Spring software shopping plans?

Is anyone planning to look at new tools for their firm or business?

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Greetings one and all.

As is tradition here on the pages of AccountingWEB, we’re seeing a rise in software searches as practitioners look back at their self assessment season and vow 'never again', sorry, look for efficiencies.

Is anyone planning to look at new tools for their firm or business? And if so, what and why? 

Maybe you’re looking to soup up your practice workflow, give cashflow forecasting tools a whirl, or dip your toe in the water when it comes to artificial intelligence?

As always, I'm eager to hear your thoughts.

Replies (6)

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David Winch
By David Winch
14th Feb 2024 14:19

To practitioners who are not using any software to assist with their AML compliance I would recommend having a look at what is now available. There are numerous articles and posts on AWEB about this as well as upcoming webinars, exhibitions, etc.
I do believe appropriate software will make AML compliance less of a chore!

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Replying to davidwinch:
By Caractacus Potts
15th Feb 2024 14:09

Can you recommend/suggest a reasonably priced one?

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Replying to Caractacus Potts:
David Winch
By David Winch
15th Feb 2024 14:13

Worth looking at Xama https://xamatech.com/
and Firmcheck https://www.firmcheck.com/
but there are others

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John Toon
By John Toon
15th Feb 2024 09:09

Nothing per se on the radar but our search for better solutions never stops. The biggest issue is actually changing our processes and working practices to better accomodate new solutions or to put ourselves in a better position to identify opportunities for new software that can then have a significant impact.

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By legerman
15th Feb 2024 15:20

I've always done it manually up to now (>100 clients) but will more than likely implement this shortly. My software (Capium) has this facility using Veriphy and at £3 a pop I think it's worth me moving over to a software based solution.

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Replying to legerman:
David Winch
By David Winch
15th Feb 2024 16:25

Hopefully the benefits of using AML software will include:-
easier processes for requesting ID documents from clients;
easy electronic verification of clients;
a consistent process dealing with AML requirements across all clients (CDD, including KYC and client AML risk assessment);
a logical set of records in one place;
easy production of any reports or documents required by your supervisory body;
training and training records;
assistance in preparing your Firm-wide AML Risk Assessment document and AML Policies, Controls & Procedures document;
reminders to review and update these key documents at least annually; and
facilitation of internal reviews of the firm's AML compliance.

The software may also include an internal Suspicious Activity Report form for use by staff reporting a suspicion to the firm's MLRO. If not, it is easy to construct your own (and your supervisory body may expect you to have one).

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