In Black & White (13)

Best Practices for Financial Reporting with Excel (Step 2)

Jamie Black
Excel
minute(s)In the last part of this article series, we recommended taking some time to confirm that spreadsheets are the right tool for a specific financial reporting task. If you do conclude that a spreadsheet is the best tool for the job, you have to be careful to set youself up for success. The wide-open nature of Microsoft Excel means there are ample opportunities to "shoot youself in the foot." By following these best practices, you can avoid some of the pitfalls that come with using such a general-purpose tool for your specialized reporting tasks. Let's get started! Step 2: Minimize Data Sources Take a minute and list all the reports your finance department must create in a year. At a minimum your list likely includes: annual financial statements, quarterly statements, management discussion & analysis (MD&A), financial plan or budget documents, actual to budget reports that you present on a monthly or quarterly basis, forecasts where you analyze actuals and project how well you will meet budget, Tens or hundreds of specific purpose reports. Things like bank covenant reporting or provincial reporting (FIR, LGDE, SOPHI) The point is, there are a lot of reports and each one needs to present data slightly differently. More detail in one, less in another. One includes actuals only, this other adds budget data. This one shows capital expenditures as expenses, but another one treats them as assets. Consequently, folks tackle each one of these reports as a discrete task. Consider the example of a finance department who is working to prepare the Q1 financial statements and the accompanying MD&A. The data from the accounting software (often referred to as the ERP system) is exported to begin building the financial statements. In this case, the Excel file becomes the direct data source for the financial statements. When the statements are nearly complete, either the spreadsheet file that houses the financial statements is copied or another export from the accounting software is created so that the team can work on the MD&A. Now imagine the auditor comes back and requires an adjustment be posted. This change needs to effect both files. Not only must finance make the change twice, but there is also now the need to reconcile the data between the two Excel files to ensure that the Financial Statements and MD&A agree. Compare this to an approach where the MD&A is built off the same Excel file. Changes made in one file necessarily effect both the statements and the MD&A. Reconcilliation of the two reports becomes much faster and simplier. While this may seem obvious, we rarely see this practice implemented consistently. In part this is caused by difficulties in sharing an Excel file across multiple users or difficulty in dealing with variations in grouping of data. Whatever the reason, when you consider all the reports that the team tackles, duplication of data sources leads to massive amounts of wasted time regrouping data, adjusting in multiple locations and then reconciling to ensure the values balance across data sources. The very same only different This same best practice of minimizing data sources also applies within a single spreadsheet. Take Cash as our example. Typically, cash needs to be presented in two or three places: a summary line on the balance sheet a summary line at the bottom of the Statement of Cash Flow a detailed breakdown in a Cash and Cash Equivalents note Option 1: Indiscriminate Linking In this option, the focus is on creating the report as quickly as possible. Consequently, there is little discipline applied to how these values are populated. The result is multiple approaches to getting the same value : The note details are populated by summation of GL accounts. The Statement of Cash Flow value is created by summing the lines above. Finally, the Balance Sheet value is based on linking to the total of the note. This is done to ensure the note and Balance Sheet values agree. Option 2: Minimize Data Sources This option focuses on long term benefits instead of speed of initial creation. The focus is on standardization and consistency. Wherever possible values are derived the same way: The note details are populated by summation of GL accounts. The Balance Sheet value is also populated by summation of GL accounts. The Statement of Cash Flow value is created by summing the lines above. This variation in approach is necessary to ensure the integrity of the statement. At first glance these Option 1 and Option 2 may appear equally good. But, having values derived in lots of differing ways can cause numerous complications: Secession planning - If there are a large variety of methods used to populate statements, it can be much more challenging for new staff to use the existing template properly. Less variety = Easier to Learn. Quality control - Consider that if all cells on the balance sheet are consistent, it is easier to review formulas to ensure accuracy and completeness. If there is great variability in the linking methods (and therefore the formulas) review gets much more complicated. Cross-Linking means 0% or 100% - Notes often contain much higher levels of detail than statements or schedules. As a result, notes regularly take more work and therefore time to complete. If the values on the Balance Sheet are linked from notes, your Balance Sheet will remain out-of-balance and unusable until every last line item detail in the notes is in place. Look for our next article "Best Practices for Financial Reporting with Excel - Step 3" where we'll discuss more ways to mitigate the risks inherent in financial reporting using spreadsheets.

Best Practices for Financial Reporting with Excel Step 2: Minimize Data Sources

Best Practices for Financial Reporting with Excel (Step 1)

Jamie Black
Excel
minute(s)In the first part of this article series, we discussed why spreadsheets can be problematic. In short, spreadsheets are cheap, available and flexible, but they are very high risk! As finance professionals, how do we improve our processes to mitigate the risk but get all the benefits? Step 1: Confirm spreadsheets are the right tool As with anything else, the key is to find the right tool for the job. The simplest way forward is to calculate (accountants love this part) a score. The higher the score, the more you should be looking to find an alternate approach to spreadsheets: Frequency - How many times a year will this tool be used? Users - How many different people will use the tool? Standardization (1-10) - How much change in format is required for each use (see frequency above) Complexity (1-10) - Are we talking about a 10 row spreadsheet or a series of workbooks linked together with hundreds of tabs? Required Accuracy (Percentage) - What percentage of accuracy must be maintained? Multiplying each of these values results in your Value of Replacement (VR) score. Consider an example with one of our clients: They were being asked to forecast performance 3 times a year. They would take data from the General Ledger, export it out into 20 Excel workbooks. Each spreadsheet contained hundreds or thousands of rows. They then distributed those spreadsheets to 20 users . Users had to go row-by-row, assess actuals and develop a model for how to forecast the balance to the end of the year Finally each user returned their spreadsheet to Finance. Finance then combined the spreadsheets back into one workbook and did analysis. Ultimately Finance needed to summarize the data and prepare a final report (tables of data and narrative explanations) to council. Their VR score: 3f x 20u x 8s x 9c x 99%r = 4,277 Now what if this work was very simple? 3f x 20u x 8s x 1c x 99%r = 475 As you can see, the first scenario yields a much higher value for replacement than the second. And by comparing the VR scores of different processes, you can determine which ones to prioritize to yield the most benefit from new tools and automation efforts. For the others, Excel may be the perfect tool for the job. But that doesn't mean you're done - not all spreadsheets are created equal. Look for our next article "Best Practices for Financial Reporting with Excel - Step 2" where we'll begin discussing ways to mitigate the risks inherent in Excel reporting.

Spreadsheet applications like Excel are incredibly flexible and easy to use tools but if you are not careful, they can kill your career. Step 1 of this process is covered in this article.

Working Papers Update Released

Jamie Black
What's New
minute(s)Working Papers & Working Papers SmartSync 2015.00.157 Software: Working Papers & Working Papers - SmartSync Old Version: 2015.00.152 New Version: 2015.00.157 Release Date: Nov 24, 2015 Details: This enhancement includes numerous improvements and bug fixes including that improve performance and reliability. You can access the update here (click on the Enhancements tab) Subscribe to this blog and receive current CaseWare updates.

New version (2015.00.152) of Working Papers 2015 released

Want a faster, more accurate year-end? Use Working Papers Checklists

Jamie Black
Tips and Tricks
minute(s)CaseWare is a flexible reporting and assurance software tool that allows your team to be completely paperless. It's used by financial professionals throughout the world to automate annual, quarterly and monthly reporting. You know that. That's why you bought it. This article is another in our Tips & Tricks series to ensure you to take full advantage of Working Paper's power to get an even faster year, quarter and month end. Why Checklists? We all use checklists in day-to-day life. If I am sent to the grocery store, I need a list. How else could I be expected to remember all the stuff I was sent for? Without a list to refer to as I shop, it's guaranteed to become 2 or 3 trips, wasted time and frustration. So if I need a checklist for something a simple as getting milk & cheese, why would I not use checklists for something as complex as a year-end, quarter-end, or month-end? Especially when getting everything done properly the first time would save everyone (our team AND the auditor) so much time. Alright, we convinced you. Now, if you are going to use checklists they should be in your CaseWare file (everything related to your year/quarter/month end should be in there). And if you have your checklist in Word or Excel or some other program you should consider converting them to a CaseWare Checklist. Two types of Checklists in Working Papers There are two different ways to use checklists in Working Papers. One is obvious and the other less so, but neither are used as extensively as they should be. Here’s how you add checklists to your documents in Working Papers 2015. 1. Program / Checklist Automatic Document In this example, let us imagine we want to create a list for all the tasks we need to complete related to our cash accounts: Select a leadsheet report from the document manager. We'll use "A - Cash" for this example. Right click on the "Cash" document, select the "New" menu item, and then "Automatic Document". A New Document dialog box will open. By default, our new document has a number of A.1 because CaseWare selected that as the next available number after "A". You can change it here if you like. Modify the name of the document to "Cash Checklist." Under Document Type, select "Program/Checklist." Under Format we will select "Checklist - Format 1". Note - if you choose a different option under Format, it will change what columns appear in your checklist. Click "OK". The "Cash Checklist" document will be created directly under the "Cash" leadsheet report. If you made a mistake, you can rename & renumber the document by right clicking on the document name and selecting "Properties". When you double click on our new document, the blank checklist appears ready for you to copy and paste in all of the procedures. In Format 1, the checklist has a column for the person who has completed the task to sign off (Y/N pick list) and a place for his/her initials. The checklist also has columns for document references, explanation and annotation. You can reorder these columns, by selecting the "View" tab of the Ribbon and then selecting the "Re-order Columns" button under view. Move the columns up or down in the list to change the ordering of the columns. These checklists are stored within the Working Papers file allowing multiple people to work on them.Checklists for different sections can be assigned to different staff members avoiding a duplication of efforts while allowing the supervisor to track everyone's progress. 2. Document Manager as the Master Checklist The Document Manager is a list of all the documents in your audit binder. As you ensure that each document is ready for the auditor, sign it off. This puts a check-mark on the document manager. Presto - the Document Manager is your master checklist! To make this even more powerful: Use the Reorder columns feature to make sure that all of the sign-off roles you use are Active Columns. This means that you will see initials & the date the document was signed off on the document Manager. Review the document properties for all the documents you add to CaseWare as support: If you will need this exact document next year, tick the Roll Forward checkbox. If you don't want this exact document in next year's file but you need next year's version of this document, tick the Roll Forward AND Roll Forward as Placeholder. This will reserve a spot for the document in next year's file and is your reminder to add it before giving the file to the auditor. Remove unnecessary documents to have an accurate list of the things you have to complete/prepare as part of your period end work. Clutter just confuses people and wastes time. Ultimately we want to build a system that produces highly repeatable results in as little time as possible. Using the checklist functions in CaseWare Working Papers might be the little feature that solidifies these results for your team!

Often overlooked, using Checklists in your CaseWare file can have major benefits

Financial Reporting with Spreadsheets - Avoiding the Traps

Jamie Black
Excel
minute(s)Finance professionals around the world use spreadsheets for nearly every purpose imaginable. We have seen finance officers use spreadsheets to prepare their year end financial statements, file their FIR, prepare quarterly variance reports and produce their SEC filings. We know auditors who use Excel to do data analysis, gap detection on cheque numbers, and identification of duplicate payments. Why spreadsheets? While there are certainly a great variety of causes for the ubiquitous use of spreadsheets, we would suggest 3 major reasons: Availability - your organization almost certainly owns a spreadsheet program (likely Excel). If not, Google Sheets, OpenOffice and Libre Office all provide free tools. Nothing gets accountants excited like a no-cost solution. Flexibility & Power- They can be made to do just about anything. We have seen clients with 50 to 100 spreadsheets all daisy-chained together acting as their database. Why? Because they could. Ease of Use - With very little training on the software, nearly anyone can open Excel and quickly create a very sophisticated tool to solve a burning issue. So what's the problem? There are two major issues with Excel and they build off of each other: Spreadsheets are very susceptible to error: "In general, errors seem to occur in a few percent of all cells, meaning that for large spreadsheets, the issue is how many errors there are, not whether an error exists." What we Know about Spreadsheet Errors - Raymond Panko No doubt you have encountered some or all of these mistakes: someone over-typed a calculation or created a formula incorrectly (include too many rows in a Sum for example) or hard-coded a value in a cell that changes often or forgot to update a value after it had changed or rows / columns are cut off in print-ready version Few people perceive how common these errors are: "As noted earlier, when Brown and Gould (Brown & Gould, 1987) gave three spreadsheet development tasks to nine highly experienced spreadsheet developers, all made at least one error, and 63% of the spreadsheets overall had errors. Yet when asked about their confidence in the correctness of their spreadsheets, their median score was "very confident." What we Know about Spreadsheet Errors - Raymond Panko The result all too often is major catastrophe and disaster. If you think I'm exaggerating, consider this article from Fortune.com: Damn Excel! How the 'most important software application of all time' is ruining the world...The popular Microsoft program has been implicated in the financial crisis, Europe’s growth problems, the U.S.’s weak economic recovery, and pretty much everything else....read more So no more spreadsheets? Abolishing all spreadsheets from your organization, while momentarily appealing is just not practical. Just this week in-fact we had a client tell us that unless their requested solution resulted in Excel files, their users would revolt! So if we can't live with 'em and can't live without 'em, what are you to do? In this series of articles we will explore a 4 step approach to Optimizing Excel (and other spreadsheets) as your financial reporting tool: Step 1: Confirm a spreadsheet is the right tool Step 2: Standardize your spreadsheets Step 3: Use variabilization, error-checking & data tagging Step 4: Lock & document your spreadsheets

Excel is incredibly flexible & easy to use tool for financial reporting but if you are not careful, it can turn into a trap

CaseWare Feature Spotlight: SmartSync

Darryl Parker
CaseWare Feature Spotlight
minute(s)CaseWare files are naturally multi-user. Typically each user has Working Papers loaded on their local workstation and the file (year-end / quarter-end etc.) is kept on the server. When remote users need to connect to your CaseWare files or if you have VERY LARGE Working Papers files, the SmartSync version of Working Papers is the preferred solution. CaseWare’s SmartSync is the advanced collaboration engine for CaseWare Working Papers. It provides its users with anytime, anywhere access to critical data. Multiple users, in multiple locations, are able to collaborate together on their Working Papers files in real time. Even better, it doesn’t require new infrastructure, additional servers or new hardware. Overview: Advanced CaseWare File-Sharing: Each user gets a local copy of the file to work on, giving them the best possible performance and the most efficient use of their time. As long as the users have network connections (online), they are able to instantly see the work of their colleagues - whether those colleagues are across the boardroom table, or across the country. Using “SyncSelect” technology, only the portion of the file that has been modified is synchronized with the team. This saves time and bandwidth, while ensuring everyone is looking at the latest information. There are no interruptions as you wait for other parties check in their file before proceeding. If you re-open a file that you haven't looked at in a while, the pending changes from the other team members are automatically added to the file as you open it, ensuring you always have the most current information. Managing Conflicts: When team members collaborate, sometimes their work overlaps. That's when SmartSync's automatic conflict resolution steps in to merge their work together to keep project momentum up. If the automatic algorithms cannot merge the work, all team members receive a notification and can decide on a resolution with a full audit log of action taken, and the ability to reverse any decisions made. If you're interested in the improved performance and collaboration that SmartSync offers, you have 3 options to implement it: File System Synchronization - You can run SmartSync in-house using standard Microsoft Windows network shared folders. CaseWare Cloud - For a much more robust SmartSync implementation that be used across the internet without any need for a VPN, consider the CaseWare Cloud. Your files are stored in the cloud using industry best practices for encryption and disaster recovery technologies. For more information on this version, visit the Cloud site here. Self-hosted SmartSync Server - For users who want the most robust infrastructure for SmartSync, but want it self-hosted rather than through CaseWare Cloud. Keep in mind a dedicated IT department is required to help manage the system. Server Requirements can be found here. SmartSync for Working Papers brings together teams in ways that were never possible before: “Old restrictions have been lifted. We can assign staff to the projects they are best suited for without being constrained by geography or inclement weather or time zones.” Jessica Richter CPA, Audit Manager

CaseWare’s SmartSync is the collaboration engine for CaseWare Working Papers. It provides its users with anytime, anywhere access to critical data.

New Version of CaseWare Financials Released

Darryl Parker
What's New
minute(s)Software: CaseWare Financials Old Version: Financials 12.00 New Version: Financials 13.00 Release Date: July 27, 2015 There have been significant changes to the existing features. Here's a list some of the more noteworthy items: 1. The Knowledge Library now uses a ribbon interface Template content authors have gotten used to switching contexts between the library interface and the financial statement interface. CaseWare has unified the design of the two interfaces, although as before there are important differences in the two ribbons due to the different tasks to be performed in the two contexts. Read more... 2. New ways to create and manage custom themes (stylesheets) While working in the library, you can now save any user specific changes to a new custom style sheet that can be shared between other users. Read more... Template content authors can now create custom stylesheets directly from their work in the knowledge libraries. The Styles and Formatting dialog enables you to update the appearance of the entire financial statements, selected areas, or a specific paragraph, column, row, or table. You can also use the Styles and Formatting dialog to update the style on which your cursor is selected to a themes. Read more... Financial statement preparers can now update their custom stylesheet with their work from in the financial statements. 3. Can re-assert the Template standard settings in the financial statements. As a firm author, you can apply the default settings from the CL- Organization Standards document in to the financial statements. Read more... Users can now apply the standards configured in the Organization Standards (CL) document, overwriting any changes made directly in the ribbon of the statements. 4. Big changes to the interface for tables and table columns Financials provides the ability to modify the properties of any table in the template. Advanced CaseView users will be familiar with the properties in the Table Column Properties dialog, as many of the options are available in the CaseView Table menu when Properties is selected. Read more... There has been a redesign of the interface for tables and table columns. For the most part the features are unchanged but the interaction is more efficient and with a modern look and feel that integrates better with the other visual elements of CaseView and the Financials template. There are some major new features worthy of your consideration: 1. Monthly Management Reports The Monthly Management Reporting feature will assist users in generating monthly management reports to stakeholders about the performance of the organization. The information in the reports is derived from financial data and will demonstrate trends in the organization as well as how the organization is performing in relation to its budgets. Read more... CaseWare has added pre-written content and tools to assist in the preparation of monthly reports designed to assist in management of your organization. 2. Management Discussion and Analysis Management Discussion and Analysis feature will assist corporations and governments to produce the Management Discussion and Analysis section of the Financial Statements to stakeholders. Read more... CaseWare has added pre-written content and tools to assist in the preparation of the Management Discussion and Analysis (MD&A) section of your financial report. At the time of writing, the documentation and information about this new feature is relatively sparse. For a comprehensive list of new features and updates visit the CaseWare site here.

CaseWare Financials 13.00 was released at the end of July. Here's a list of some of the prominent new features and major changes to the software.

Working Papers SmartSync Update Released

Chris Luttrell
What's New
minute(s)Software: Working Papers - SmartSync Old Version: 2015.00.142 9 (Release 2) New Version: 2015.00.142 9( Release 3) Release Date: Sep 01, 2015 Details: In a previous blog post, Darryl Parker (our Implementation Manager), warned us against rushing to upgrade our work computers to Windows 10. Here’s an example of why… Earlier versions of Working Papers 2015 had file synchronization issues with the newly released Windows 10 and all versions of CaseWare Cloud and SmartSync Server (SSS) This update fixes the problem. Update your SmartSync 2015 to version 2015.00.142 (Release 3). You can access the update here. Subscribe to this blog and recieve current CaseWare updates.

Windows 10 Compatibility Issues with Working Papers SmartSync Server and CaseWare Cloud. We have the solution.

Online Learning is the Evolution of CPD for CPAs

Darryl Parker
Continuing Professional Development
minute(s)The exciting new technologies available today for online learning are opening new possibilities for CPAs to learn and develop professionally. Continuing Professional Development (CPD) is a requirement for all of us; but how often do we consider options other than just another seminar to meet our target hours? Distance education (correspondence) has been with us for a long time. You might remember self-studying your accounting modules, and mailing your assignments in to a marker for evaluation. But in the early 2000's, online learning began to work its way into mainstream professional development. After 20 years of development, the benefits are significant and growing. Technology in Education at all levels As in every other facet of life, technology is changing the definition of education. Last week there was a story by the CBC discussing how technology is changing how work is being done in high schools in Canada. "Two years into a pilot program, 20,000 Nova Scotia students are using Google Apps for Education, a suite of free web-based programs that allow students to collaborate on projects online and submit them electronically for grading. They're able to communicate and collaborate on the same document at the same time from multiple sources. So they could be at different sides of the room, they could be in the same group, or one student could even be at home," said Doug Ross, a Grade 9 teacher at École Five Bridges Junior High in Hubley." CBC.ca Clearly there are many benefits to be gained by this strategic use of technology. The question is how can we use these new tools to our advantage? Technology for Higher Education As this technology has matured, there have been a number of developments that will make professionals chasing their CPD hours and those looking to add a degree to their resume happy. It started with the proliferation of the personal computer and the Internet. High speed internet has allowed for real time exchanges, the “virtual classroom” that is the mainstay of online education today. Courses that you can take at your own pace, webinars and live chats with instructors are all features of this new era. Technology in Accounting Education Any accounting student receiving their education in the past decade will have some experience with elements of distributed and online education technologies. As a CMA student, we took it to the next level and had an almost entirely "virtual classroom." We conducted twice-weekly online lecture and discussion sessions. Each student and the instructor participated from their home using their own computer. I completed the 18-month Accelerated Program with a number of good friends and a close working relationship with my instructors, but with almost no idea what they actually looked like in person. Later, as a student in the Stategic Leadership Program, our group work happened every Tuesday night - no matter where we were located. If I was on a personal vacation or on a business trip, collaboration, screen sharing, web cameras, and voice-over-ip connections meant that the learning never stopped - not even sitting on the dock at the cottage. For students in the current CPA PREP or PEP programs, you too will be familiar with this mixed-delivery approach, as those program use a combination of self-directed, online, and group in-person delivery styles. Massive Online Open Courses (MOOC) For those CPAs looking to add another degree (an MBA perhaps), Massive Online Open Courses (MOOCS) should be considered carefully. A MOOC is a course delivered via online technologies which is designed for the instruction of an unlimited number of students to participate. Lessons, assignments, evaluations and even collaboration with classmates and instructors are built to scale to very large numbers. In fact, the term MOOC was coined related to a 2008 course delivered by the University of Manitoba, in which 25 students were tuition paying students, and over 2200 online students who participated for no charge. (source) Since then, universities all over the world have supported and developed these courses. Much more than just an online course, some herald the MOOC as the evolution of higher education. Just a few of the most prestigious institutions participating in this new educational world: Harvard University Stanford University Princeton University Massachusetts Institute of Technology ... and many more Sound promising? Just look at some of the courses (and the universities that provide the content) offered by MOOC provider Coursera: Challenges of Online Education Some of the factors that make online training one person’s educational paradise may rule it out for another. People that thrive on competition want to be ranked according to their peers and others may feel isolated working from home. In fact this lack of connection is cited as being one of the most important challenges of the online course. Digital literacy is a requirement to participate. If you do not have high speed Internet available, these courses are likely out of your reach for now. MOOCs in particular are not universally hailed as superior to the physical classroom. A University of Pennsylvania survey released in 2013 found that few students made it past the first lecture. Interestingly however, a study by Harvard and MIT released in early 2014 had some interesting insights into those extremely low completion rates: "Our data show that many who register for HarvardX courses are engaging substantially in courses without earning a certificate. In these course, “dropping out” is not a breach of expectations but the natural result of an open, free, and asynchronous registration process, where students get just as much as they wish out of a course and registering for a course does not imply a commitment to completing it." The Atlantic Benefits So with these challenges in mind, why should the finance professional / CPA be embracing the revolution? Access to content - Students have been given the freedom to learn nearly anything, anywhere there is an Internet connection. What a game changer! For those that live in a small community their choices are no longer limited to what their community college offers. Schedule flexibility - Even if you lived in a major centre, being able to accommodate a course's (or even worse, an entire degree program's) schedule can be very difficult. Between chauffeuring the kids to hockey and the challenges of quarter or year end, your schedule may not allow you to get to a traditional class. Or perhaps you have a small window of time to take the training now but the course you want is not offered for 60 days. All of these challenges tend to evaporate when you look at the self-paced world of eLearning. Access to world leading experts - The best educators from, with the most experience from the most prestigious institutions are now available to all, not just those that live in Toronto, Vancouver, Montreal or other major centres. Privacy - Students gain complete privacy and competition is removed from the educational process. Reduced Cost - The costs associated with training are also dramatically lower, as you can eliminate air fare, taxi, parking, hotel, meal costs and even travel time to and from the course! Where to from here for the CPA? Clearly technology is only improving. High speed internet continues to proliferate as does digital literacy. The online training systems continue to evolve, adding valuable features that make the online experience as good or better than the classroom (just some of these innovations: recording of sessions, virtual break-out rooms, Hi-Definition video and attention monitoring). Look for more and more of your CPD hours to be offered online and often at an amazing value. For example, MIT just announced that students will be able to take a semester for free online and then if they pay a modest fee & pass an exam, they will earn a MicroMaster's credential. For those that have never tried online training, the increased flexibility, reduced cost, amazing access to content and experts will likely make it hard to pass up for your future CPD.

Why is online training becoming the preferred method of obtaining CPD for busy CPAs ?

CaseWare Working Papers and Windows 10 – To Upgrade or Not?

Darryl Parker
Tips and Tricks
minute(s)Considering Whether to Upgrade I have had several people ask me whether they should upgrade their computers to Windows 10, the latest version of the nearly ubiquitous computer operating system from Microsoft. On my personal computers, I have upgraded and recommend that people consider upgrading for all the great new features available in the new system. However, on work-related computers you should carefully weigh the risks and benefits of performing any operating system upgrade. CaseWare Working Papers is a one of a handful of mission critical applications for me: without a stable, properly functioning installation of CaseWare Working Papers it is very difficult for me to perform my day-to-day work. No matter the benefits of Windows 10, any risk to my use of Working Papers is just not acceptable. CaseWare International is officially supporting Windows 10, so you can be confident that if you have any problems, you will be able to speak with their Technical Support department and have them work to resolve any problem you have. However, you must acknowledge that the risk of a problem occurring is higher when using Working Papers with Windows 10 than with an earlier version of the operating system. The Risk is Real On August 11, 2015 CaseWare International sent out an email to all users warning them of a critical issue preventing SmartSync and the CaseWare Cloud service from working correctly for Windows 10 users. The fix for the problem was released on September 1, 2015 (3 weeks later) in the form of CaseWare 2015.00.142 (Release 3). For more information on this issue, check out CaseWare’s Knowledge Base article. That is an extreme example that is not likely to be repeated, but consider what effect a 3-week interruption in your access to Working Papers and your client files would have on your work. FHB’s Recommendation As of the date of this writing (October, 2015) F.H. Black & Company Incorporated is recommending to our clients to postpone upgrading to Windows 10. In the future and as CaseWare International continues to improve compatibility with the new operating system, the risk differential between Windows 8 and Windows 10 will diminish and we will reconsider our recommendation. One Final Thought If you are one of the estimated 250 million people still running Windows XP on your computer, it is quite important that you upgrade to a more recent version of Windows as quickly as possible. Windows XP is no longer supported by either Microsoft or CaseWare International. That lack of support means that you are exposed to significantly higher risk of security breaches on your computer, and a lack of support when problems occur. Immediately discuss with your IT specialists how to upgrade to Windows 7, or 8, or perhaps even 10 after a consideration of the risks described above.

If you are using CaseWare Working Papers and are considering upgrading to Windows 10 be aware of the considerations. Make sure you know what to expect.

In Black & White

Freeing Finance & Budget Departments from Drudgery One Article at a Time