Templeton Solutions Blogs

How to Kick-start a More Efficient Tax Season with CRM

Tired of working out of that infamous box in your tax partner’s office? Think there must be a better way to stay organized during busy season?

There is – and it all begins with a customer relationship management system.

For Isabella Lunsford, CPA and tax partner at Templeton & Company, using the CRM system within TCPM has changed the way the firm manages its tax engagements forever.

Gone are the days of digging through the bottom of a pile of tax returns to answer a client’s call. Gone are the days of having a staff member confused about their priorities. And gone are the days of not knowing the status of a certain client’s return.

“Where in the past we’ve had to get with our staff members and find out what they were working on, what they had, how much they had to work on, now the system will tell us all this,” Lunsford said. “We are more organized and more accurate in terms of what is here and not here.”

Lunsford said the system serves as a “live to-do list,” which for her, is the best part of being automated.

“You know what’s here, what needs to be worked on and what order it needs to be prioritized, compared to the old method of seeing the box and the returns stacked on the desk not knowing what’s there, what needs to be done and what needs to be done first,” she said.

Once an active engagement is created, everybody on staff goes through a prescribed series of steps that includes an analysis of proper review and approval – but the system has been designed to handle exceptions as well. For instance if a staff member is sick or leaves the firm, the CRM function of TCPM will help remind you to efficiently re-assign that work. It will also address a delay on the client side.

CRM works not only as a scheduling and dispatching system, but it sets alerts that provide automated insight on due dates and workload so upper level management can make a proactive decision before work gets backed up. Timing triggers events that will respond to set values that in turn respond to predicted bottlenecks.

For firms who have multiple offices, using a CRM system provides integration between locations.

“We are able to assign work to other offices and because everything is electronic with a seamless one firm outlook from the cross practice perspective, it was all right there,” Lunsford explained. “They could go through the process and know what was going on without even picking up the phone.”

Lunsford has been using CRM since 2007 and once she learned the system and worked with the firm’s IT staff to make some changes, the rest of the tax team was trained all at once. While it has taken a good year to understand and take advantage of all the powerful functionalities the system offers, the benefits have been substantial.

“It has taken about half the amount of time for searching and follow up,” she said.

Have you checked your billing manager’s workbench lately?

Your firm’s billers shouldn’t be spending their time doing paperwork.

And if they are, you may want to take another look at their system. Go ahead, look. Most likely, if your firm isn’t using CRM, their process is spread out over multiple programs, their time is spent looking for expense reports, trying to find people for review – and all of it slows down their day. Which, ultimately slows down money coming to you.

Your billers need to serve their client rather than shuffle paperwork. Period. Yet another reason to consider a CRM system – efficiency and productivity is enhanced because there is no need for multiple software systems. No more separate log-ins and passwords – just one centralized depository for client information that helps you manage your practice in a variety of ways.

With a CRM system such as TC Practice Management, one of those ways allows time and expenses to be entered with project work-in-progress (WIP) details. Without leaving the billing screen, invoices and expenses can be reviewed, unbilled time can be realized, and notes and comments can be read. Client invoices can be easily created and a user can choose from multiple billing handling options – meaning clients are billed faster and the firm’s cash flow improves.  It’s the biller’s workbench – and with CRM you can get a bird’s eye view.

An integrated system also allows the impact of a billing decision to be seen right upon realization – giving you a sense of the decisions you are making in terms of profitability.

There’s a perk for marketers as well - as the billing manager is usually the person to turn to for the most up to date client information. Instead of running around and begging people for data, CRM creates a common system for the firm’s contacts to be found. And during a big campaign when time and efficiencies are precious commodities, nothing could be more valuable.

For many firms billing is an arduous task. The process can be very manual-oriented; as many people need to take part sometimes across multiple offices and getting approval in a timely manner can be cumbersome. Investing in a common online tool to collaborate that is “point-and-click” – not only may end up saving you money but also frees uptime for your billers to do their number one job, serve clients.

Chhhhhanges … How to manage the cultural change a CRM system brings

So, your firm has made the big decision to invest and implement a customer relationship management system. Good for you. Now, it’s time to make sure the transition goes as smooth as possible.

Communicate and educate. First things first, leadership must communicate this decision to the rest of the firm. This means conduct an educational campaign explaining to the professional staff the reasons for the CRM system, when the rollout will start and what goals are ultimately trying to be accomplished. This process will be easier if management gets buy-in from a cross-section of the firm prior to this educational campaign, where this groups helps and is involved with the system and vendor selection process. Also consider setting up a focus group that meets regularly for continued feedback and development improvements.

Recognize the change. Most firms know that once they implement a CRM their approach to business changes. Siloed practices - where each partner is responsible for their personal book of business - defines the structure of most CPA firms today. When a firm is invested and using a CRM system, that structure shifts, as individuals are able to have access to other people’s information. This is a healthy thing for a firm and in some cases, reluctance to this change can expose those partners (or others) who might not seek the firm’s best interests.

Be accountable. Management must use the CRM system and model its importance for the rest of the firm. This does not have to be done with a big stick or intimidation, but it is important to set a new precedence for the firm that includes using the system as a best practice. Use activity reports to follow up on what people say they are accomplishing.  Have conversations with your business development director regarding analytics on prospects and leads. When a client calls asking about a letter sent out weeks ago, anyone within the firm – from the front desk receptionist to a partner – has the ability to go into the system and find out what happened to that letter. As a result, consistent client service can improve.  One CRM user summarized the quickest way he got his sales team and partner group using CRM, by establishing the credo, “If it’s not in CRM, it didn’t happen.”

Expect extra work. At first. Most employees look at a new system as if it’s going to be extra work. A CRM implementation is no different.  CRM creates efficiencies by allowing you to put a process around what you are already doing. Automating processes should help you be more efficient, at a minimum, and should help you become more effective. And yes, the first big mailing the firm puts out with the system may be more work than usual, but as time goes on and the contact list gets more scrubbed up, more ease will come. Just think: those Christmas cards you send out every year that has your marketing team pulling their hair out? Piece of cake.

Change takes time and education, but don’t be daunted by the process. Involve your firm and communicate your goals and your transition is bound to happen seamlessly.

 

Don’t be afraid of CRM – a Marketing Director’s Primer

Customer Relationship Management [CRM] systems tend to get a bad rap among CPA firms. Though progressive firms are starting to wake up to the benefits of investing in such a system to better manage their business development process, for many marketers introducing this type of investment can often be daunting – especially when partners have a hard time seeing past the initial cost.

Using a CRM system does not have to be scary! And it’s time to share this news with your firm’s partners.

First things first – a firm must have a vision that a CRM system is needed to drive the whole organization forward. That it’s not just for use by a handful of marketing people and that ultimately, an investment in the system will bring value to the entire firm. What Templeton & Co. has done, for example, is build out project management components within our CRM product to integrate with the operational system to create more than just a sales and marketing tool. That, we find, makes a big difference in user adoption and value to the firm.

Aside from cost, partners are often fearful of investing a chunk of money and resources to only realize their people aren’t using the system. They want to be assured (and rightfully so) that if they make this investment, their people will use the system to the fullest extent.

To move forward in introducing a CRM system to the partners in your firm, consider the following tips:

1)     Create a vision for CRM that goes beyond contact management, marketing campaigns, and sales pipelines to address the firm’s critical business processes.

2)     Identify your firm’s pain points. Historically, marketing directors have done a pretty good job of identifying the trouble spots in performing firm wide marketing initiatives without having an integrated solution that allows them to do e-marketing and analytics. Communicate to partners that these tools are needed if the firm wants to grow.

3)     Define what your firm’s success criteria for an implementation looks like. Like with any technology purchase, you need to decide what you are trying to accomplish and determine the best way to get there.

4)     Educate your top-level leadership. Marketing directors see the value of having a CRM system on everybody’s desktop, but convincing the managing partner is sometimes tough. That’s why it’s important to educate firm leadership on the different elements of the system and how it can help grow and nurture the business. Executive buy-in will be extremely important throughout the whole process.

5)     Show a ROI. This may seem obvious, but it is crucial in helping your partners understand the benefits as you see them. Help your partners get past the upfront sticker shock and understand the long-lasting value an investment in this system offers.

6)     Get people involved. Yes, it takes managing partner buy-in and some hand holding from the marketing director. But recognize the process will also involve your IT and business development people and your service line leaders and audit/tax group. Implementation will take muscle and it’s not a job for one or two people. Consistently send the message about how important this system is to the firm and make sure your firm leaders’ actions illustrate this.

Check back soon for our next post on how to manage the cultural change implementing a new CRM system can often bring.

 

 

Do you need another reason to purchase an iPad?

In today’s business world it is critical to have information when you need it, wherever you are.  QlikView’s business information software will not only help you transform your business while you are in the office but you can now have access to critical information while you are on the go. With QlikView on iPad you see key metrics, charts and reports anywhere.  

Want to see for yourself? View the video below to see how QlikView can transform your world.

 

How In-Memory Analysis and Reporting can transform your business

Running a successful business today is hard work. Business decisions need to be made quickly based on up-to-the-minute information.  Unfortunately, most companies have their pertinent information buried in an operational system instead of at their fingertips.  If you don’t have access to real-time information, how can you expect to make the right decisions you need to succeed?

Utilizing business intelligence (BI) technology can help you transform your business by providing you with the right information at the right time. There exists a business intelligence technology that uses in-memory analysis and reporting to provide an easy-to-use, flexible and cost-effective BI solution that can be quickly deployed to empower your individuals to improve organizational performance and drive innovation.  

Don’t believe us?  Sign up here for a free white paper on In-Memory Analysis and Reporting: Simplifying Analysis for Everyone

Visionary CPA Firms Align Strategy and Technology

By Steven Templeton, CPA, Managing Partner

The days of a few CPA’s operating as a “firm” with partners essentially sharing the costs of office rent, a receptionist, and a coffee pot are quickly passing.  Clients want their CPA’s to provide multiple services to help them build their businesses and effectively plan their exit strategy.  Successful CPA’s are transforming their model from “book of business” practices to multi-disciplined professional services firms that operate as a single unit and offer a myriad of services to their clients.  Rather than operate as multiple firms under one roof, they are learning to operate as one firm under multiple roofs.

These firms have, or are in the process of, defining their commonly-accepted core values, formulating their mission statement, and adopting directional strategies and goals.  In the quest to build one firm, they generally move toward a corporate governance style and seek to consolidate systems and standardize business processes.  Some of the key requirements for these firms to address include:

• Marketing and business development functionality with reporting capabilities
• Event and marketing campaign management
• Social media outreach marketing
• Collaboration and cross-selling visibility across practice disciplines
• Mobile access to relevant firm data in support of alternative work structures
• Enabling a growth platform and culture (organic and acquisitive)

It is imperative that firm leaders investigate, adopt and leverage appropriate technology to achieve the level of integration needed to support these key considerations, including:

• A common technology platform across functions, geographies, and disciplines
• Rich data analytics and dashboards, customized by role
• Deep insights into relationships both within the firm and with external firm contacts
• Sales pipeline and business development accountability metrics
• A single system from proposal to final billing
• Single user authentication and point of interface

Imagine the future.  Can firms reduce the number of programs and systems that they support, provide access to real-time key performance indicators and information to its managers, create an environment for collaborative work and knowledge sharing, and dramatically increase efficiency and profitability while providing world class service to their clients?  Visionary CPA firms have made tremendous strides in their practice model over the past decade or more.  We believe that technology can be the enabler to efficiently facilitate continued growth and profitability.   

To learn more about our solution, visit www.tcpracticemanagement.com or email info@templetonco.com.

 

 

 

Business Users Increasingly Driving Business Intelligence Decisions

Gartner states, in its just-released MQ for Business Intelligence Platforms research report, "The demand side of the BI platform market in 2010 was defined by an intensified struggle between business users' need for ease of use and flexibility on the one hand, and IT's need for standards and control on the other. With ‘ease of use’ now surpassing ‘functionality’ for the first time as the dominant BI platform buying criterion in research conducted for this report, vocal, demanding and influential business users are increasingly driving BI purchasing decisions, most often choosing easier to use data discovery tools over traditional BI platforms—with or without IT's consent."

The Gartner MQ research report can help if you’re looking to: 

• Augment your infrastructure with a business user-centric BI platform
• Evaluate solutions for a company-wide BI implementation

Get a copy for yourself. Click here.

For more information on Business Intelligence solutions please contact us at info@templetonco.com or 1-866-558-7816.

The Growth Platform for CPA Firms

By: Steven Templeton, CPA, CVA, Managing Partner

I entered the accounting profession more than 35 years ago.  While many things have changed over the years, one thing remains constant: CPA’s are the trusted advisor of choice for mid-market America.  I am constantly impressed by the high level of professionalism almost universally delivered by CPA’s.  They genuinely care about their clients, act with a high level of integrity, develop young staff, and get involved in their community.  When clients need help with a myriad of issues, they naturally turn to their most trusted advisor, their CPA.  Not that the CPA knows everything, but they know he or she will compassionately listen to them and give them common sense feedback.

Yet, there is no doubt that the winds of change have come.  Without sacrificing all that is good with our profession, CPA firms have become business enterprises.  Mega firms have emerged across the country over the past 15 to 20 years and technology is the enabler.  The names of the top 100 accounting firms in the country have changed dramatically due to mergers, acquisitions, and the rapid growth of the “upstart” firms.  And this trend continues as there seems to be a renewed emphasis on new business acquisition.

Now that the Sarbanes-Oxley “glory days” are over, the largest accounting firms focus their attention on re-growing the consulting tail, and are even eyeing the mid-market as the next growth opportunity.  Competition for great clients in the mid-market space is fierce indeed.  However, the CPA profession, while taking advantages of the latest technologies, must never lose sight of our characteristic traits: excellent, caring client service.

So what should we look for as we embrace current technology to enhance our productivity and support our firm growth while enabling client intimacy?  If productivity is defined as “empowering people to be more efficient and effective with their time and resources at work and at home,” the following must be considered:

• A single database and access point
• Outlook – anytime and anywhere
• In the cloud computing
• Mobile access
• Client portals
• Robust, easy to use marketing and business development capabilities
• Standardized workflows
• Social media connectivity

These technologies must be leveraged to support a growing CPA firm’s culture, vision and strategies.

The best practice is for firms to explore and embrace technologies that will:

• Deliver a rich client experience
• Facilitate sharing of knowledge across practice groups and geographies
• Allow CPA’s and their people to work together when and where they prefer
• Provide dashboards for key performance indicators
• Enable firms to rapidly assimilate merged or acquired firms on a common platform      

Thoughtful CPA firm leaders are considering how to make their firm a sustainable growth platform that can comfortably provide for partner retirement as well as incent and motivate their younger professionals for a rewarding and financially successful career in their chosen profession by giving them the tools they need to take the practice to the next level.

To learn more about our solution, visit www.tcpracticemanagement.com or email info@templetonco.com.

 

Got IT Strategy? “Stunning” survey shows many CPA firms need one

Once upon a time, the fax machine was considered state of the art in Information Technology.  “IT strategy” meant adding a couple of phone lines.  And a CPA firm’s “IT consultant” was most likely the photocopier repair man.

Today these seem quaint images of an era long since eclipsed.  But a startling new survey indicates that too many executives in our industry – who consider themselves tech-savvy – still think about IT in these antiquated terms.

In a nationwide study by Accounting Today, the majority of CPA firms said they spend up to 10 percent of their operating budget every year on new IT hardware, software and peripherals – and one-third expect that percentage to increase.  Yet less than one in five managers said they’ve ever sat down and formalized an IT strategy for these huge annual expenditures.

Without a defined IT strategy, as one technology consultant said, “In effect you’re really just adding more phone lines.”  And expensive phone lines at that.

As one might expect, most surveyed CPA firms said they employ some type of tax preparation (81%), payroll (70%) and “client write-up” (61%) software.  But fewer than 20% use customer relationship management (CRM) or “business intelligence” software.  Larger firms (25 or more people) generally have an “IT person” on staff.  But at smaller firms, four in five say IT decisions are usually made by a managing partner.

Editors at Accounting Todaycalled these results “stunning.”  We agree.  The survey indicates – no, screams – a widespread misperception of what IT strategy encompasses, how it works, and why it’s vital.  Even in smaller firms with limited IT budgets – perhaps especially there.

 

Perhaps most surprising:  nearly two-thirds (65%) of surveyed firms say they have no IT partner or outside consultant.  This can means that (often costly) IT decisions are guided by CPA managers simply “doing their own homework” or by off-the-shelf recommendations from salesmen.  It also means many firms are lagging behind new and emerging IT capabilities.   

For example, our own experience has shown that many CPA firms are interested in cost-efficient “all-paperless” technologies.  But without an IT partner or a strategy in place, they’re not sure how to proceed.  Most simply wait to see what other firms do.

What’s your vision:  IT strategy versus tactics

There is no need a high-priced consultant wandering through your offices or rifling through your files to write a basic IT strategy for your firm.  It’s really quite simple: What is your brand?  What is your brand promise?

In other words, what makes your CPA firm different?  Why should new clients choose you – and stay with you?  Try to distill this into one sentence.  Perhaps you want to be known for “better” client service, specialized expertise, or as a comprehensive business partner – but what is your niche in the marketplace?

This might seem a remedial exercise, but it’s the first and most important question any good consultant would ask – and a crucial step many companies overlook.  Or simply assume.  In large part, your brand determines your business strategy and therefore what technologies and systems are right for your CPA firm.  In the simplest terms, if it doesn’t support and extend your core brand, why do you need it?

“Too many managers confuse IT tactics – working ‘smarter,’ working more ‘cost efficiently’ – with IT strategy.  First and foremost the purpose of IT is to support your brand,” said a consultant.  “Otherwise you are just….”  Adding phone lines.   

For example, if your brand promise is to pamper your clients, it makes sense to at least consider a customer relationship management (CRM) system.

“The purpose of an IT strategy is to fulfill your firm’s brand promise.  All the hardware, software and peripherals are enabling tools, tactical support… but not the strategy itself.”

Managing costs versus adding value

Consultants sometimes privately complain that when company managers ask for “IT solutions” they’re really only looking for ways to streamline or cut costs.  But cost  containment seems an admirable, even vital, priority.  So what’s the problem?

“The biggest misconception is that the purpose of IT strategy is to control costs,” said another consultant.  “Controlling costs is great, it’s imperative.  But saving money, cutting your costs, isn’t a business strategy – unless your goal is to be the lowest-cost commodity provider.  I don’t think most CPA firms would want ‘commodity provider’ in their mission statement.  IT should add value for your customers, not just reduce the workflow for your staff.”

“Developing a strong IT strategy comes down to three things:  defining a vision for your firm, seeing the long-term goals… then equipping yourself to get there.”

Which is where an IT partner comes in.

It stands to reason that most CPA-firm managers are adept – even brilliant – in navigating the nuances of our complex and constantly evolving financial-services industry.  But when it comes to IT, most of us are clients, end-users… not gurus.  We don’t spend all day, every day, immersed in the arcane, constantly evolving world of information technologies.

More important, we’re extremely busy running our own companies.  Except for seminars or anecdotal contact, we spend almost no time learning how other CPA firms have met similar challenges, solved problems, added value.  This is what a good industry consultant brings to your table – a deep, practical knowledge of what works best, and what fits your business strategy.

IT represents a tremendous investment for most of us, and it touches every aspect of our operations.  Chatting with a consultant is time and money well spent.

It’s worth at least a phone call to find out.