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The economy has offered a boon to the accounting industry in recent years, but a time of reckoning has come and firms are faced with new realities. They must discover new ways to do more with less while increasing profitability.

It is no secret that accounting firms produce, manage and store a large amount of paper - creating a need for increased staff and storage and resulting in lower productivity and smaller profits.

It's well accepted that the firm of the future will succeed (or fail) as a result of applying new technology and software.

The best solutions can squeeze more out of a popular service

1. How far are we from the truly paperless office?

1. How far are we from the truly paperless office?

Though the idea of controlling the flow of business processes and other work dates back to the construction of the pyramids, it was not until the 1980s that the modern concept of workflow management for companies began to coalesce.

For Andrew Houston, CPA, a partner at the firm Williford, High and Co. CPAs, document management and operating in a paperless environment has become a "blessing." But it didn't happen overnight.

1. How far are we from the truly paperless office?

1. How far are we from the truly paperless office?

Cougar Mountain Software has upgraded its accounting, fund and point-of-sale software products with a new financial dashboard and filtering and reporting features.

Intacct has upgraded its Intacct Max for Salesforce CRM software with new data synchronization and contract features.

CCH has introduced Worldwide Tax Rates and Answers: Calculators, a set of software calculators that help accountants calculate corporate income tax and withholding tax liabilities in 90 countries around the world.

Hedge accounting software developer Reval has acquired FXpress Corp., a treasury software provider.