Jul 16 11:37 AM

Patent Pending FAQ

Jul 16 11:37 AM
Jul 16 11:37 AM

 You saw we have a patent pending somewhere and are asking what a CPA firm could have a patent pending for. Well good news, we have a patent pending FAQ ...

 What will our patented technology do?

It will leverage technology to eliminate overtime by providing a seamless integration of our clients’ accounting system into our workflow.

 I assume everyone has to change to the same software..

 It’s an integration of our clients accounting system into our workflow, so no … it works regardless of the software a client is on, currently integrated with QuickBooks Desktop, QuickBooks OnLine, and working on integration with NetSuite and Microsoft NAV. It also works regardless of what tax or audit software we choose, it’s middleware and it’s new, so you don’t have to replace anything.

 Currently working? Does that mean you are using it?

Yes, we went live in April, our first client on the platform asked that we add his entire staff because closing with our platform was easier for everyone than logging in and out of 6 different QuickBooks files.

 Wait, your client logs in? How does that work, what does a client get out of the platform?

First and foremost, a CPA on the same page as they are, working on the same page, looking at this year’s data, not last year’s data. It will change our role from a referee that comes in after the play and penalizes you for what you did wrong to something like an offensive line coach, helping develop strategies that open holes and protects our clients from some of the things that seem to come at clients like a blitz. Not a head coach, GM or coordinator, we don’t pretend to know enough about client’s business to run it, but we can help protect them from what we do know. It also gives our clients

  •  online consolidated financial statements with drill down detail
  •  automated tax forecasting
  •  auto distribution of reports at close
  •  restricted access to open periods for financial users
  •  Up to the minute updates for depreciation changes, etc

 That sounds like more work, not less, how will you eliminate overtime with more work?

 It’s when we do it, right now, not right before the deadline.

  •  We can make adjustments from the website to the client file if we want, it’s integrated in with our engagement letter and will produce a rep letter that includes our adjustments and changes with a summary effect of the changes and then complete detail, so we can get rep letter signed and stay independent if necessary.
  •  Proposed changes can be proposed, so client approves before posting, or you can make them yourself, without opening their accounting software, by clicking an approve button
  •  No logging on to different sites, getting backups, different versions, wrong data in excel, or a pdf. It’s the information we need, integrated into our workflow, for all of our clients on one website.
  •  Smart notifications, that instruct, for things that need our attention or impact the tax return so we will work as we go, the software learns, so we automate the adjustments for the tax return, it prompts and asks if we want that repeated the next time a similar transaction is posted.
  •  Tracks the adjustments to automatically complete M-1s and M-3s.
  •  We get notified the day after
    •  retained earnings changes
    •  inter-company activity doesn’t balance zero balance accounts have a balance
    •  capitalization is below the client’s cap policy,
      • it remembers how we classified fixed asset additions in category before, prefills info and upon approval, exports directly to our depreciation module in tax prep software.
  •  If clients code things to accounts that have special tax consequences, we get notified, for things like “is that a deductible penalty?” and tax expense includes a transaction for the same amount as owner state and federal estimated tax payments or extension.
  •  For audits, we can get notified of individually significant transactions, related party activity, material deviations and we can do audit samples at interim and manage the data for what was sampled and an indicator that data changed after we sampled. If they add an entry in a period we sampled previously, we get notified totals changed or we can just include that transaction(s) in subsequent samples.
  •  Monthly reporting is in the same format as year end, summarized by lead schedule with drill down detail for line item amounts or transaction detail.
  •  Reports are basically produced in excel, so you can save report if you like.
  •  Trial balance is ready to post import into your audit software or can be pushed in if you have a SDK or API for it.
  •  Patented process is integrated with automated engagement letters with menus for services provided and AICPA language for the text, delivered online with DocuSign and credit card authorization. (If a client requests a new service, you can generate the engagement letter for him while you are on the phone and he can sign it from his. Integrated site with engagement letters, site turns off for clients when their engagement letter expires).

That’s how we will do that, it is accounting software designed by an accountant, in public accounting.

How complicated is this?

It’s based on an existing accounting principal or concept that is so simple you will be surprised it has not been done before and disappointed you didn’t think of it first because now some CPA in Farmers Branch will hold the patent on it.

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