AccountantsWorld has changed the name of its flagship accounting solution to better reflect the most important and distinctive benefits it provides to accountants. Accounting Power, previously named Accounting Relief, is a cloud-based professional accounting system that also connects firms to their clients for day-to-day small business operations.
The name change reflects AccountantsWorld's focus on providing accountants with tools to help their clients better manage their business finances and make their services more relevant to their clients’ needs.
“The primary mission of Accounting Power is to help accountants regain the prominence within client accounting that they’ve lost over the past decade,” said Chandra Bhansali, CEO of AccountantsWorld. “Almost all other accounting solutions providers focus on selling ‘do-it-yourself’ systems directly to small business clients and bypassing the accountant, which naturally undermines the accounting profession. The cloud-based Accounting Power has always been designed to support our Accountants First™ position, in which accountants and clients work in true collaboration under the accountants’ direction.”
Accounting Power includes bookkeeping, trial balance, write-up, and financial reporting, all in one integrated system. Because the system is fully integrated, after clients have entered transactions, accountants automatically have that data available to perform trial balance work and prepare fully customizable financial statements.
Accountants can also customize the system for each client, to limit access only to the functions that they are comfortable performing. By maintaining this level of control, accountants can minimize client errors – a major source of wasted time in accounting. And because client data is always accurate and up-to-date in this unified system, accountants are able to offer a much higher degree of strategic insight into their clients’ complete fiscal picture. Accountants can quickly scan their clients’ key indicators and set up alerts to signal any potential warning signs in areas such as cash flow or accounts receivable. This proactive stance allows accountants to serve as a virtual CFO for their clients’ businesses, which is a win-win for both parties. Clients benefit from expert advice and guidance, and accountants become indispensable.