and

work with the information

required to manage their

business. Strictly speaking,

a paper-based fi le cabinet

can be considered document

management, but in today’s

business environment, more

and more fi rms are moving

to technology solutions.

document management

software (dmS) can be used

for selected elements of a

fi rm’s operations—or for every

aspect of a fi rm’s workfl ow.

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userprofiLe

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Big Goals, Big Heart

at william vaughan company, the firm’s ambition has never gotten in

the way of a personal commitment to employees, clients, and community.

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W illiam vaughan company (wvco) is a large firm with the personality of a smaller practice. based in maumee, ohio, wvco has always aspired to big things—and

achieved them—but has never lost sight of what’s most important: employee and client satisfaction.

in fact, the firm’s core values center around its staff, with an emphasis on ideals like mutual respect, work-life balance, lifelong learning, and innovation. Smart use of technology helps wvco live up to these and other core values, but the focus on people is paramount.

“we think our client service is second to none, and our client surveys tell us that clients agree,” says Sharon L. Trabbic, aaapm, chief operating officer at wvco. “our firm’s success is tied to our employee satisfaction, because our clients like to know that the same person who worked on their account last year is going to be working on their account this year.”

in 2013, the firm had zero employee turnover, something many tax and accounting firms can’t say. This level of

employee retention is nurtured from the first day someone joins the firm. business cards and notepads are at new employees’ desks from day one, so they immediately feel like part of the team. Training begins that first day, too, so employees know exactly what’s expected of them and what they can expect—including extras like dry cleaning pickup and drop-off at the office.

“The firm doesn’t pay for their dry cleaning, but if we can save our employees 10 or 15 minutes, we think it’s worth it to provide that perk,” Trabbic says.

PRoCESS makES PERfECTof course, it’s not all about niceties. The staff is thoroughly trained so everything is done “the william vaughan company way.”

“we’ve always looked for processes and procedures to help us be more efficient and make sure our clients are well-served,” Trabbic says. “you’re more efficient if you can repeatedly do the same thing over and over again with success. it’s also the best way to continuously improve our procedures.”

Big Goals, Big Heart

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fIRm faCTSbaSICS: established in 1959, william vaughan company is one of the largest locally owned cpa fi rms in northwestern ohio. with

a staff of 60, this full-service fi rm provides a wide range of services, including audits, accounting, tax preparation for businesses and

individuals, business consulting, and fraud and forensics expertise. industries served include healthcare, construction and real estate,

manufacturing, restaurant and hospitality, and non-profi ts.

WEbSITE: The fi rm offers an array of online tools at wvco.com, including tax news, an information library, newsletters and fi nancial

resources, as well as secure client portals and a fraud reporting and investigation tool.

SofTWaRE: william vaughan company uses a number of Thomson reuters tools, including gofileroom, netclient cS portals,

accounting cS and checkpoint.

for example, the fi rm has a fl owchart for how to prepare a 1040 tax return. if an error is made, it’s easy to identify whether a step in the process was missed or if another review step or procedure needs to be added to avoid future errors.

The fi rm’s reliance on processes isindependent from its use of technology—but the two principles complement each other perfectly.

Take gofileroom, for instance. every aspect of the fi rm’s data is stored in a central online location. when an employee or client needs information, they can access it through the cloud-based system. wvco also uses the firmflow component of gofileroom to automate the process and keep track of everything.

“we use a fi rst-in, fi rst-out philosophy, so when a tax return comes into the offi ce, it’s scanned and time-stamped, and then when someone is available they can go into gofileroom and select the fi rst return in

the queue,” Trabbic says. “That’s how we manage to keep our tax seasons fairly sane.”

She adds that gofileroom has saved the fi rm a lot of administrative time that was once spent tracking down client fi les.

“in the past, we had one full-time administrative person just dedicated to keeping track of fi les and fi ling things,” Trabbic explains. “when a client fi le was in someone’s offi ce we’d have to send out emails tracking it down. That’s just the way things were back then.”

SImPLICITY aNd SECURITYTechnology like gofileroom has other distinct advantages, such as improved security compared to using paper fi les.

The fi rm always had good security measures in place, but storing everything online is a vastly better solution. “if someone doesn’t require access to a fi le we can block them,” Trabbic explains. “back in the old days, anybody—even cleaning crews—could go into a fi le cabinet and look at client fi les. it never happened to us, but it’s happened at other fi rms.”

online client portals offer similar security, even if it does take a bit of education to get some clients up to speed.

“new clients are automatically signed up for the portal, and we continually invite them to use it,” Trabbic says. “we remind them that

they’ll no longer have to keep track of where their tax return is and that they can get documents on demand instead of waiting for them to be delivered.”

employees are encouraged to use the portals with clients every time, too, and the staff has embraced the virtues of a virtual offi ce setup. for example, during last year’s rough winter, employees often took advantage of the benefi t of working remotely from home.

NICE fIRmS fINISH fIRSTof course, there’s a lot more that goes into client and employee satisfaction. wvco has always been a full-service fi rm that offers specialized expertise such as management consulting. wvco also has a team of forensic and fraud accountants and a free service called end fraud now,

which lets clients report suspected fraud anonymously online. in addition, wvco provides niche services to the industries it works with, such as identifying costing issues for its manufacturing clients.

The fi rm has been honored for excellence many times over the years, including national recognition in 2010 from the american institute of certifi ed public accountants (aicpa).

what’s more, wvco has a great reputation with its employees. as just one example, in 2014, wvco was recognized as one of the area’s Top workplaces by The Toledo blade—a ranking decided by the votes of wvco’s own staff.

certainly, the fi rm’s commitment to work-life balance plays a signifi cant role. This balance includes encouraging employees to participate in charitable activities that matter most to them. employees who

we try to be as proactive as we can to make sure our technology is the best that it can be, for the benefi t of our employees and our clients.

Sharon L. Trabbic, Chief Operating Offi cer

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shaRe and shaRe alike

Since its inception, william vaughan company has been committed to the community. but it began giving back in an even bigger way last year, when it introduced an annual charity event.

in 2013, the designated charity was the american cancer Society. This year, the fundraiser benefits the cystic fibrosis foundation—a cause near and dear to the heart of wvco Tax manager amy Slates, cpa, cgma, who has two children living with the condition.

She’s not the only one at the firm who is personally impacted by cystic fibrosis. in fact, that’s how the charity was chosen as the beneficiary of the fundraiser, just like last year: by employee vote.

“as a firm, we decided we wanted our annual fundraiser to raise awareness for different diseases and help out people at our company,” Slates says.

The “kickin’ it for a cause” event on october 23rd featured dinner, a silent auction, and a raffle. The firm’s clients were invited to donate items for the raffle and silent auction, and 100 percent of the proceeds from those activities and event ticket sales were donated to the cystic fibrosis foundation.

they’ll no longer have to keep track of where their tax return is and that they can get documents on demand instead of waiting for them to be delivered.”

employees are encouraged to use the portals with clients every time, too, and the staff has embraced the virtues of a virtual office setup. for example, during last year’s rough winter, employees often took advantage of the benefit of working remotely from home.

NICE fIRmS fINISH fIRSTof course, there’s a lot more that goes into client and employee satisfaction. wvco has always been a full-service firm that offers specialized expertise such as management consulting. wvco also has a team of forensic and fraud accountants and a free service called end fraud now,

which lets clients report suspected fraud anonymously online. in addition, wvco provides niche services to the industries it works with, such as identifying costing issues for its manufacturing clients.

The firm has been honored for excellence many times over the years, including national recognition in 2010 from the american institute of certified public accountants (aicpa).

what’s more, wvco has a great reputation with its employees. as just one example, in 2014, wvco was recognized as one of the area’s Top workplaces by The Toledo blade—a ranking decided by the votes of wvco’s own staff.

certainly, the firm’s commitment to work-life balance plays a significant role. This balance includes encouraging employees to participate in charitable activities that matter most to them. employees who

report their involvement to the firm are paid for that time.

“almost every employee has something they’re passionate about outside work,” Trabbic says. “The firm has always been involved in the community and we support our employees’ individual efforts, too.” (See sidebar.)

prioritizing work-life balance certainly hasn’t held the firm back. in fact, in 2013 wvco acquired another firm and has other acquisitions in the works.

“we love to grow our firm,” Trabbic says. “we have a good strategic plan and know where we want to go in the future.”

Go, SEE foR YoURSELfLearn more about how gofileroom can improve your firm’s efficiency and workflow: CS.ThomsonReuters.com/GofileRoom.

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industryaTLarge

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smart ways for firms to address the graying of the profession and pave the way for younger professionals—and clients.

Older andWISER

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The Times, They aRe a-changin’one look at the numbers tells the story. here are four key demographic groups in the u.S. and the percentage of the population they comprise.

26%baby boomers

19%generation x

Seniors/builders13%

27%generation y

L et’s face it: no one is getting any younger. and there aren’t as many young professionals making their way up through

the ranks as there used to be. That means tax and accounting firms need to start planning for the future—now.

“Just based on sheer numbers, there will be fewer seasoned professionals to choose from,” says Sandra L. wiley, chief operating officer and senior consultant at boomer consulting, inc., which provides planning and consulting services to accounting firms. “it’s an opportunity for this profession to grow people faster and do things differently to retain the best and the brightest.”

here are three ways wiley urges firms to nurture the best talent—and attract new clients in an increasingly diy world.

1. TRaIN THE WaY YoUNGER EmPLoYEES LEaRN bEST. firm leadership must recognize that younger professionals may not have the same expectations about learning that they did.

“baby boomers like me were taught that you learn by being thrown into the situation and figuring it out,” wiley says. “gen x and gen y want collaboration with other people, both peers and mentors. and they want someone who will talk them through not only the work, but where they want to be in their careers.”

wiley says it’s imperative to identify core competencies and skills for each position, and provide the training necessary to help employees succeed and grow.

2. PRovIdE amPLE CaREER dEvELoPmENT oPPoRTUNITIES.There’s no longer a single career ladder to climb. younger generations see themselves as having career paths—

plural—and may be seeking growth opportunities outside the partner track.

“Some will choose to be partners, but others may want to have more flexibility to move around, take a leave of absence and then come back, for example,” wiley says. “we have to show them how they can grow in their career by making sure they understand the core competencies for the direction they want to take.”

also essential is being more transparent about the firm’s operations and fostering individual employee accountability earlier than some firms may be used to.

“younger employees want to own initiatives,” wiley says, “so put them on committees or task forces sooner or give them responsibility for a project.”

3. bEComE a TRUSTEd advISoR.many firms are starting to put more emphasis on being a trusted advisor—and that’s good for both staff and client recruitment, wiley says.

“There’s going to be an opportunity for people who do not have ‘cpa’ behind their name but who do have great skills in other areas, like financial planning, consulting, human resources, and business development,” she says.

That means firms can cast a wider net when seeking new hires. it also means firms have a strong case to make to potential clients—even those who think they don’t need an accountant.

“To really become that trusted advisor to our clients, we have to start teaching young people to see themselves that way,” wiley says. “we’re people who really understand how to take care of our clients’ business for them, and playing above the line of commodity work is going to be huge moving forward.”

7697_CTR1403NTHR.indd 13 11/4/14 2:38 PM


suppOrtcorner


TR_Iss3-14_14

The Help & How-To center spotlight:The “Share This” FeatureJust as you can with the rest

of our website, you can send

useful information from the

help & how-To center to

yourself or co-workers via email.

you can also easily share the

information with other social

media sites such as facebook,

Twitter, and Linkedin.

To share the page you’re viewing,

just click one of the icons under

“Share This,” near the bottom

of the page, and choose your

method of sharing.

Visual Valueby will hill, mba, Lead of content Strategy, Training & consulting, Thomson reuters

T he practice of tracking time in

accounting fi rms—and the role that

time plays in pricing services and

making billing decisions—has been

the subject of endless discussion.

it’s probably fair to say that when it comes

to some mainline compliance services like

tax returns, most fi rms have transitioned

beyond billing for time only. They’ve shifted

to a billing method based on a combination

of factors, with prior year billing and number

of forms involved taking precedence over the

smaller factor of time investment.

usually, a shift like this is internal to a fi rm.

by staying relatively close to prior year

billings, they can raise some of their fees and

avoid the “why?” conversations with clients.

Tax and accounting professionals know

that their skills and the importance of the

work they do for clients justify their fees. but

clients frequently struggle to understand

the charges on their accountant’s billings

because they fail to grasp the true value

of the services provided. and when that

happens, those services become a simple

commodity. clients won’t hesitate to shop

around in an effort to fi nd the best price, just

as they would with any other commodity.

So how can you better demonstrate your

value to your clients?

many fi rms have discovered that the

issue isn’t necessarily solved in the words

of a communication. instead, they’re

fi nding that the answer is in the medium

of communication—rather than merely

telling their clients about their value, they

illustrate their value.

Think of it this way: when clients purchase a

tangible item—furniture, a car, a house—they

can see the item, touch it, and make a value

judgment by comparing the raw materials

with their costs. but since the raw materials

of accounting services are only visible by

taking an x-ray of an accountant’s head,

practitioners must work to fi nd a way to

visually present the value of their services.

while there are many choices for creating a

visual, ultimately it will likely be refl ected in

one (or even both) of these areas:

• Impact to the client’s bottom line

• Opportunity cost

The discussion of the opportunity costs

for services, especially, is too often given

short shrift. but again, here’s a great way

to think about it:

what are clients unable to do right now

because of the way they’ve handled

their fi nancial needs? what impact will

engaging your fi rm for those services

have on the client?

The real secret to answering these

questions is your relationship with the

client—or your ability to quickly pick up on

their motivations. if the opportunity cost

is time for the client, then knowing what

makes the client tick will visually represent

how they’d take advantage of that saved

time by engaging your fi rm.

There’s no one right answer for how

to visually represent your value, but if

you want to see higher client retention

rates and better close percentages,

showing the visual value of your fi rm’s

services is the key!

YOUR CLIENTS’ BUSINESS

YOUR STRENGTHS

VALUE TO YOUR CLIENT

+

=

7697_CTR1403NTHR.indd 14 11/4/14 2:38 PM


suppOrtcorner

TR_Iss3-14_15


The Help & How-To center spotlight:The “Share This” FeatureJust as you can with the rest

of our website, you can send

useful information from the

help & how-To center to

yourself or co-workers via email.

you can also easily share the

information with other social

media sites such as facebook,

Twitter, and Linkedin.

To share the page you’re viewing,

just click one of the icons under

“Share This,” near the bottom

of the page, and choose your

method of sharing.

you can visit the help & how-To center at CS.ThomsonReuters.com/Help.

for allen Stahl, it’s

all about being an

advocate for his

customers. allen started

at Thomson reuters in

2006 as an ultraTax cS

intern. after his internship, he completed

his bachelor’s degree in business

economic management at albion college,

and then returned to Thomson reuters

in 2009 as a full-time goSystem Tax rS

product support representative.

during his three years in Support, allen

assisted with recruiting events at nearby

universities and helped educate college

students on the ways Thomson reuters

products could help them be more efficient

and productive once they transitioned

into the workforce. he also presented an

educational seminar called “automating

the accounting firm” to classes and

accounting groups, showing them how the

technology and integration of our product

suite creates an efficient and productive

work environment.

in 2013, allen became an account

specialist in the customer Service

department, where he works with large

firms to enhance their client experience

by strengthening relationships,

improving processes, and advocating for

the best interests of the accountant to

create long-standing partnerships.

outside the office, allen is passionate

about the great outdoors. after

graduating college and before he

returned to Thomson reuters, he

decided to take a solo road trip across

the country. in two months, he traveled

through 21 states, camped at many

of the national parks, and visited

popular sites like the alamo, hoover

dam, the grand canyon, yosemite

national park, yellowstone national

park, and mount rushmore.

mEET YoUR CUSTomER SERvICE REPallen Stahl, account Specialist

Visual Valueby will hill, mba, Lead of content Strategy, Training & consulting, Thomson reuters

Think of it this way: when clients purchase a

tangible item—furniture, a car, a house—they

can see the item, touch it, and make a value

judgment by comparing the raw materials

with their costs. but since the raw materials

of accounting services are only visible by

taking an x-ray of an accountant’s head,

practitioners must work to find a way to

visually present the value of their services.

while there are many choices for creating a

visual, ultimately it will likely be reflected in

one (or even both) of these areas:

• Impact to the client’s bottom line

• Opportunity cost

The discussion of the opportunity costs

for services, especially, is too often given

short shrift. but again, here’s a great way

to think about it:

what are clients unable to do right now

because of the way they’ve handled

their financial needs? what impact will

engaging your firm for those services

have on the client?

The real secret to answering these

questions is your relationship with the

client—or your ability to quickly pick up on

their motivations. if the opportunity cost

is time for the client, then knowing what

makes the client tick will visually represent

how they’d take advantage of that saved

time by engaging your firm.

There’s no one right answer for how

to visually represent your value, but if

you want to see higher client retention

rates and better close percentages,

showing the visual value of your firm’s

services is the key!

7697_CTR1403NTHR.indd 15 11/4/14 2:38 PM

YEaR-ENd TRaININGour 2014 year-end update & productivity Training makes it easy for you and your staff to explore new software enhancements and discover ways to improve your efficiency. This year’s course lineup includes:• 2014 Year-End Update & Productivity Training—for UltraTax CS,

practice cS, accounting cS payroll, payroll cS & payroll compliance, and goSystem Tax rS

• 2014 Improving Efficiency with Your E-File Process• 2014 Year-End Training—NetClient CS• 2014 Year-End Procedures for Accounting CS

registration discounts are available. for more information and to register, visit CS.ThomsonReuters.com/YearEnd.

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Permit No.17897322 Newman Boulevard Dexter, MI 48130CS.ThomsonReuters.com

TR_Iss3-14_16

once again, tax season is just around the corner. and whether you’re looking to get staff up to speed before the busy season kicks into high gear or you want to maximize the use of your cS professional Suite software to increase your productivity, we have the resources you need to get your firm ready.

Resources to Help You Get Ready for Tax season

PRodUCT oPTImIzaTIoN CoNSULTINGproduct optimization consulting is aimed at improving your productivity and maximizing your process efficiency with your software products. you work with a consultant to review the latest best practices, system enhancements, new consulting services, and training courses, and your consultant prepares a customized, detailed report of the key findings and professional recommendations to share with your firm.

product optimization consulting is available for engagement cS, gofileroom, practice cS, and ultraTax cS. Learn more at CS.ThomsonReuters.com/ Consulting/optimization.

7697_CTR1403NTHR.indd 16 11/4/14 2:38 PM

cs professional suite - future focus · 2 solutions issue 3, 2014 solutions is published by the tax...

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