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Selecting trial balance software is becoming easier every year. As software vendors consolidate in the wake of acquisitions by larger companies, the number of products dwindles, making the entire process more bearable.
Some CPA firms are still using spreadsheets for their workpaper preparation and have not yet dis covered the time-saving features offered by an integrated trial balance software system.
Advantages of Integrated trial balance software versus using spreadsheets
* Create lead schedules, financial statements, working papers without the need to manually format any supporting schedules or statements.
* Fully integrated approach to engagement management - often integrates with tax software, time and billing staff scheduling, etc.
* More efficient use of time than manually creating worksheets for every client
* Constantly upgraded for a small annual maintenance fee.
* Doesn't require advanced knowledge of spreadsheet programming, functions or formatting.
The majority of CPA firms have been through one or two different trial balance software packages. In the early days of practice automation, the vendors' claims were often years ahead of the capabilities of their software offerings - especially in crucial areas like formatting of presentation-- quality financial statements.
Limit your selection of trial balance software to those systems with the widest user base. These systems are supported, updated and debugged far faster than smaller, less widely used systems.
Often, CPA firms first consider which tax prep package to use then move outward and consider whether their tax vendor also produces a quality trial balance package that will integrate tightly with the tax package.
Features you must consider
* Integration with tax software: The best trial balance packages will produce shiny financial statements and integrate directly to your firm's tax preparation software. For many firms, using the same company for both tax and trial balance software makes a lot of sense. Using software from the same company virtually guarantees a tight and trouble-- free integration between tax and accounting workpapers. CCH and Creative Solutions offer both tax and trial balance software.
* Ability to import client accounting data: An easy way to import transactions from QuickBooks, Peachtree, MAS90, Great Plains and MYOB is highly desirable. Avoiding the painful process of re-keying year-end financial numbers can shave hours off each audit engagement At a minimum, investigate...