Tips for Integrated Paperless Engagements

Accounting Technology,  September, 2005  

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In today's practice environment, successful firms use technology for competitive advantage. They seek to leverage technology to improve both financial results and client service. One of the hottest technology trends in the last few years has been the adoption of a paperless engagement strategy for audits and other financial statement engagements.

A successful strategy will consider all aspects of the engagement, from checklists and practice aids to engagement guidance, to professional standards, to document management, to trial balance and financial statement preparation.

Why should your firm consider implementing a paperless engagement strategy? There are a number of advantages, but simply stated, if you do not move toward a paperless engagement process, you may be left behind competitively. The adoption of paperless engagements by firms is progressing pretty much as predicted a few years ago. 2002 was touted by at least one leading consultant as "the year of the paperless ...