November 2005 Circle Update

Both Circles had the opportunity to learn about project workflow tools from leading vendors. Representatives from Xpitax demonstrated their XCM workflow application, and MphasiS displayed their Smart1040 Virtual Tax Room product. Both of these applications were developed to support workflow in the virtual world of outsourcing, but the products themselves are available for firms to use even if they do 100% of their tax work in-house. While these are byproducts of outsourcing, they don't require outsourcing! Circle members saw how each of these tools allow the tracking, management, and reporting on jobs flowing through the firm, whether they are tax returns or other types of engagements. Since they are web-based tools, they are far more flexible in use than the spreadsheets and other manual tools many firms still use.

On the second day of their meetings, each Circle concentrated on items of particular interest to them. Circle #1 focused on email management issues. One member firm has recently gone to an outsourced management of their Microsoft Exchange mail service, and relayed to the group the pros, cons, considerations, and lessons learned from making this conversion. There was plenty to learn, and a lively discussion ensued. In planning this session at their last meeting, Circle #1 told us they wanted to draw on some outside expertise to advise them about email retention issues, and how those issues fit into the larger framework of regulatory and legal requirements for record retention. We were fortunate enough to have Timothy McNamara, an attorney with the law firm of Lathrop & Gage, LC join us as a speaker. Tim's presentation was right on point for what the firms were looking for, and received some of the highest ratings on the post-meeting critiques. He took a "risk assessment" approach and gave the members several points to consider in their email management programs. This clearly was one of the highlights of the meeting.

Circle #2 used their second day to address mergers and acquisitions and network documentation. The mergers and acquisitions discussion was led by two firms; one taking a management view and the other presenting the IT considerations. Both were very well done and generated a spirited discussion. The IT planning checklist that was presented will be a valuable resource for Circle members to draw upon in the future. The network documentation topic might seem like a dry and dull subject, but the presentation given was anything but! Using an HTML template for a fully linked array of information, the group saw just how dynamic and robust a documentation plan can be. Using this format, it can be kept up to date, accessible, and full of information which can be critical in a disaster recover scenario, or the need to orient new IT staff on the configuration of systems. Once again, Circle members left with a great "take-away" they can use in their own firms.

The month of November ought to be just as exciting as Circles #3 and #7 are scheduled to meet. Check the 2005 December Update next month to see what great sharing opportunities unfolded in those meetings.