Organizer Production: Most of today’s organizers have a cover letter feature that can be edited to include the firm’s standard engagement letter and include instructions so there is no need to print them out separately and hand collate them.  While digital organizers have been minimally used by clients, they do allow the importing of data directly into the tax return which streamlines processes if done properly the first time.

Tax Projections: Some of the tax programs have their own projection software while the leading product has the ability to import data directly from these tax vendors.  One caution on any of these linked projection tools is to be sure to provide training as analysis and printing of reports can be overwhelming for first time users.

Depreciation: Many firms have legacy fixed asset products that are not linked to their primary tax processing application so this data is often re-keyed into the return. Today, the top suites have built solid fixed asset products that are worth transitioning to, allowing the data to be naturally integrated with the tax programs.  Many firms set a threshold of 10-15 assets for calculating within their tax application, and beyond this number they go directly to the fixed asset module.

Research and Forms: Some of the top tax programs have the capability to jump directly to their research and forms applications from within a tax return which saves time launching another application.  Often times, firms selected their research and forms products based on their history with the paper services so today it makes sense to re-evaluate the benefits of linking within the same suite, which can also lower the firm’s overall costs.

Trial Balance to Tax: For business returns, many firms utilize their audit/trial balance application to do adjusting entries.  These trial balances can be set up with tax groupings to transition this data to the tax return.  While there can be significant time with the initial training and setup, most firms feel it is well worth the effort in future years.

Trial Balance to Financial Statements:  Each of the top audit document containers can either link to Word/Excel for financial report preparation or have their own report writing tool.  By using the linked processes, firms can make an adjusting entry and then reprint the report with the corrections flowing through.  These programs also have integrated print macro features to allow multiple documents to be printed into one PDF document so the financial reports are printed consistently.

General Ledger to Trial Balance: One of the first steps in the audit process is getting the trial balance from the client.  By requesting this in a digital format such as Excel, it can be imported in most of today’s audit document containers, saving keying time and looking for out of balance amounts.

Tax Workflow: Firms traditionally had a system for tax lead schedules, another for due date monitoring, and another for managing the staffing of the jobs.  With today’s workflow tools that are often integrated with document management, this information is keyed into one application and managed much more easily.  Some of the tax workflow tools also link directly to scanned images of supporting documents within the firm’s document management application so they do not have to launch separate programs.

Audit Workpaper Programs: Workpaper programs have gone through a significant transition with the new audit standards and the major vendors integrate workpaper programs to not only import data, but to notify the auditor of any changes or updates made to these programs.

Benchmarking Tools: There are a number of analytic tools available that help firms assess audit risk and improve overall reporting of results to clients.  Many of these tools can integrate with the audit document containers for easier use of this information.

Data Extraction: While data extraction has traditionally been done with third party products, some of the vendors are now including this capability within their audit tools on top of Excel, which is the most common format for clients exporting their files.

Email File Transfer: Many firms continue to utilize email for sending and receiving client files.  Some of the document management products have tools to simplify the importing of attached documents into their programs.

Accounting Product to Write-Up: While many firms and clients have transitioned to QuickBooks and Peachtree for their accounting products, they are not always happy with the financial statement formatting they get out of these applications.  Most of today’s integrated write-up products can import this information, which can then be linked to the tax return.

Payroll Services:  Many firms utilize external payroll services but are still physically delivering paystubs.  Most of these services now integrate with their portal solutions that streamline the delivery of digital paystubs so that the employee can look up their information online and the firm does not have to

Microsoft Office Integration: Virtually every accounting application has the ability to export to Word or Excel for easier formatting or manipulation.  In addition these tools can link to Outlook for communication with clients so it is usually just a matter of being aware of these items and training personnel. 

For any of the processes listed above where the firm experiences a bottleneck, it is recommended that they contact their vendor for both products to see what tools and training are available to streamline their usage.