Accounting & The Lego: How Once Can Impact Your Firm
What does accounting have in common with the Lego? More than you you might think. In a series of blogs we will discuss the accounting lego that we have built our solutions to fully leverage and how that can impact your firm. In this post we will explain the concept and why automation around these accounting building-blocks will allow firms to thrive.
5 Things to do After Busy Season
Busy season is over! Right? Long hours, tight deadlines, and high-stress situations can leave you feeling exhausted and depleted. However, even though busy season may technically be over, it’s understandable that you may still feel overwhelmed with more things to do than you had at the beginning of the season.
But here’s the good news: there are ways to help you recharge and find new ways to innovate in your business.
Patented Tax Return Automation Addresses AI Concerns for CPAs
Ford Squared Technologies LLC and their patented software solution, Once Accounting Technology (formerly BaCo Tech), have now added a second set of approved claims to their growing list of patents. Their first patent was issued March 23, 2021, and they now add their second patent issued February 21, 2023.
Why Once?
Once Accounting Technologies will be the name and face of our technology startup. The reason why we picked that name is very important to us, and we want you to know what it means to us and what it will come to mean for you in the accounting industry.
Dallas Accounting Platform Rebrands as Once, Then Gets Selected by Industry Accelerator Program
Last week, Dallas-based BaCo Tech—whose accounting platform turns redundant CPA tasks into "touch-it-once" solutions—rebranded itself as Once Accounting Technologies. Today, it became one of two Dallas-area startups selected for the 2022 Startup Accelerator, sponsored by the American Institute of CPAs and CPA.com.
THE ONCE ACCOUNTING (BACO TECH) STORY
We are passionate about helping the accounting industry and their clients be better. Improving workflow and relationships are what we are passionate about, why? Because we know the issues that exist and are determined to fix them.
START YOUR SOMEDAY LIST
CPAs often have a “someday list”. A list of items or things they’d like to do, but busy season doesn’t allow for it. Working well over 60hrs a week hardly allows for you to have a weekend free, let alone do things like “go to spring training with your son” or “see the leaves change in New Hampshire”. What’s even worse, is “health and wellness” often go on the someday list.
YOUR WORKFLOW ISN'T WORKING
Does your CPA firm have a workflow? Have you ever asked this question? Have you ever actually examined what this question means? In short, your CPA firm probably does not have a workflow, or at least what you call a workflow is not effective.
ONCE (BACO TECH) ON SAGE ADVICE PODCAST
We had the opportunity to be featured on Sage Accounting's podcast, Sage Advice. We discuss busy season, accounting workflows, and the pains that come to CPAs each and every year - and how they can be fixed!
HOW BACO TECH HELPED DURING COVID 19
Our Alpha Client was able to alter their service for their clients and help them efficiently get SBA Loans out the door with no additional charge because Baco Tech puts all the necessary information in one place, in real time.
What CPA Firms Should Learn from Covid-19
As a result of COVID-19, American businesses have been blindsided and only had time to pick up the pieces. Thankfully, the government reacted quickly, offering bailouts, loans, and stimulus – what could end up being a lifeboat from a sinking ship for many businesses and their employees.
But what does this have to do with CPAs? Aside from the fact that many CPAs are also small business owners, this pandemic has been a total interruption in their usual, yearly workflow.
Help with PPP Loans through BaCo Tech
We had the honor of being featured in a story on ABC News in DFW helping business owners navigate PPP loans and also talking about how our tech helps them do so more easily. Watch the interview below or read the article in full!
BaCo Tech via BaCo Group Case Study
Rodney met the accountants at the BaCo Group in 2017 when he took on the CFO/Controller job at a large agricultural construction company that operated out of Texas but managed projects throughout the country.
Rodney explained, “We were essentially a remotely managed company with a legacy desktop accounting solution that sat on a computer network in our office. Project cost management and reporting was a lot of my job and we used QuickBooks at the time to manage that and our payroll. In addition to our business, we had real estate, a management company, an equipment holding company, and other investments that we maintained. Getting all of that information consolidated and then shared with ownership was something that had not been done effectively or efficiently in the past.”
BaCo Tech Proves to Be Essential in Helping with PPP Loans
In March of 2020, “business as usual” was turned on its ear. American workers were sent home and every business, rather small or large, was left with one prevailing question on their minds, “How are we going to get through this?” The government reacted quickly, extending tax filings and payments until July and offering an incredible thing most businesses only dream of, a short-term offer to cover employment costs and overhead through an SBA PPP loan program.
Alexa, Do My Taxes: Speed Up the Tax Process with RPA
A TechTalk by Trevor Gilmore, CPA/ABV, MST As I wrote in August, we will soon be AI-enabled CPAs. If the pandemic sped up e-commerce adoption by a decade, it also sped up technological adaptation in our profession by at least half that: five years. Something crazy happened as I wrote this. I received our 2020 corporate tax return three weeks before the deadline. What. Is. Going. On? I’m baffled. How many errors are in this thing!? More on that later.
Disclaimer: BacoTech offered me a free trial to test the software out, so I decided to do our 2020 corporate taxes on their platform.
Once Accounting has been Featured in Various Articles Regarding Our Participation in the AICPA Accelerator Program of 2022.
We are honored to be a participant in the Accelerator Program this year. We're excited to learn all we can, connect with other entrepreneurs, and meet everyone at the upcoming Engage Conference. Click the link below to find the various announcements made about our participation with the AICPA.
How to Celebrate the End of Busy Season
Busy season is finally over for 2021! Congratulations for making it through. Whether you work in a small firm or a big one, you deserve to celebrate your accomplishments for this tax season. You and your employees should take some time off in the workday to do something fun or just take a break. So, we have a few ideas on how to celebrate the end of busy season!
Once Accounting (BaCo Tech) Helps CPA Firms Assist Clients for CARES Act Loans
It’s no secret that small businesses across the US are feeling the economic burden of the COVID-19 pandemic. With the loss of revenues, businesses and the wellbeing of their employees are weighing heavily on the owner’s shoulders. However, with the newly signed CARES ACT, small business owners can apply for SBA loans, offering newfound hope to their businesses by helping them stay afloat during these uncertain times.
Dallas CPA Firm Announces Patent for Online Client Reporting Platform, BaCo Tech
The BaCo Group PLLC (a Dallas CPA firm) announced their patent application for their cloud-based platform, BaCo Tech. Developed in-house by Ford Baker, CEO, specifically for enterprises with multiple entities and complex reporting requirements, BaCo Tech integrates client accounting directly into a CPA's workflow. It automates year-end processes for CPAs while giving clients access to accounting assistance and enterprise-level online financial reporting.