Well, that depends on what kind of CPA you are. But some answers are already clear.
by Rick Telberg/At Large
CPAs in public practice and in business and industry are struggling to make the leap beyond basic accounting software, but their needs and expectations are by no means monolithic.
That is to say, each firm, each business, each individual client seems to have different objectives and requirements. CPAs are clearly working hard to stay on top of the trends and deliver real value to all their constituencies.
But it's not easy, as the first glimmers of one of my ongoing studies suggests. I launched the subject with the question "What's Next for CPA Software?" And the survey is still open as we further analyze the data. Please join the professional panel here.
Meanwhile, the jury is still out on whether so-called "basic" accounting software is reaching maturity.
"Yes," says a senior executive at an Ohio hospital. "Debits and credits are readily recorded and linked throughout the various financial reporting packages -- eliminating past practices of many accounting departments."
On the other hand, the same CPA wonders, too, about "the next big thing" in business and accounting software. For starters, this finance professional would like to see "more focus on timely and quick implementation."
But to many others, there's still a lot of life left in the business of "basic" accounting software.
Is it a mature industry? "No," says a controller at a small business. That "would imply the evolution has stopped."
"By no means has this 'art' been perfected," adds a research analyst at one large company.
Furthermore, CPAs are finding fertile ground in the theoretically "basic" QuickBooks and Peachtree market. "You still need trained personnel to operate the software," according to a senior partner at a local CPA firm. "We find that QuickBooks Pro is not for the untrained."
And one managing partner of a small local CPA firm suggests, "There is a dearth of software in the mid-range, between $1,000 and $10,000 in installation costs."
Separately, my new study is also helping to pinpoint the software solutions sought most by CPAs in public practice and CPAs in controllership. Importantly, there are vast differences.
For instance, CPAs in public accounting say they want and need solutions mostly for:
1. Construction accounting,
2. Estate and financial planning,
3. Networking and communications,
4. Not-for-profits, and
5. A mobile workforce.
The top five for members in business and industry is strikingly different. To wit:
1. Help desk and call center,
2. Sales management,
3. Business intelligence and customization,
4. Logistics, and
5. Supply-chain management.
The savvy CPAs -- in either public or private practice -- who can bridge the gap of demand in the marketplace will be the winners of the future.
September 27, 2004
