Training is a pivotal part of staff wellbeing, retention and performance, however, it can be difficult to find the time to train staff during busy periods. Here are some ways to continue developing your staff in busy season:

1. Encourage the prioritisation of personal development

Although it might slow down employees in the short term, this will ultimately improve their productivity and efficiency. There are often unknown processes or technologies that can significantly fast track easy tasks, however often times people become stuck in a routine or process that is outdated. It is important to ensure your team is constantly looking to develop in areas that are directly related to their output.

According to business.gov.au, “the key to retaining good staff is to make sure that you advance and encourage their professional development and training”.

2. Utilise self-serve learning resources that are available online

Self-serve training is essentially using the resources available online, whether it be videos, webinars or articles, that allow you to develop your skills or capacity in a professional arena. Caseware provide a number of online resources including monthly knowledge webinars, FAQs, whitepaper downloads and the more niche resources i.e. Getting started with Caseware Connector series.

This is a great way to maximise output and minimise the amount of time spent on understanding. A pro tip for these videos and webinar recordings; utilise the 1.5x speed option to get all of the same information even faster. On our site, this option can be found by clicking the three dots in the bottom right hand corner of the video, and then selecting playback speed.

3. Allocate time in your calendar… and stick to it!

In today’s day and age, a modern professional deals with hundreds of distractions each day. It is important to ensure that key tasks such as training are scheduled with the same importance of that such as a client meeting. As outlined by Anthony Tjan in the Harvard Business Review, it can be easy to schedule a time for thinking, training or meeting prep, however it is becoming increasingly difficult for professionals to stick to that time.

Distractions come in the forms of emails, phone calls, texts, apple watch notifications, dogs barking, etc. If you wouldn’t leave a client meeting to deal with the distraction at hand, you shouldn’t diminish your allocated training time either!

Caseware is introducing a cloud-based solution for firms to document, operate and monitor their systems of quality management – all in one solution: Caseware SQM, a powerful app offered on the Caseware Cloud platform.

The solution will allow firms to attend to all parts of their system of quality management:

• Set appropriate roles and permissions – differentiate between those users that take ultimately responsibility for the system, those that take operational responsibility for the system and other staff.
• Pre-populated content libraries – mandatory objectives and specified responses from ASQM 1, along with other example and best practice objectives, risks and policy and procedure responses, are all included in pre-populated libraries. These can all be tailored at the firm level to suit unique circumstances and the types of services provided
• Many-to-many linkages – objectives, risks, policy, and procedures responses are linked through many-to-many relationships, thereby enabling firms to optimally use responses that address more than one quality risk or link risks which affect more than one quality objective and so forth.
• Link tasks to policy and procedure responses – design tasks as instructions to users for the completion of required actions and recording of information relevant to the operation of the system (e.g. record approval of the receipt of a gift in the firm’s register of gifts, hospitality and other inducements)
• Risk assessment matrix – SQM provides a firm-specific quality risk assessment matrix that automates the identification of quality risks for which responses are required.

How does SQM work?

SQM incorporates a number of modules that are made available to the relevant users using permissions:

• Design – where the objectives, risks and responses will be selected, edited and finalised
• Operate – where the users will see the objectives, risks and policies and procedures that are in operation. It is also in this module where users will record information on forms as part of them complying with and executing procedure responses.
• Operate overview – where those responsible for the operation of the system of quality management can monitor the operation of activities from a high level, using dashboards. The users with ultimate responsibility for the system of quality management will also have access to these dashboards.
• Monitor – where the monitoring and remediation activities will be performed and most likely only by a limited number of users
• Evaluate – where the user(s) with ultimate responsibility for the system of quality management can complete their evaluation of the system and conclude.

Once the firm’s system has been designed, a user with ultimate responsibility for the system of quality management will be able to review dashboards of the information in the design module, and publish the information to the Operate module – this is where most of the day-to-day activities will be performed. The active objectives, risks and policy and procedure responses will be visible to users in this module. In addition, each user will have a dashboard where they can review tasks allocated to themselves and from where they will initiate new instances of forms to record the performance of procedures.

Last say

The introduction of ASQM 1 has introduced a subtle change in name from quality control to quality management. This subtle change will, however, have a significant impact on the firm’s approach to achieving quality in the engagements performed by professional accounting firms.

Investing in the SQM product, will assist the firm in complying with the minimum requirements of ASQM 1 while also engaging the value of technology as an essential element of pro-actively managing quality in the firm.

Let’s examine some of the recommended requirements for the Audit Planning & Risk Assessment external audit phase.

The importance of robust pre-engagement acceptance procedures is clear. An auditor who takes on an engagement that they are either ill-equipped to perform, or are prohibited from performing under relevant legislation or professional standards, can expose the firm to a variety of risks including litigation and reputational.

David Stevens, independent audit consultant & Caseware’s expert content provider.

Audit Engagement File Setup

Ensuring compliance with all relevant Australian Auditing Standards (‘ASAs’) and legislation, while still performing efficient, quality audits can be hard work. ‘Death by checklist’ is a very real concern for all auditors! This has been cleverly addressed with smart technology used in Caseware’s Agile Audit.

• The Optimiser assists you to define the entity and tailors the content so only the relevant ASAs and legislation are included in the workpapers throughout the file.
• Smart procedures within key planning documents offer documentation options, making it quick and easy to tailor the workpapers to suit the specific engagement.
• The built-in integrations import and map client data to leadsheets, materiality, ratio calculations, and the powerful Risk Assessment Report.

Preliminary Engagement Activities

To help your planning process pre-audit, Agile Audit has:

• A smart pre-engagement checklist that address the requirements of ASQC 1 and ASA 220.
• A template Engagement Letter (based on the example in ASA 210 appendix) and a placeholder option for easy and consistent filing of the signed letter.

Planning the Audit Engagement

On planning an audit, Dave Stevens advises:

“One of the key auditing standard objectives of an audit is to plan it so that it will be performed in an effective manner. A broader business objective of the audit firm is for an audit to also be performed in an efficient manner. Measure twice, cut once.

Investing sufficient time to understand the entity and assess identified risks will enable the audit team to devote the resources necessary to tackle risk areas of the audit, and reduce over-auditing in less risky audit areas. The benefits of a well-planned audit in the current period will also have positive implications for subsequent audit engagements.” 

Agile Audit allows auditors to efficiently and effectively document their understanding, their consideration of risk areas, and their overall audit strategy plan.

Features such as:

• Concise ‘Understanding the Entity’ worksheets assist with all relevant considerations required by ASA 240 and 315. 
• The Risk and Controls modules enables easy recording and referencing of identified risks and controls to the planned audit work that will assess and address each.
• The Risk Assessment Report provides a powerful visual snapshot of each financial statement area and the resulting assessments.

What type of software does your accounting firm use: cloud software or on-premise? 

On-premise software is the traditional accounting software you may have been trained with: It’s downloaded onto your computer, and every user or server must have a license to be able to use it. You may be able to work offline, but you will probably need to back up your work in an email or a USB in the event your server crashes. 

Cloud software, on the other hand, is available through the online “cloud” and can be accessed by any device as long as you have an account. All your data is saved automatically as you work and you can invite your team and work together in real time, rather than having to email documents back and forth.

While cloud accounting software is becoming more and more popular, many accounting firms still hold on to their on-premise software. However, that old on-premise software might just be holding you back. Let’s discuss why you might consider moving your accounting practice to the cloud.

Disadvantages of the on-premise approach to software

Twenty years ago, on-premise was the only option for accounting firms, who conducted all their business in the office and owned software that was all local. However, these days, accounting firms have options, and those options make the disadvantages to on-premise software that much more glaring. 

Extra expense

You will need to purchase a license for every server or user that will have access to your on-premise software. This can quickly add up in terms of cost. In addition, the ongoing maintenance costs can be steep. You may have to buy a new license for upgrades, buy compatible hardware and need full-time, on-site IT support to take care of any issues with the software. While cloud software is not free, the upfront cost, or subscription cost, can be more affordable and maintenance and tech support are all built-in.

Security risk and data loss

For accounting firms, your data and your files are your lifeblood. If all of that is stored on on-premise software, it’s important you back up your data regularly. Otherwise, a bad server crash could mean you lose months’ or years’ worth of data. If hackers manage to access your server, they can hold your data for ransom or sell your clients’ data. This could seriously harm your firm’s reputation.

Limited scalability

Let’s say that as a small accounting firm just starting out, you purchase affordable on-premise software that suits your needs at that time. However, five years later, your firm has grown, and you need more storage and more capabilities from your software. With cloud software, you can easily upgrade to a new plan. However, with an on-premise solution, you may need to install new software, new hardware, add new IT staff and incorporate more training in order to adjust to the change.

Unusable for remote business models

After 2020, many businesses began to adjust to working remotely full-time. This is something that can suit accounting firms well, if you have the right software. But on-premise software is just that: on the premises. That makes remote business models difficult, as you would need to visit the office to have full access to your information. In a time when over 83 percent of accounting firms are allowing their team members to work remotely part-time or full-time, that just isn’t sustainable.

Benefits of cloud accounting software like Caseware Cloud

In most cases, cloud software can do everything your on-premise software can do, and many things it can’t. It goes beyond simply having your work automatically backed up. Caseware Cloud, for instance, is a platform offering a wide range of cloud software for accountants, all of which improves upon the on-premise experience. 

Here are some benefits of the cloud approach:

Better connectivity and collaboration

When you use Caseware Cloud, members of your team can work within their accounting software from any location, on any device. Even if the computers at the office aren’t working, if the power is out, or if the office is closed, it won’t slow down your workflow. 

With on-premise software, in order to work with others on your team who don’t share your license, you need to email files back and forth. These emails can easily get lost, buried in an already-full inbox, or sent to spam. You then have to store all those emails so that you don’t lose the files, and the list of potential complications goes on from there. 

Not so with cloud software. Your team can work together in the same app, collaborating from different locations in real time. 

You can also collaborate with clients. Store all of their accounting documents in a secure cloud folder that they have access to and they can add documents when you request them or review the documents already added. You or your clients can make notes, editing and reviewing everything as easily as if you were sitting next to each other. Your clients will love the convenience of being able to work with you from their own homes or businesses, without taking too much time out of their day.

Extensive library of practice management apps

The Caseware Cloud platform gives you access to a plethora of apps covering nearly every aspect of professional accounting so you can work more efficiently and effectively. These areas include:

• Audit and Assurance. We have multiple apps designed to offer organization, guided workflows and collaboration for any audit services. These apps can notify you of high-risk areas so you can know what aspects of an engagement to prioritize.
• Financial Reporting. Automatically generate financial reports based on the data entered  into Caseware Cloud. With clear visualization and customizable templates, you can create ready-made financial reports without tedious manual work.
• Practice Intelligence. Caseware Sherlock houses all your accounting data in one central database. It then provides in-depth, automated insights based on that data, which you can use to inform your firm’s financial decisions and advise your clients.
• PBC Requests. Need help getting on top of your client-gathering information? Caseware PBC helps you collaborate with clients, send out automated reminders and notifications, and store documents provided by the client (PBC).
• Quality Management. Caseware SQM is easy to customize based on your firm’s needs. You can then manage your engagements from this app and view your KPIs to ensure that your organization is operating the way it should.

Smooth integration and customization

One of the most challenging aspects of implementing any new software is integration. When you have a decade or more worth of files or an intricate cluster of interconnected software in your workflow, it can feel daunting to switch over to something else. 

With Caseware Cloud, though, the transition is a breeze. Our platform utilizes APIs that allow you to easily integrate other apps and transfer over your legacy files so you can get right back to work. Everything is customizable with pre-made templates that you can tweak to suit your purposes. Cloud software is built for smooth integration, so you spend as little time as possible on the transition.

Strong security

Too often, people wrongfully assume that cloud software means less security. If it’s all on the internet, it should be easy for hackers to access, right? This would be especially worrying if that was the case for accounting firms, given the high number of sensitive financial documents they deal with every day. 

In many ways, though, cloud software can offer more security than on-premise software. With on-premise, all someone would have to do is hack the computer where the software is installed. You are responsible for adding enhanced security to protect that software.

Cloud software, however, is often encrypted – as is the case with Caseware Cloud. This means that even if cyber attackers can access your information, the platform will encrypt all the data, so they won’t be able to read it. Caseware utilizes bank-level encryption security and is ISO27001 and SOC 2® Type 1 and Type 2 certified. You won’t have to worry about breaches and your clients won’t have to worry about their information getting out.

Switch to cloud-based accounting software with Caseware Cloud

With the availability of smooth, reliable cloud accounting software like Caseware Cloud, why stick to your old on-premise software? It’s time to move your accounting practice to the cloud, and we have you covered. Contact Caseware today to learn more about the benefits of cloud accounting software and to request a demo. 

Many business leaders believe the cloud isn’t a secure environment for their applications and data. But they couldn’t be more wrong. Modern cloud platforms offer you excellent security for storing your most important data and an easy and reliable way to access applications. 

Major cloud services today feature comprehensive, advanced cybersecurity tools and solutions, backed by teams of security experts. 

The Caseware white paper, Cloud Security: Iron-clad Protection for Modern Accounting Firms, examines how the cloud has evolved to become a highly secure computing environment. It details the security standards and protocols you should look for when seeking a cloud service.

Download this whitepaper to discover:

• Why you shouldn’t be reluctant to move to the cloud
• What components make up the cloud
• How the cloud has evolved over time
• Why cloud use by business is growing
• What advantages the cloud can bring to your organization

The COVID-19 pandemic, which forced many organizations to adopt remote-work strategies, proved the cloud is secure enough to support a wide range of enterprise data and applications. 

Caseware’s 2023 State of Accounting Firms Trends Report found more firms are moving either to pure cloud offerings or a hybrid environment featuring a mix of cloud and traditional desktop services. 

And with new security solutions on the horizon, cloud platforms promise to become even more flexible and secure. 

Find out how your practice can create a highly secure operation that simplifies protection and keeps clients reassured by shifting to the cloud. 

Change is an inevitable fact of life, and the workplace is no exception. Organizations of all sizes, including accounting firms, eventually reach turning points in their histories when old ways of conducting business are not as efficient as they once were. New approaches, often involving shifts in technology platforms, are required to keep the business competitive and thriving. 

But it can be hard for some employees to transition to unfamiliar ways of doing things. Enter the concept of change management, which employs strategies to help people adjust their internal and external processes during such times of transition. 

Let’s explore change management in greater detail and see how it can benefit today’s modern accounting firm.

What is change management?

An effective change management strategy can prepare a finance team for technology shifts and increase the likelihood of a smooth implementation process. This involves:

• Integrating the new process or system
• Setting a solid implementation date
• Training people in the new process or system
• Monitoring performance once the change is enacted

One change management issue many accounting firms face is the migration from on-premises accounting software to cloud software. Change management is essential to helping teams adjust to the move away from the legacy system — and measuring progress following the cloud software’s implementation.

Cloud-based practice management software comes with numerous benefits, but it’s not uncommon to face reluctance when implementing this change in accounting firms.

That’s why remote and on-site accounting teams alike are turning to Caseware Cloud, a cloud-based accounting platform that improves the on-prem experience and gives the benefits of cloud access.

Whether you’re transitioning to remote work or just looking to optimize office operations, consider the benefits of becoming more cloud-centric to move your team forward.

Cloud vs. on-prem software benefits

On-premises software

On-prem software is accounting software installed on the computers in your office. It typically doesn’t require an internet connection to access, so accountants can work offline. It also keeps sensitive accounting data within your office, completely under your control and away from the uncertainty of the internet. 

On the other hand, on-prem software has to be installed on every computer individually and can’t be accessed remotely. It also usually has to be saved manually. If your computers crash, you have no way to access the on-prem work and you may lose some of your work if it wasn’t saved and backed up beforehand. 

Cloud software

Cloud-based practice management software for accountants is stored in an online storage base — commonly called the “cloud” — and can be accessed from any device once you have a login. This allows teams to choose between working from home, in the office or in a hybrid fashion. 

Using cloud software also ensures that your work is always saved and backed up, even if you have issues with a particular device. 

Caseware Cloud offers even more specific benefits, including:

• Stronger client communication in a protected portal
• Better team collaboration where people can work on files simultaneously
• One central location for all of your files with an easy search function
• An intuitive integration method for legacy files
• Automatic syncing to update when you come online after working offline
• Highly-secure encryption of the same level that banks use to keep data protected
• International cloud accounting software that allows you to work from anywhere

Common objections to migrating to cloud software

Due to the difficult nature of change, your change management will always face some resistance, even if the new direction is ultimately a good thing. Team members will have questions and some may have issues that make them hesitant to embrace the change. 

Here are a few common barriers to change — and how to overcome them with an effective change management approach.

“We’ve always done it this way”

Many people struggle with letting go of the old way of doing things. Even if it wasn’t perfect, they often become accustomed to the routine of old systems. It can seem easier to maintain the status quo than learn a whole new process or system.

That’s why the top cloud accounting software options will allow you to easily incorporate legacy files, rather than dedicating days to manually transferring them. This reduces the time it takes your team to adjust to the new system.

Look for cloud-based accounting practice management software that offers you a seamless transition so your team can see that the new way is better than the old system.

Change can be expensive

Another fear of change is that it may be more expensive than the old system. While easy integration saves you time-related costs, it’s also important to consider the price. Look for companies like Caseware Cloud that allow you to pay only for what you need.

Rather than charging a high blanket price for accounting firms of every size, Caseware Cloud charges per user license. That means if you have a small accounting team, you only need to buy a few licenses, paying less than large organizations. As your team grows, you can purchase extra licenses. The price is adjustable based on your needs.

Security 

Many accountants and executives worry about the security of switching from on-prem software to cloud accounting software. When people hear “the cloud,” they worry that anyone could hack their information. But cloud software actually provides all the peace of mind a leader could ask for, thanks to rigorous info-security standards. 

Cloud storage for accounting is encrypted. Caseware specifically uses the same level of encrypted security that banks use to protect their digital files. Encryption turns the plain text of your files into cryptography or “cipher text” that is unreadable to anyone who accesses the files outside the proper channels.

Elements of a successful change management program

It’s important to incorporate change in a way that results in smooth transitions. If new system or process implementations are rushed, you will leave your team confused and burned out — an issue that the accounting industry already knows all too well. Rushing also runs the risk of more errors showing up in your work, which could land you in trouble with clients and regulators.

Here are some elements you need to have in place to ensure a successful change management experience: 

• Vision. According to Harvard Professor John Kotter’s Eight-Step Leading Change Model, organizational commitment to change is difficult to uphold without a clear and sensible vision. Identify areas that need to change and how to change them, and share that vision with the team.
• Preparation. Planning ahead for the transition is key. Set a date to implement the change, with enough time to train staff and for the transfer of legacy files and current work to the new system. Create a schedule for training on the new system.
• Communication. It’s important to make sure everyone is on the same page. Hold a meeting to go over the new changes and to allow questions so that everyone is on the same page. Send out an email to sum up those notes afterward so the team can refer back to them.
• Flexibility. To successfully implement change, it’s important to be flexible and open. Not everything will go according to plan, but if you are prepared,  have communicated with your team and you stay flexible, you will overcome any bumps in the road.

Caseware Cloud can help detach your office from dependency on old on-prem software and bring you into the 21st century of accounting and audit. Discover the benefits of Caseware Cloud today.

They say no one is an island, but sometimes this can be true for organisations as well. It’s common for many organisations to bring in consultants with expertise in their area or even outsource some of their departments to a third party. This frees up their in-house teams to work more efficiently and can help to broaden the company’s perspective.  

However, involving third parties in your business can also increase the chance of risk. In order to do business with third-party vendors, you must grant them access to privileged company information, such as customer data or confidential processes. If the third party is not acting in good faith, they might abuse that access to this information. This is where auditors are crucial.

Auditors help to ensure the third party does not negatively impact the organisation. Let’s delve into what an auditor does to minimise third-party risk as well as tips for best practice that auditors can use. 

What is third-party risk?

Third-party risk is exactly what the name would imply: it is the risk inherent in bringing in a third party to perform services on behalf of a business. Although business owners would like to believe that the third parties they choose to work with are acting in good faith, the truth is that it can be difficult to know for certain.

A third-party vendor can harm a business financially by performing services that fall beneath the standard of the company. They could also make a business more vulnerable to cyberattacks, whether through negligence or through intentionally accessing your data with intent to sell it.

Regulatory compliance is a major issue when it comes to third-party risk. As laws like General Data Protection Regulation and the California Consumer Privacy Act crack down on data privacy, businesses that don’t remain compliant in their data collection can be subjected to hefty fines. 

If a third-party vendor fails to comply with relevant data privacy laws, the business can also be found liable. 

The auditor’s role and the third-party audit

The role of external and internal audit in risk management is to assess the relationship between the organisation and the third party and to minimise risk where possible. During a third-party audit, the auditor will review documents and data as part of an enterprise-wide risk assessment. They will also review any existing controls or policies in order to identify any potential risk. They will look at the whole projected lifecycle of the organisation’s relationship with the third party and provide insights.

It helps for organisations to bring an auditor in even before entering into a third-party contract. Auditors can help them to spot high-risk third parties or third parties in high-risk locations. These third parties will require more monitoring than otherwise. Auditors will conduct research on the reputation of that third party, as well as their past partnerships with organisations. They can even help organisations to refine their third-party selection process so as to minimise third-party risk from the start. 

The more third-party contracts an organisation has, the greater the scope of the audit. Auditors may need to go through hundreds of documents in order to provide a thorough audit, and it’s important to make sure not to miss any key details. 

Overall, auditors perform an important service for organisations, allowing them to find the third-party support they need while reducing the financial, security or compliance risks inherent in working with outsiders.

Best practices for third-party risk auditors

As an auditor, what can you do to ensure that you are providing the best third-party risk assessment possible? Best practices for auditing can vary from area to area. Some of the best practices for auditors of third-party risk situations include:

Focus on contracts

A strong contract can make all the difference when it comes to third-party risk management. The terms should clearly outline the roles of both the organisation and the third party so that there’s no confusion. It should also lay out the responsibilities of each party. In order to reduce compliance risk, the contract should take into account any relevant regulations and outline subsequent policies in the terms. 

With a clear contract, even if the third party defaults, the organisation can still show that they made an effort to remain compliant and minimise risk. An auditor can review the contract for potential weak points before it’s signed.

Evaluate third-party vendors for risk

Before the organisation chooses a third-party vendor to work with, an auditor should evaluate that third party in order to assess any potential risk. A questionnaire about their security and compliance practices is a good way to go with this. The auditor can help to prepare the questionnaire, which will then give the organisation a clearer picture of the third party’s policies and protocols. This will also outline the risk that might arrive from a lack of policies in a certain area.

However, questionnaires are not always the most effective way to get a sense of the third party’s protocols. Sometimes the responses may omit critical information or exaggerate in order to get the right answer. To take things a step further, it can help for the auditor to perform interviews of the third-party staff that might be involved in anything relevant to risk assessment.

Take an inventory of third parties

Again, many businesses utilise support or services from many different third parties. Organisation is key to make sure that crucial information doesn’t slip through the cracks. Ask the organisation for a third-party inventory, listing out all of the third parties that have a contract with the business. 

Don’t forget to add the organisation’s name to that inventory, and to write out the contact for each third-party contract, as it may vary from contract to contract. You will need to refer back to this inventory several times within the process of your audit. 

Divide and understand different levels of risk

Not all third parties will carry the same level of risk. An auditor should understand the different levels of risk, as well as how to handle each different kind of risk. Try breaking risk down in this way:

• Low risk. No interactions with customers and no access to sensitive company data.
• Moderate risk. Access to sensitive company data but no interactions with customers.
• High risk. Access to sensitive company data and interaction with customers.

For instance, a vendor from whom a business buys office supplies for everyday operations would not have access to much sensitive data, and would not interact with customers. 

On the other hand, a medical screening company that works directly with clients or job candidates and accesses information through a software application has access to both business relationships and data. The higher the risk, the more closely the third party should be monitored.

Do your due diligence

Most businesses want to know more than simply whether a third party has posed potential risks in the past. They want to know if they could potentially pose risks throughout the course of the business relationship. 

Auditors are required to do their due diligence to come up with an analysis that lasts for the long term. This can also include putting protocols in place to continue monitoring third parties for risk or to protect businesses from incurring risk. 

How modern analytics technologies can help

Modern technology has revolutionised how auditors are able to conduct their third-party risk assessments. Now with software dedicated to data analytics, you can seek out anomalies and patterns that give you top-notch insights to provide in your audit. 

Take Caseware IDEA data analysis software, for instance. You can import data from any source and analyse it through secure, read-only documents. And when you want to present insights to your clients, you can do so with engaging and easy-to-read charts that visualise the data. 

Modern analytics software can also help to organise your audit, making your workflow smoother and more efficient. With IDEA, you have a clear audit trail so you can follow it every step of the way and make precise corrections when needed. You can automate repetitive tasks, saving time and money. You can even choose from a pre-built workflow that streamlines the whole process for you.

Modern auditing has become digital, with analytics done most effectively through software. It changes the way auditors do business, and it changes the insights that they’re able to provide to their clients.

Find out how Caseware IDEA can help you

Through Caseware IDEA, auditors can identify anomalies, trends and patterns from a variety of sources — including third parties relevant to a third-party risk assessment. All of this is done on a secure and easy-to-use platform that allows you to visualise and organise your analytics with ease. It’s auditing done more thoroughly, with a workflow that eliminates hassle and produces better results. 

Want to learn more about how Caseware IDEA can help you protect your organisation? Contact us today for more information or to try IDEA for yourself. 

There’s a famous Maya Angelou quote: “I did then what I knew how to do. Now that I know better, I do better.” This can apply to most things in life, and the digital age of accounting is no exception. 

There was a time when email was revolutionary, lightning-fast compared to other methods of communication. It would have seemed like a wonder for client accounting collaboration. Today, however, there are many options that are faster, more secure and much easier to organize. 

So if you know better, why not do better? Here are a few reasons why accountants shouldn’t use email as their client collaboration software.

A brief history of email

The internet was not always as common as it is now. In the early 1980s, most forms of communication involved writing letters or calling someone by phone. And paying extra if they lived outside your area code. 

The idea of sending a message instantly to anyone, anywhere, from your computer seemed futuristic. But it quickly became common, revolutionizing communication through the 1990s and early 2000s. 

Email removed geographical barriers. It was as fast as digitization. It was reasonably secure, appearing in your online mailbox and able to be deleted when read. At the time, it was simply the most efficient form of communication for accountants to reach out to their clients and for clients to respond in their own time. 

Today, however, it’s one of many forms of digital communication. Instant messaging, in-app communication, online video chats, and more are all at our fingertips. The idea of sending accounting email to a digital inbox simply isn’t world-changing anymore. Nor is it the most efficient option.

Problems with email collaboration

Alright, so email might be a little old-fashioned by now. But why change if it’s served you well for years? If it’s not broken, why fix it? 

The truth is,  using email as a client collaboration tool is problematic. It’s always come with its own issues, but there weren’t better solutions at the time. Now that there are, some of those issues are more glaring.

Security

Most of us have either at one point had our email hacked or we’ve received a message from a friend whose email was hacked. These unfortunate events occur because, quite simply, email is not secure. Email messages aren’t encrypted. As long as a hacker can figure out your password, they can get into your email and access all your messages, and even start sending sensitive information via email themselves. 

Email scams are common, as well as viruses sent through email. Digital security in accounting is an absolute must in today’s world. If you want a truly secure form of client collaboration, an encrypted, in-app style of messaging is usually the best.

Organization

When file-sharing with clients over email, it’s easy for important messages to get lost in the shuffle. Of course, most email servers come with built-in folders for organization. But even then, with so many folders it can be difficult to remember which email went where and all too easy to sort something into the wrong folder. 

One famously problematic issue is the spam folder. This is built into almost all email servers and designed to catch junk email. The problem is that the algorithm that recognizes junk sometimes gets it wrong. If a client is emailing you for the first time, their email can often end up in the spam folder. That important notice you sent to them could do the same on their end. 

On the other hand, cloud-based platforms like Caseware can allow for easy, centralized communication where nothing gets lost in the shuffle. Clients can receive email notifications that they have a message. But even if they lose that email, the message itself will be easy to find in the app. 

Data and analytics

Client communication can be an important source of data and analytics. Clients need to send over important documents about their finances and business that you may need in order to help them with their accounting needs. 

Losing that information through a mass of emails can be more than frustrating. It can slow down your process and lead to a poor rapport with the client. Again, this is where a more centralized, organized option can better serve you and your clients.

Time-wasting

Reviewing multiple emails takes time. Especially if you have to review all the attachments to one and then find the next relevant email through a sea of such messages from all clients. Plus, most email servers will only hold so many emails. At some point, you have to start deleting important messages to make room for more. Your best hope is setting up paper files.

Imagine if all of your communication with one client was in one central location, including all of their documents. And you could easily shift from one communication to the next. Fortunately, this is more than just an idea. It’s very much a possibility with cloud platforms like Caseware PBC Requests. 

Making email collaboration obsolete

Email has its place in the history of accounting and client collaboration. Today, however, more efficient options have simply made it obsolete. 

PBC Requests is just the latest from Caseware’s suite of cloud-based accounting solutions. With PBC Requests, you can communicate with clients easily from a central, encrypted location for optimized organization and security. 

You can manage client requests with automatic tracking and send real-time status updates so you’re always on the ball. Keep all your client communication in one place and send messages individually or to all your clients in bulk.

It’s easier than ever to integrate and review new documents from clients and to automatically designate where they’ll go within your platform. Plus, there’s customizable content so you can easily meet your firm’s, and your client’s, specific needs. 

Want to learn more about how Caseware PBC Requests can help revolutionize your accounting client communication? Contact us today for more information. 

For any company to succeed, its departments must work together in a meaningful way. Of course, departments can have very different responsibilities and objectives but, ultimately, all parts of the business are working toward the same end goal. In this context, collaboration between departments can increase efficiency and provide value that would not otherwise be present.

Nowadays, technology makes it easier than ever for employees of different departments to collaborate, even when they may be spread out across the world. Accounting firms or audit departments within a business can benefit significantly from digital tools as they provide department members with access to up-to-date information in real-time that might otherwise not be available. Likewise, cross-department collaboration can provide a more holistic view of the company’s finances, allowing for better decision-making.

Moreover, introducing new digital tools allows departments to share data and information faster than ever. This helps build trust between departments as data sharing creates organizational transparency. By increasing their collective power and ensuring each department has the same information, firms can reach their business goals more efficiently and effectively.

Benefits of collaboration between departments

Many tangible benefits come from interdepartmental collaboration.

Better company-wide communication

Effective communication across departments is essential for a successful business. When departments collaborate on projects and tasks, each department has a better understanding of what the other is doing, which gives them better context when communicating their progress to their peers or other stakeholders within the company. This helps strengthen trust between teams and enables them to support each other’s operations more effectively.

For example, departments may need to communicate with one another when they are involved in a joint project to identify where resources need to be allocated or if changes are necessary to optimize performance. By taking advantage of tools such as shared documents and digital dashboards, teams can achieve greater efficiency by working together, rather than in silos.

Fewer errors

Inter-departmental collaboration can greatly reduce the number of errors that businesses encounter. By having better communication between departments, guesswork is minimized and departments can access up-to-date information quickly and accurately. This can help avoid data loss due to miscommunication or lack of communication.

Aside from hardware failure, common causes of data loss can come from human error. For instance, if an employee accidentally deletes or modifies a document without realizing it, the chances of recovering the original data are significantly reduced. However, when departments collaborate, they can easily detect any potential errors and take steps to prevent them from occurring in the first place.

Improved camaraderie

Working together on projects is a wonderful way for departments to become more familiar with each other, as employees get the chance to interact, strengthening relationships and breaking down silos. This improved camaraderie within the company allows employees from different departments to learn from each other, better understand the company’s overall operations, and feel more connected to coworkers with whom they may not usually have opportunities to interact.

When departments come together for a shared goal, it fosters creativity, collaboration and innovation. It also encourages trust between teams and helps build a strong foundation of support that helps employees bring their best work forward. All these things combined help create an environment where everyone feels comfortable working together and can speak up when needed without fear of judgment or retribution.

Efficiency

Collaboration between departments is essential for improving the efficiency of completing projects. When teams work closely together on a project, the need to pass a project from one team to another is eliminated, reducing time and risk of errors. It also helps facilitate information sharing between departments, particularly regarding audits or accounting engagements.

Data is the driving force of today’s most effective audits and companies have access to extensive data that can be utilized for creating precise-yet-revealing reports rapidly. By using this information and incentivizing collaboration between departments, businesses can significantly lessen the time needed to complete projects while guaranteeing accuracy and adhering to regulations.

How to promote interdepartmental collaboration

Companies can use many different methods to promote cross-collaboration.

Tools and tactics to foster a collaborative atmosphere

Managers play a crucial role in fostering an atmosphere of partnership between departments. To ensure everyone is on the same page, they can use various relevant tools, such as:

• Asana for project management;
• Slack for team communication;
• Trello for tracking progress;
• Caseware for data analysis;
• Google Docs for document sharing and collaboration;
• Microsoft Teams for secure chat and collaboration.

These tools can help departments stay in sync by quickly exchanging information and getting feedback. Additionally, managers can also implement certain tactics to encourage cooperation between departments.

For instance:

• Establishing clear goals and objectives: Setting clear expectations will ensure everyone is on the same page and working toward a common goal.
• Creating open communication channels: Departments should have access to each other’s conversations, ensuring they stay up-to-date and transparent on any changes or developments that could affect their own work.
• Creating dedicated spaces for brainstorming sessions: Holding regular meetings and brainstorming sessions can encourage new ideas.
• Conducting regular team-building activities: Having weekly or monthly activities that involve departments working together can help break down any silos between teams.
• Incentivizing interdepartmental collaboration: Rewarding individuals for their efforts in promoting cooperation across departments boosts morale and engagement.

All these strategies can go a long way in fostering a collaborative company culture.

Provide means of easy communication

It’s also essential for companies to provide easy means of communication between departments. Tools, such as Slack, allow employees to quickly and easily communicate with each other by creating dedicated chat channels or virtual meeting rooms. This will enable teams to access up-to-date information quickly, respond to real-time inquiries, share files and even brainstorm together.

An open line of communication between departments can help reduce conflicts, allowing for more transparency and understanding. By providing employees with the means to approach each other easily, companies can ensure all teams are on the same page regarding tasks, deadlines and objectives. For example, consider a project that is handed off to another department. The last team can provide feedback on how the transition went.

Use cloud software for projects

Finally, companies can also use the power of cloud software to manage projects and ensure collaboration between departments. Cloud-based solutions allow teams to access shared documents from anywhere in the world at any time, allowing them to work together regardless of physical distance. This makes it easier for teams to collaborate on tasks or contribute to a project simultaneously, allowing for faster completion of projects while also guaranteeing accuracy and adhering to regulations.

This way, companies can ensure all departments are aligned on project milestones and deadlines, helping keep everyone accountable and motivated to work together.

Overall, interdepartmental collaboration is essential for any business that wants to stay successful and competitive. By providing the necessary tools, incentives and means of communication, companies can ensure their departments are in sync and working toward a common goal.

Technologies such as data analytics, business intelligence and cloud computing are transforming how accountants communicate and collaborate with clients, colleagues and corporate leaders. 

Caseware’s second-annual State of Accounting Firms Trends Report examines which technologies are growing fastest and why. It also looks at the top challenges facing firms, such as practice management, talent acquisition and retention, and client management. The report’s findings are based on a survey of accounting industry professionals that garnered more than 4,100 responses from partners, managers, staff accountants and others in the industry.

Download this report to discover the key accounting trends and challenges facing your peers, including:

• The difficulty of finding and retaining qualified talent
• Top challenges around communicating with clients in a virtual world
• Growing adoption of cloud solutions
• Rising use of business intelligence technologies

Also included in the report are key observations from your peers and industry experts, offering additional insights into the recent trends in accounting that are impacting firms today.

Caseware’s 2023 State of Accounting Firms Trends Report gives you the information you need to ensure you and your firm are successful over the coming year in an industry that’s experiencing exciting changes and opportunities.