IMPLEMENTING A FIRM-WIDE PORTAL SOLUTION

Transcription

1 IMPLEMENTING A FIRM-WIDE PORTAL SOLUTION Adptin f client prtal technlgy by tax and accunting firms has been steadily increasing fr several years nw. Prtals can be a pwerful cmpetitive differentiatr, ffering a sphisticated way t interact with clients and slve prblems fr accunting firms that adpt them early n. And they cntinue t evlve frm a feature extended t a few select clients int a cre wrkflw and client service necessity fr mre and mre firms. This white paper will walk yu thrugh the fundamentals abut prtals, including hw they wrk, their basic benefits, and sme effective strategies fr intrducing them t yur staff and yur clients. If yu d like mre detailed infrmatin, feel free t cntact us at r CS.Sales@ThmsnReuters.cm. HOW DOES PORTAL TECHNOLOGY WORK? Client prtals create an instant, secure nline channel f cmmunicatin between yu and yur clients. Each client has a private prtal that they lg int via yur website. Yu can pst dcuments such as tax returns, supprting dcuments, and files in prgress t each client s prtal. Yur clients can then access these dcuments 24/7, with n need t cntact yu. Clients can als pst surce dcuments and ther files in prgress, which yu can then access at yur cnvenience. Prtal slutins are delivered thrugh a hsted mdel. This means that the actual hardware that huses the web interface and client data is lcated ff-site, in a dedicated data center that yur firm and yur clients access thrugh the Internet. This eliminates any required investment in technlgy infrastructure by yur firm. It als allws yur firm t stre data in state-f-the-art data centers that deliver a level f security, business cntinuance assurance, and redundancy well beynd the lcal means f mst tax and accunting firms. All while driving dwn yur firm s maintenance and ther technlgy csts. Backend Technlgy Infrastructure Prtal Hsting Data Center Hsting facilities are specific lcatins that stre and hst yur prtal applicatins and data. Data centers ffer an array f bth physical and applicatin-level security and redundancy t prtect yur data. They generally include: Arrays f hardware servers that drive prtal applicatins and databases. These arrays are made up f many servers, arranged in such a way that if ne fails, anther can immediately and seamlessly take its place. Redundant pwer supplies t ensure pwer during utages r surges. Redundant Internet surces t ensure uninterrupted cnnectivity in the event f Internet prvider utages r degradatin. Immediate replicatin f data t ther data center lcatins, which prtect applicatins and data in the rare event f a data center disruptin. Encryptin technlgy Encryptin technlgy prevents piracy f data as it travels between yur firm, data centers, and yur clients. Prtals generally use 128-bit encryptin, the industry standard, t prtect data. Hw clients access their prtals Generally, clients access their prtals thrugh a link n yur firm s website. This link takes them t a lgin page where they enter their user name and passwrd. The rest is handled by the prtal hsting prvider. With few exceptins, yur clients will experience the prtal as a seamless extensin f yur website. This means that yur firm gets the credit fr delivering a sphisticated, persnalized prtal experience. Prtals als generate additinal traffic t yur website, making it a mre pwerful marketing tl and ffering the pprtunity t build better, mre prductive client relatinships.

2 Client Technlgy Requirements A web brwser (Internet Explrer r Firefx). A bradband Internet cnnectin (cable, DSL, r T1 preferred). All ther hardware and sftware is purchased and maintained by the prtal hsting prvider. YOU BELIEVE IN PORTALS BUT HOW DO YOU LAUNCH THEM? Intrducing yur staff t prtals The simple truth is, implementing client prtals will make life much easier fr yur staff. But it s imprtant t have an implementatin plan in mind. Here are sme tips that can help yu create a gd ne. Designate a prtal champin at yur firm. This persn will be in charge f making sure the implementatin ges smthly. This will help psitin the intrductin f prtals as a cllabrative effrt rather than a tp-dwn mandate. And yur prtal champin is likely t have sme gd ideas abut hw t make the implementatin g mre smthly and hw client prtals can becme a part f the cre paperless wrkflw f the firm. Make sure yur staff is aware f the benefits f prtals. Even if the benefits f prtals are bvius t yu, they may nt be as bvius t yur staff. S hld meetings and utilize ther cmmunicatin channels t make sure yur staff knws hw prtals will make their jbs easier and mre rewarding. Intrducing yur clients t prtals Rlling ut prtals t yur clients takes sme crdinatin and planning. Here are sme steps t cnsider: Step 1: Start with basic prtal capabilities. At this stage, it s usually best t fcus n basic prtal capabilities. Gals fr basic capabilities shuld be simple, tangible, and prduce nticeable benefits quickly. It s als a gd idea t cme up with sme incentives (like adjusting fee structures) that will entice yur clients t cme n bard in yur mve t prtals. Sme examples f basic prtal capabilities include: BASIC PORTAL CAPABILITY BENEFIT TO YOUR FIRM BENEFIT TO YOUR CLIENTS Securely pst finished tax returns nline Securely pst client surce dcuments nline Add nline billing and payment capabilities Enable clients t enter financial data remtely thrugh an electrnic tax rganizer Increase traffic t firm s website Exchange files in prgress with clients Reduced printing and mailing csts Lwer administrative csts Mre time t prepare returns Secure strage f final returns Alignment with firm-wide paperless strategy Reduced printing and mailing csts Reduced administrative csts Reduced administrative csts Imprved cllectins Streamlined accunts receivable The ability t capture data keyed in by clients fr use in the tax preparatin system Better relatinships with clients Mre tech-savvy image Additinal revenue frm imprved prmtin f value-added services Mre secure transfer f client data Faster transfer time Faster delivery f cmpleted returns Greater cnvenience f 24/7/365 availability Greater cnvenience Digital cpies f printed surce dcuments add value cmpared t paper dcuments Greater cnvenience Greater cnvenience Imprved respnse time Imprved client understanding f firm service fferings Better relatinship with firm Imprved respnse time

3 Step 2: Identify advanced value-added pprtunities that culd be delivered via client prtals. Defining mre advanced value-added pprtunities can hld the greatest prmise fr imprving the client relatinship and expanding yur business. Examples f advanced value-added pprtunities include: ADVANCED VALUE-ADDED OPPORTUNITIES Intrduce payrll services, including payrll data entry and check printing Offer hsted client accunting sftware BENEFIT TO YOUR FIRM Additinal nging, steady revenue stream High margins A brader range f clients Enhanced image as a trusted prvider f web-hsted sftware applicatins t clients Increased cntrl ver client accunting system Additinal revenue surce Cnvenient transfer f accunting transactins Less time spent crrecting client errrs BENEFIT TO YOUR CLIENTS One trusted partner fr tax, payrll administratin, and payrll cmpliance services Efficient and cnvenient transfer f payrll data and check printing f emplyee data Advanced bkkeeping services frm a trusted surce Increased efficiency thrugh cnslidatin f financial services with ne vendr Becme a financial destinatin site fr clients by prviding cntent such as stck qutes, financial news, and accunt aggregatin services Imprved prestige in the prfessin Mre prductive relatinships with existing clients Mre new clients Mre sphisticated client base Lwer rate f attritin One trusted surce fr financial resurces Offer hsted applicatins such as dcument management and ffice prductivity sftware (Micrsft Wrd, Excel, Outlk, PwerPint ) Greater prestige in the prfessin Mre prductive relatinships with existing clients Mre new clients Mre sphisticated client base Lwer rate f attritin One trusted surce fr financial resurces and business applicatins Step 3: Cnsider yur clients needs. Mst firms have a mix f business and individual clients that demand different types f services. And every accunting firm has clients with varying levels f technical expertise. If yu re like many firms, yu have sme clients wh are already pushing yu t implement prtals, thers wh will see the benefit f an nline slutin nce it is implemented, and still thers wh are less ready t wrk with yu nline. It s useful t cnsider in advance which clients are likely t fit int which categries, and t make a list. This will help yu determine the right time t invite specific clients t yur prtal ffering and the specific prtal capabilities that are likely t benefit the greatest number f clients. CONGRATULATIONS: YOU HAVE A PLAN TO LAUNCH PORTALS SUCCESSFULLY. NOW WHAT? Yu have just cmpleted what, fr many firms, is the mst difficult part f mving t client prtals. Nw is a gd time t build n that mmentum by beginning t put this plan int actin. Start by fcusing n yur basic prtal capabilities and assigning the time and resurces t accmplish thse tasks. At this pint, it can be helpful t set up a timeline t keep yu fcused and n track. Here is a sample timeframe: Week 1: Acquire prtal capabilities (sftware, hardware, hsting, and training services) frm yur vendr and test them by cnfiguring test accunts that yur staff can access. Seeing prtals in actin and engaging in the exact client experience will g a lng way tward establishing a firm-wide cmfrt level with prtals. Week 2: Begin internal staff preparatins (i.e. dems, training, prcedures, respnsibilities) fr yur prtal slutin. Week 3: Fcus n yur client cmmunicatins and start engaging yur clients t infrm them f yur exciting news. Thmsn Reuters has sme helpful templates t assist with these cmmunicatins.

4 Week 4: Run sme tests with a few f yur clients t understand the hw the interactin will wrk. Feel free t make adjustments when needed. Nte: Chse test clients that are flexible, easy t wrk with and will give yu the mst cnstructive feedback. Week 5 and beynd: Fllw vendr s recmmended plan fr implementatin and training. PORTAL EXECUTION QUESTIONS AND ANSWERS Sme f my clients are nt technically savvy. They re used t lder ways f ding business and have little interest in changing. What can I d t bring them n bard? As with any change, yu are likely t encunter a certain amunt f resistance when mving t prtal technlgy. Sme f yur clients may resist because they are afraid that they wn t be able t use the new technlgy. It may help t explain t clients that their new client prtal may lk mre familiar t them than they think. This is because prtal interfaces are very similar t widely used technlgies like web brwsers, nline banking, shpping, travel, and . If they ve experienced any f thse technlgies, they re prbably already familiar with basic client prtal functinality. Once clients get ver this initial hesitatin, yu might be surprised at hw quickly they adapt t prtals. Peple naturally lk fr easier ways t wrk and interact, and prtals represent ne f the biggest imprvements in the way we interact and cllabrate since . Almst all firms have a few clients that refuse t use prtals. But that shuldn t prevent yu frm extending the cnvenience f prtal technlgy t the majrity f yur clients. Here are a few tips t help yu bring them n bard: Draft a letter r that highlights the benefits f client prtals. Carefully explain all the benefits they will gain frm using them. Explain t them that if they ve engaged in nline shpping, banking, r travel, they already knw hw t use the basic functinality f client prtals. Als tell them that their prtal is already set up with a cpy f last year s tax return, already psted and available t them 24/7. Make sure yu take the time t train clients n the prtal and shw them hw easy it can be t d business nline. This can be as simple as having the staff members wh field client requests fr cpies f tax returns r ther dcuments simply walk clients thrugh the steps required t access these dcuments thrugh the prtal. Eliminating r dramatically reducing the ptin f delivering dcuments t clients via fax, mail, curier service, etc. will als help drive prtal adptin. If yu ve prmised clients certain benefits related t prtals, make sure yu deliver n thse prmises. Make prtals yur primary way f interacting with clients, and make traditinal means (mail, fax, meetings) a lwer pririty. This will increase the benefits t prtal users and prevent the clients wh resist prtals frm slwing dwn yur firm s wrkflw. Prmtins such as mnthly drawings fr prtal usage can be a way t increase participatin fr clients wh resist. But these kinds f tls shuld be used carefully. Yu want t keep the fcus n the benefits f the prtals themselves and make sure clients dn t start t expect additinal incentives fr using them. Negative reinfrcements such as additinal fees fr clients wh cntinue t use paper are a pssibility, and will prbably becme mre cmmn as prtals becme an even mre widely accepted way f ding business. Psitin client prtals as a green strategy by highlighting the savings in paper and ther resurces. Invite client feedback. My clients and I are bth cncerned abut the security f client prtals. We tend nt t questin the security f traditinal cmmunicatin frmats like mail and fax, simply because they have been arund fr s lng. But in fact, prtal technlgy is much mre secure. Unlike traditinal cmmunicatin methds, prtals use passwrd prtectin t ensure that data can nly be viewed by the apprpriate client. Prtal technlgy is als much mre secure than . Prtals use 128-bit encryptin, the industry standard, t prevent piracy f data as it travels between data centers, yur firm, and yur clients. is nt encrypted, and many state laws nw prhibit transfer f sensitive client data via , with significant penalties fr thse wh vilate the law.

5 Prtal slutins als tend t be mre resistant t data lss caused by building prblems, natural disasters, and ther unexpected phenmena. This is because they are usually hused in ff-site data centers designed specifically with these things in mind. They prvide fr many levels f physical and applicatin level security and redundancy f data, pwer supplies, and fail-ver servers. These security measures are maintained and verseen by experienced data management specialists, and are generally much mre sphisticated and safe than string data n-site. There are als actins that yu can take t make yur prtals mre secure, and t help clients feel cnfident abut the safety f their data. These include establishing passwrd expiratin plicies within yur ffice and making sure clients are aware f them. What kinds f technical equipment and knwledge are required t ffer prtals? Mst prtal slutins are prvided as turnkey hsted services. And generally, hsted services require less technical equipment and knw-hw than the systems they replace. There is n sftware t update and n server r strage hardware t update r maintain. S in general, switching t a prtal slutin will require less IT knwledge and equipment, nt mre. Fr mre infrmatin n the technlgy behind client prtals, refer t the Hw Des Prtal Technlgy Wrk? sectin earlier in this dcument. I dn t have a firm website. Can I ffer prtal technlgy t my clients? Yes. Althugh the mst cmmn and effective implementatin is t link t yur client prtal frm yur firm s website, prtal vendrs typically have links t a prtal lgin page that can be accessed r bkmarked frm any standard Internet brwser r included in cmmunicatins. A firm website will allw yu t get much mre value frm yur client prtals ver the lng term. Cnsider the pprtunities yu may have dcumented in yur lng term strategy t drive ther value-added services with yur clients. Firm websites enhance this pprtunity fr success. Will management f my prtals require additinal time and resurces? On the cntrary, prtal technlgy is ne f the biggest time and resurce savers yu can implement at yur firm. But, as with any change, setup and implementatin will require sme time and resurces, s yu shuld plan accrdingly. As mentined previusly, a key step in implementing prtals is t win staff buy-in allwing fr a firm-wide prtal implementatin strategy that is entrenched in yur firm s paperless wrkflw. Even befre cmmunicating with yur clients n prtals, the staff needs t be n bard and the wrkflw incrprating prtals slidly in place. What s the mst effective way t launch a prtal slutin? It s ften a gd idea t launch yur prtal slutin in waves. Yu ll want t make sure yur first wave f clients is big enugh t give yu an idea f what a typical implementatin lks like. We generally suggest that yu include at least 20% f yur clients fr yur first wave. Als, keep in mind that yur prtal strategy will likely grw t % f yur clients, s make sure yu take advantage f vlume discunts n prtal licenses and dn t limit yurself t yur first wave. READY TO GET STARTED? Implementing client prtal technlgy isn t smething that happens vernight. But nce it s in place and integrated int yur wrkflw, we think yu ll find that it s ne f the mst beneficial and cst-effective imprvements yu can make at yur firm. The benefits f client prtals extend t bth clients and the firm. If yu d run int any unexpected issues alng the way, we re happy t help after all, we ve been helping tax and accunting prfessinals implement client prtal slutins since TAX & ACCOUNTING 7322 Newman Bulevard Dexter, Michigan CS.ThmsnReuters.cm TL21672