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SOLUTIONS
Practice cS GoeS mobileYou’re no longer tied to your desk with this innovative app.
TIpS, TreNdS, aNd cONNecTIONS fOr USerS Of ThOmSON reUTerS SOfTware
ISS
Ue
3 |
20
10
read thiS a new book for accountants gives tips for leading a thriving company.
back to School rick Kursik explains the benefits of working with local students.
redefININg Growth
When simplicity drives success
John Lichty shows how a lean operation can boost its bottom line
+
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 3, 2010. Page 6 and above: Copyright 2010 Joe Vaughn/Vaughn Media Inc. (Rick Kursik); pages 8–11 and above: Copyright 2010 David Moser (John Lichty); page 12 and above: Copyright 2010 Gregor Schuster/Corbis
issue 3 | 2010
[ 2 ]
Questions or feedback? Email your thoughts to [email protected] and
acquisitions12
4 NewSliNePractice CS goes mobile—plus all the ways we can help you e-file.
7 Software iN actioN Engage with your clients efficiently, effectively, and, yes, even remotely.
14 tiPS & tacticSJam-packed with answers and best practices!
ALSo INSIDE
SOLUTIONS
Join our online users’ forum, at CS.ThomsonReuters.com/Community.
Find more on the web, at CS.ThomsonReuters.com.
SoLUTIoNS [issue 3, 2010]
Facebook (search for Thomson Reuters Tax & Accounting)
Twitter (@TRTaxAccounting)
YouTube (@YouTube.com/ThomsonReutersTax)
FEATURES
Visit us on:
JOhN LIchTY: hOw hIS fIrm ThrIVeS8
6 Inside Story:
rick Kursik
VIEW PoINT
CS.ThoMSoNREUTERS.CoM [ 3 ]
‘r u ready’ for What’s Coming?
I think everyone who attended the 2010 Users’
conference will agree with me that this year’s
conference was exceptional. everything—from
the venue to the networking opportunities—was
fun and full of energy, while the workshops were
jam-packed with new information and ideas.
for me, one of the highlights of the event was the
introduction of our newest product, mobile cS, which
I’m pleased to say enjoyed a very positive reception.
It’s amazing to think that something as data-
intensive as practice cS—a system that’s powerful
enough to allow you to oversee your entire firm by
accessing key firm, staff, and client data—can be
channeled into something as small as an iphone®
or an ipad™. But of course, these days small equals
powerful (and popular), which is why a recent
cNN.com article predicted that smartphones will be
soon outselling desktop systems. which brings up a
question that I hope every one of our users is taking
the time to contemplate: have you considered the
importance of new technology like smartphones to
your firm’s immediate and long-term future?
If not, here’s something to get you thinking about it:
when your next-generation clients start showing up
on your doorstep in the near future, many of them
won’t rely on a desktop pc for their computing needs.
They’ve grown up using laptops and mobile devices,
and the firms they’ll reward with their business will
be the firms that fit into their life and business styles.
That’s precisely the reason why Thomson reuters
launched mobile cS—to help you be ready for this
tech-savvy new generation—and why we’re working
so hard to bring more of our products and services to
the mobile platform.
There’s no sidestepping the fact that in the next
few years we’re going to experience a massive
shift in client demographics that will change our
profession forever. Jon and I addressed this in
our conference opening keynote, “r u ready,” and I
think it’s a message worth repeating:
Have you thought about where your clients will come
from in the next 25 years, or 10 years, or even in 2011?
Are you ready with the services and products they’ll
demand? If not, what are the changes you need to
make to attract them?
and by the way, this is definitely not just a client
concern, it also holds true for the next generation
of accountants who will soon enter our industry.
These young professionals have seen that they
can have it all, and they’re determined to strike a
balance between their careers and their personal
lives. products and services like accounting cS with
its revolutionary client access extension, SaaS, and
Virtual Office cS will help you welcome them into
your firm with exactly the technology tools that
they’re expecting.
as we get ready to start another tax season, it’s a
perfect time to look within yourself and your firm’s
operations and take stock. are you up to speed
and comfortable with your technology position,
and with where your firm is headed? If you are,
congratulations, and welcome to the next generation.
But if you’re not quite there yet, don’t worry; as your
partners on this tech journey, we’ll be beside you
every step of the way. Together, we can be ready
for the future that’s happening now—and the
even more exciting future that’s yet to come.
The FiRST LadY oF UC: what did Teresa mackintosh take away from the 30th annual 2010 Users’ conference? find out in her podcast at cS.thomsonreuters.com/Solutions.
Teresa mackintosh cpa.cITp
Senior Vice president & general manager,
professional market
NeWsLiNe
SoLUTIoNS [issue 3, 2010][ 4 ]
The Knowledgebase, an invaluable resource for cS professional Suite users, was recently upgraded to give you a more efficient and user-friendly experience. New enhancements include: •FRee TexT SeaRCh CapabiLiTieS: get
more targeted search results, with the most relevant results listed at the top.
•pRodUCT FiLTeR: filter all results by a specified product (for example, UltraTax cS) when performing a search.
•enhanCed bookmaRking: Bookmark individual cases and easily organize them into folders for later access via your browser’s Bookmark or favorites menu.
•neW home page diaLogS: Quickly access current information and seasonal questions or topics with the new faQs and hot Topics links on the home page.
To explore the improved Knowledgebase, visit cS.thomsonreuters.com and click on Support.
ChECK oUT ThE mobile cS iPhoNe® aPP In August, Thomson Reuters released its Mobile CS iPhone application—a first-of-its-kind app for tax and accounting professionals. Using advanced mobile application technology, this practice management tool extends the reach of practice cS from desktop to iphone, giving more than 70,000 practice cS users the ability to access key firm, staff, and client data anytime and from anywhere.
Users have the ability to view important data and make informed business decisions on the spot, review client interactions before meetings, check staff availability while out of the office, view the status of a project, and much more. future mobile cS updates will include access to additional cS professional Suite and enterprise Suite functions and data, enabling tax and accounting professionals to manage their firm from home or on the road. development of the mobile cS app for other mobile devices, such as BlackBerry®, android®, and windows® phone devices, is currently being considered.
mobile cS is available for download from the apple iTunes® app Store free of charge. Trial data is automatically downloaded with mobile cS, allowing any iphone user to try mobile cS and become familiar with its features and navigation without incurring charges. Synching a firm’s practice cS data to mobile cS requires licensing through Thomson reuters.
for more information on mobile cS, please visit the website at cS.thomsonreuters.com/mobilecS.
Check out the enhanced knowledgebase
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™
CS.ThoMSoNREUTERS.CoM
effective January 1, 2011, preparers who expect to file 100 or more federal individual or trust tax returns during the year will be required to start using e-file. preparers who expect to file 11 or more returns will be required to e-file beginning January 1, 2012.
at cS.thomsonreuters.com/Utefile, you’ll find a number of helpful e-filing resources and links to help you with the e-filing process, including:
- IrS links, such as www.irs.gov/efile, where you can find the applications and instructions to participate in the IrS e-file program
- The UltraTax cS electronic filing guide, in pdf- a link to UltraTax cS electronic filing training information, including
three very informative e-filing courses: – FREE On-Demand Course! Ultratax cS: Getting ready for irS e-file—
This one-stop resource for firms and staff members who are new to e-filing is being offered at no charge.
– Ultratax cS electronic filing essentials 1—walks you through the process of using UltraTax cS to e-file individual, corporate, and partnership returns
– 2010 improving efficiency with Your e-file Process—explains the e-file mandate, state changes, correcting e-file rejections, and more.
- The complete State electronic filing guide
If you’re new to electronic filing, keep in mind that the IrS may require up to six weeks to process your 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 return season.
To learn more about electronic filing with UltraTax cS, go to cS.thomsonreuters.com/Utefile, call 800.968.8900, or email [email protected].
New BOOK OfferS haNdS-ON TIpS fOr OpTImIzINg fIrmS
Check out the enhanced knowledgebase
BE READY FoRmandatory 1040 e-filing in 2011
are you an accountant or an entrepreneur? for heads of small to mid-sized accounting firms, the answer is often “both.” and that can be daunting for cpas whose background has not prepared them for the demands of entrepreneurship.
To help fill the knowledge gap, cpa and consultant
m. darren root has co-written a book with michael e. gerber. Titled The E-Myth
Accountant: Why Most Accounting Practices
Don’t Work and What to Do About It, the book offers a complete toolkit for starting a successful practice from scratch and maximizing an existing practice’s performance by drawing on michael gerber’s e-mythprinciples, which have already helped transform more than 60,000 businesses.
featuring actionable advice on running a successful, profitable accounting firm, the book explains why firm leaders should focus less on technical details and more on the big- picture entrepreneurial aspects of running a thriving business.
“I want accountants to understand the difference between working in their firms and working on their businesses,” root says. “The book offers a powerful venue to get this message out and help accountants transition to a true entrepreneurial mindset.”
root was asked to collaborate on The E-Myth
Accountant because he is widely considered to be a thought leader in the profession, with his firm often cited as a prime example of an ultra-efficient, highly profitable business.
“The e-myth accountant” is available for pre-order either at rootworks.com, or by
calling 877.259.9256.
[ 5 ]
[ 6 ] SoLUTIoNS [issue 3, 2010]
BEhIND ThE SCENES AT ThoMSoN REUTERS
Look who’s got SchOOL SpIrIT
iNsiDe sTORY
Solutions: what inspired you to initiate the college partnerships?rick kursik: at the time, we learned that several schools were adding sales as an area of specialization. So we began working with western michigan University and the University of Toledo, and later added michigan State University and central michigan University.
how do the partnerships work? we sponsor activities, meet with faculty, and lead one-day seminars on topics like the client resource management (crm) tool or how to sell over the phone. The schools also have job fairs and business organizations we support, and we sit on advisory boards to help the schools develop their future curricula.
are the internships beneficial? definitely—both for the students and for Thomson reuters. we have about 20 interns in the summer and fall who work full time on our sales floor. They get a good feel for what it’s like to work in a professional sales environment and have the chance to validate what they’re learning in school. plus, we get the opportunity to hire the best and the brightest of the graduates!
what motivates your continued involvement in this project? I’ve always lived in michigan and feel strongly about creating jobs here that can be filled by graduates from schools in michigan or our region—especially when I can connect them with jobs in a field and at an organization I feel passionate about. and college students have a certain energy and enthusiasm that’s pretty fun to be around.
meet rick kUrSik, vice president of sales at
Thomson Reuters in Dexter, Mich. He joined the
company about five years ago, and during that time
he’s helped establish partnerships with four area
universities to support their sales curricula and
create internship opportunities. Kursik and his wife
Amy have three children, two in college and a third
who has already graduated.
oUT AND ABoUT IN ThE GREAT LAKE STATE +
State Pride: Kursik admits he’s a michigander, through and through. “I try to carry the flag well,” he says.
familY fUN: Boating, hunting, and fishing are among Kursik’s hobbies when he’s not working, and his entire family enjoys spending time together in the great outdoors.
[ 7 ]CS.ThoMSoNREUTERS.CoM
eNGaGed cUStomerS are loYal cUStomerS. and since implementing engagement cS, andrews hooper pavlik pLc is engaging its clients more efficiently than ever before.
Three years ago, this michigan-based audit, tax, and accounting firm transitioned to engagement cS, an all-inclusive tax workflow and accounting audit management software package that helps practices organize every element of a professional engagement.
how have the folks at andrews hooper pavlik benefitted from engagement cS? here’s what they have to say.
1 UNlimited iNformatioN acceSSfor Jill catterfeld, senior accountant, being able to
reach across the firm’s six offices and numerous clients to access and share information is one of the greatest benefits of engagement cS.
“I’m out in the field a lot, and if I have a question for a partner or someone else, they can easily log into the client’s workpaper and see what I’m referring to so they can answer my question,” catterfeld says.
2 imProved efficieNcY“I’m able to work multiple jobs out of multiple
offices in one day,” says randy morse, audit partner. “and being able to roll items forward to the next year makes us more efficient.”
plus, the firm can serve clients remotely. when a client uploads information to the firm’s Netclient cS portal, the team can begin working on it in engagement cS right away. catterfeld enjoys the option of using the program’s preview window, instead of having to open a second workpaper.
3 PaPerleSS, StreamliNed iNteGratioNSince implementing engagement cS, the firm has
transitioned into a fully Internet-based firm, making its engagement processes more efficient.
“as you go paperless, you realize there were items you had in a paper audit file that you didn’t necessarily need,” morse says. “Now we’re really focusing on what’s important by streamlining our audit process.”
given how often she visits clients’ offices, catterfeld is a big fan of the reduction in her literal workload. “I used to have to carry six banker’s boxes every time I’d visit some of our larger clients,” she says.
plus, she no longer finds herself calling the office from the field to request faxed pages from practitioner’s publishing company (ppc) manuals. “It’s integrated into engagement cS,” catterfeld explains, “and we can easily have the updates right at the tips of our fingers.”
4 oUtStaNdiNG collaboratioNNot only did andrews hooper pavlik implement
engagement cS and other Thomson reuters products quickly, the firm managed to do it right before tax season.
“Thomson reuters assigned a consultant to us, who was very helpful. It was a big conversion in a short time,” says Jody flath, IT manager. “we developed an excellent relationship with the development manager, support manager, and product manager.”
morse values the relationship the firm has established with Thomson reuters. “we share ideas we’d like to see in the software, and many of those have been put in place,” he says. “we’ve continued to add more products because of the confidence we have in the products and support.”
sOfTWaRe iN acTiON
IT’S FREE TO
lOOk: Take a peek at
engagement cS online,
at cS.thomsonreuters.
com/engagement.
Technology Ties the Knot Between Firm and Clients engagement cS ensures enhanced, easier connections.
5 Star: In July 2010,
engagement cS received an overall rating of 5 stars—
the highest possible rating—from The
CPA Technology
Advisor.
Z
[ 8 ]
the moment you arrive in lancaster county, Pa., you know you’re in the heart of america’s farm country. crops, livestock, and silos are abundant—and, yes, there’s even the occasional red barn.
Lancaster has been the home of tax and accounting firm John h. Lichty, ea, for a quarter of a century. founded by John h. Lichty, ea, aBa, the practice specializes in financial reporting, financial and tax compliance, tax advisory, and business analysis.
with agriculture integral to Lancaster’s economy, it’s not surprising that a large percentage of the firm’s clients are in the farming industry. Lancaster county has an abundance of crop, dairy, and livestock farmers who raise everything from alpacas to poultry. “There are something like 5,000 farms in this one county,” Lichty explains. “The farms are small in size, but plentiful.”
The practice also serves other segments of the industry, such as services and small businesses in other sectors. and Lichty provides individual accounting services to clients even though the firm’s focus is on businesses.
many of the firm’s clients don’t have office space or even a back office to speak of, other than a table in a corner of their workspace or in their home. In fact, until four years ago Lichty ran his practice from his own home.
he’s kept the operation lean—it’s just Lichty and his wife Shirley, who does all the financial report writing, and patrick Klugh, the firm’s technical advisor.
firm flourishes in farm country by combining advanced technology with time-tested client service.
a ThRiviNg OpeRaTiON
SoLUTIoNS [issue 3, 2010]
LiSTen in: from knowing when to say
no (even to a client) to managing software upgrades—John Lichty shares tips he’s learned over the years. Listen at cS.thomsonreuters.com/Solutions. and why not post a few of your own tips while you’re there?
Z baSicS: established more than 25 years ago, John h. Lichty, ea, operates with two other full-time staff members: patrick Klugh and Shirley Lichty (pictured above right).
Z webSite: Using web Builder cS, the firm created a website that offers a wide range of client services, including secure portals created with Netclient cS, at lichty.us.
Z Software: The firm is brand loyal, using a full complement of Thomson reuters products since beginning with UltraTax cS many years ago. The lineup, which is integrated into Virtual Office cS, also includes the cS professional Suite accounting products, practice cS, filecabinet cS, financial analysis cS, fixed assets cS, Toolbox cS, and Trial Balance cS. client Bookkeeping Solution and mypay Solutions are among the firm’s other software tools.
FiRm FaCTS
CS.ThoMSoNREUTERS.CoM [ 9 ]
SoLUTIoNS [issue 3, 2010][ 10 ]
I haven’t had to increase my staffing to take on new clients because of Virtual Office cS applications. and I don’t have any clerical functions because we work in a one-effort-only environment. – John H. Lichty
“ “
cateriNG to the commUNitY, teNdiNG to techNoloGY
Small businesses are common in Lancaster, which retains a feel of old-fashioned americana and community. But don’t be fooled by the small-town charm. Lichty’s operation is as up-to-date with technology as any major practice, through the use of Virtual Office cS and a bushel full of integrated Thomson reuters products.
“I like to stay on the leading edge of the industry rather than hanging on to old models,” Lichty says. “when Thomson reuters rolls out a product, I’ll try to come on board right away, get to know the product for a few months, and then use it extensively from there.”
Lichty and Klugh agree that running their many integrated cS professional Suite products on the web via Virtual Office cS helps them run an efficient, paperless practice.
“The integration is very good and it’s easy to use,” Klugh says. “and having it all work with Virtual Office cS makes life a lot easier. I’m so happy I don’t have to do backups every day or have redundant servers. It’s a relief to know that everything is secure and up to the highest standards for disaster recovery.”
Instead of using an onsite network of servers like it did in the past, the firm lets Thomson reuters handle the storage of its operational data. “The accessibility has been tremendous,” Lichty says.
In addition to eliminating the need to maintain its own servers, Lichty’s practice has reduced its hardware requirements and gained efficiencies in areas ranging from storage to labor. Virtual Office cS also expands the firm’s reach: If clients move to another area, all of their business can be handled remotely.
Like his clients, John h. Lichty gives plenty of thought to the future of his operation and succession planning.
“we’re looking ahead to the next generation that might take this firm to other levels, which is something I don’t think every firm considers,” he says.
Lichty believes the integrated, workflow-managed technology
lineup he has in place will make his operation very appealing to a successor whenever he decides to retire.
“The infrastructure has been established and proven, so all the successor would need to do is come along and build on it,” he points out. “and if they wish to be more aggressive, they could ramp up the client load very quickly.”
from One generation to the Next
CS.ThoMSoNREUTERS.CoM [ 11 ]
Growth aNd SUStaiNabilitYalthough John h. Lichty, ea, has a small staff, it’s a growing operation, thanks in large part to Virtual Office cS.
“I haven’t had to increase my staffing to take on new clients,” Lichty explains. “I’ve probably saved the labor of one staff person because of Virtual Office cS, and we’re a one-effort-only environment. whether data is being entered by us or a client, it only has to be keyed in once.”
Virtual Office cS saves the firm more than time and labor. It proved invaluable earlier this year when it came to saving a client’s business-critical information.
In January, a fire burned a client’s house to the ground, taking all of the client’s business records with it. “Because we had everything in Virtual Office cS, they were able to carry on without interruption and
didn’t lose all their year-end data,” Lichty says. “It doesn’t take long to convince anyone that that’s where Virtual Office cS pays its way.”
The operation’s use of technology also results in outstanding service even in more typical situations. recently, a client called while applying for a line of credit—having always operated on a cash basis before—and needed tax returns for the business and its two partners over the last couple of years.
“all I did was open filecabinet cS, pull the returns and email them to the banker while the client was still sitting at the bank,” Lichty explains.
This kind of scenario has happened before, sometimes late on a friday afternoon. “In less than five minutes we can have the document in the banker’s hands,” Lichty says, “which shows you the power of using these kinds of tools.”
Small businesses—particularly in the agricultural industry—have plenty to do without spending any more time than necessary on bookkeeping. John h. Lichty, ea, understands that, which is why the firm provides tools, education, and support to simplify company operations. and, for many of the practice’s clients, the back office could be as basic as a kitchen table.
“accounting and bookkeeping isn’t our clients’ life’s work, so we often serve as a chief financial officer on their behalf,” John h. Lichty says. “we’re there
to exercise that responsibility wherever it’s needed, whether by providing technology or practical expertise.”
for example, the firm offers client Bookkeeping Solution (cBS) so its clients can easily manage their own accounts, with help from their accounting firm whenever they need it, via their secure Netclient cS portal.
“Because it’s online, both our clients and our firm can be in the software at the same time,” patrick Klugh explains. “If they run into a question, we can step in
and assist them on the spot, which also works as a training tool.”
for clients who don’t want to use the cBS paycheck tool, the firm also offers payroll services via mypay Solutions.
“we’ve had very satisfactory results with mypay Solutions,” Lichty says. “even though we have a small staff, we can still provide a payroll service to our clients. plus, all the information is downloaded right into our cS professional Suite accounting products for us.”
FARM To TABLE
oNE TIME oNLY
Virtual office CS supports a
one-effort-only office. Whether information is
being entered by Lichty’s staff or his
clients, it’s only entered once.
[ 12 ] SoLUTIoNS [ISSUE 3, 2010]
Buy and SellNo matter which side of the transaction you’re on, acquisitions and mergers take careful consideration and planning.
mergers and acquisitions are becoming an increasingly
visible trend in the accounting profession. In fact,
according to r. Sean manning, cpa, president of
manning & company, p.c., in Littleton, colo., “The
market opportunity was pretty strong before, but we’re
seeing an increase in activity.”
manning believes there are a couple of key reasons for the
current spotlight on mergers and acquisitions. One is the
fact that approximately 85 percent of all accountants are
expected to retire in the next 10 to 15 years, which means
more firms are coming up for grabs.
plus, companies that downsized due to the economy
may have caused a greater number of mid-level
managers to look for a new start. “I think the economy
is pushing a few more people out there who would not
have considered the opportunity until they needed to,”
manning explains.
GettiNG iN the Game
could the growing prevalence of mergers and acquisitions
be a game-changer? possibly, manning says.
for one thing, firms hoping to grow can more actively look
for firms coming up for sale. “acquiring is one way for a
firm to expand, and there’s some good opportunity there.”
Buyers also get a chance to quickly springboard their
business to the next level of technology. according to
CS.ThoMSoNREUTERS.CoM [ 13 ]
beFoRe YoU do anYThing,
LiSTen To our interview with Sean manning, who explains how to know when it’s time to sell. Visit cS.thomsonreuters.com/Solutions.
Buy and Sellmanning, the firms that are selling tend to be more
technologically savvy, and a potential buyer could use
the selling firm’s existing software and framework to
become a next-generation operation.
firms interested in selling must review their operations
with a keen eye to business efficiencies—another way
that mergers and acquisitions could alter the industry as
a whole.
SelliNG SkillS
firms interested in selling their practice or merging with
another firm absolutely must plan ahead, according to
manning—ideally, years in advance. however, it’s never
too late to improve the firm’s value. “They can make
some dramatic changes to the efficiency of their firm in
even two or three years,” manning says.
he urges firms interested in selling to look at
three key areas:
1 StaffiNG. hiring, training, and maintaining
qualified staff is imperative. firms need to be prepared
for growth. “The accountant that’s doing everything
him or herself isn’t creating a lot of value in building
transition opportunities,” manning points out.
2 oPeratioNS. how does information flow within
the office and with clients? review communications and
organizational systems to ensure efficiency.
3 techNoloGY. paperless, virtual systems are fast
becoming the norm, not only inside practices but also
with clients.
traNSactioN traNSitioNS
Selling a practice outright is a complex process, but a
merger can be even more challenging, manning says.
for one thing, it can be challenging for a person who’s
used to being in charge to change roles. and, for sellers,
there’s often a sense of shock after the transaction.
“It’s critical to make absolutely sure you’re ready to sell
before you move forward,” he suggests. “and buyers
need to be flexible and willing to adapt. Business will
never be exactly the way it was before.”
between 1999 and
2004, R. Sean
manning, Cpa,
purchased three
companies, including
the one previously
owned by his father.
he also purchased and
sold one company with
a business partner and
purchased the third
company outright.
Z
Buyer be aware
Practices looking to buy or merge with another firm should take into account many of the same factors that they would as a seller. for instance, staff and software need to be ready to support the new business. consider whether there are sufficient resources for training employees and transitioning data.
also, be sure to consider all aspects of the purchase process up front. how will the companies’ cultures merge? do you anticipate redundant staffing? how will benefits be affected?
“Prepare yourself early so that you can consider multiple business opportunities as they occur,” manning recommends. “a lot of people jump into the first deal that comes along. instead, be patient and wait for the right fit for your firm.”
Tips & TacTics
[ 14 ]
moRe onLine
check out more best practices at cS.thomsonreuters.
com/tips.
SoLUTIoNS [issue 3, 2010]
there are No Dumb Questionswe’ve got the answers to all types of queries and uncertainties.
accoUNtiNG cS#tip: Use the w-2 and 1099 Ordering worksheet to
calculate the minimum number of forms you’ll need to process payroll forms for your clients.
1. choose actions > Process Payroll tax forms.2. Select w-2 or 1099 as the form type. (for 1099s,
also specify the 1099 type.)3. Specify the year, click the refresh button, and then
mark one or more of the checkboxes in the form Selection section to indicate which clients and which forms to include.
4. click the Preview ordering worksheet button. #Note: This report provides the minimum number of
forms needed and does not consider misprints or other reasons for which you may need additional copies.
#tip: Before printing forms, you should review all critical and informational diagnostic messages for the selected clients. To do so, use the Preview Selected diagnostics option that is available in both the actions > Process Payroll tax forms screen and the actions > edit Payroll tax forms screen.
write-UP cS#tip: don’t forget to compact each client database as
part of your annual client maintenance procedures in write-Up cS. This will reduce the size of the client database files. complete the following steps to compact the files:
1. choose help > repair.2. On the clients tab of the repair window, highlight
the client Id and name in the client list, and then click the compact client button.
3. repeat the process as needed for each client. when you’ve finished, click the done button.
fiNaNcial aNalYSiS cSQ: I have write-Up cS and Trial Balance cS clients with multiple locations, and I’d like to compare data for those locations as if they were separate clients. how can I do that?
a: after completing the year-end processing for a client in either write-Up cS or Trial Balance cS, choose Utilities > transfer data to financial analysis cS. In the dialog that opens, mark the transfer each location as a separate client checkbox. Next, in financial analysis cS, you can make the “location clients” peers of one another and compare their data side by side.
filecabiNet cS#tip: Before you proforma your 2009 UltraTax cS
data into 2010 UltraTax cS, open 2009 UltraTax cS, choose Setup > System configuration, click the filecabinet cS tab, and mark the create Ultratax cS folder in filecabinet cS when a new client is added or proforma’d checkbox. The 2010 period folder will then be available in filecabinet cS, and you’ll be able to scan documents into the folder and print documents to the folder from other cS professional Suite applications.
PaYroll cSQ: how will the hiring Incentives to restore employment (hIre) act wages paid to qualified employees be reported on w-2s and w-3s?a: Verify that qualified employees are set up properly, with their hire date and the New hire fica credit checkbox marked on the personal/w-2 tab of the Setup > employees window. The associated wages will be reported on the employee’s w-2 with code cc (hIre exempt wages and tips) in box 12, and the company total will be reported in box 12b on form w-3.
Practice cS #tip: You can view calendars with practice cS project
information, staff scheduling, and microsoft® Outlook® appointments and tasks. The Staff calendar provides a way to view appointments and tasks onscreen in a familiar calendar format. checkboxes on this screen enable you to select the content that appears in the
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calendar, including meetings, tasks, and to-do items from practice cS and Outlook. If you have security permission to do so, you can mark checkboxes to view the calendars of other staff. In addition, if you are using microsoft Outlook exchange, you can see Outlook appointments and tasks for staff members whose calendars are shared. You can also choose whether the calendar should display a single day, a work week (monday through friday), a full week, or a month.
Ultratax cS #tip: To determine if UltraTax cS supports electronic
filing for a particular state return, click the Products tab on the UltraTax cS home page, then click the applicable entity tab and select the state from the expanded list. UltraTax cS displays the e-file status for that particular state next to the Supports e-file text. for more information on state products that offer electronic filing, click more information to open the State electronic filing guide on our website.
additional electronic filing information can be found at cS.thomsonreuters.com/Utefile.
GoSYStem tax rS Q: where can I find the release schedule for goSystem Tax rS 2010?a: The goSystem Tax rS 2010 Tax Year release Schedule is posted on Thomson reuters product assistance. To access product assistance from the goSystem Tax rS Browser, click help, then click the thomson reuters Product assistance link. On the Product assistance page, log in with your user name, account, and password. Then choose GoSystem tax rS > release Notes and General Postings > tax Year 2010. In the release Schedule row of the table, click the pdf document link in the downloads column to view or download the document.
web bUilder cS
Q: how can I find out which email address is set up to receive the password reset message when I click the help! i’ve forgotten my password link?a: Log in to web Builder cS and click the account link at the top of the page. The password reset message will be sent to the address that is entered in the email address field.
NetStaff cSQ: If I make a mistake in a cS professional Suite application while entering data for a client, do I have to contact Support and have them restore the data from the previous day into that application?a: Not necessarily. In most cases, your NetStaff cS administrator can restore cS professional Suite application data from the past 30 days. NetStaff cS administrators can restore cS professional Suite application data by following these steps:1. Log in to NetStaff cS.2. click the Utilities tab, and then click the restore
data navigation link. 3. follow the steps to select the appropriate
application, client, and date. #Note: You must contact Support to restore data for
financial analysis cS, practice cS, and ToolBox cS.
NetclieNt cS#tip: In next-generation NetStaff cS, you can search
for document presentation and file exchange files without navigating through subfolders. from the document presentation or file exchange screen, click the Quick Search icon at the bottom of the screen. enter the name (or part of the name) of the file you‘re looking for and click Search.
Ultratax cS, filecabiNet cS & file exchaNGe#best Practices: Retrieving web organizer data into UltraTax CS and saving documents to FileCabinet CSwhen submitting their completed web organizers to you, your clients can attach documents that can help you complete their returns. when you retrieve the web organizer data into UltraTax cS, the attached documents are retrieved as well.
If you have filecabinet cS, you’ll be prompted to store any attached documents in the associated drawer, provided that filecabinet cS supports the attached file type. If you don’t have filecabinet cS or if the document type cannot be stored in filecabinet cS, you’ll be prompted to save the attached documents to a folder on your local drive or network.
featured solutions in this issue
aCCoUnTing
accounting cS
financial analysis cS
write-Up cS
doCUmenT managemenT
filecabinet cS
paYRoLL
payroll cS
Tax
goSystem Tax rS
UltraTax cS
Web SeRViCeS
Netclient cS
NetStaff cS
web Builder cS
pRaCTiCe managemenT
practice cS
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