Current economic conditions will create winners and losers in the accounting profession. Most accountants only think of winning and losing in financial terms, yet there are other areas in which firms are at risk but can also prosper during uncertain times.Three of these are:

Sage Software debuted Sage BusinessWorks 50 Accounting 2009, the newest version of its accounting software package for small and midsized businesses.

Web-based accounts payable service Bill.com is partnering with accounting software developer Intacct to integrate their software-as-a-service financial applications.

A few years ago, someone performed an early exit from a Sunday session on marketing at the AIPCA’s Tech Conference. “What a waste of time,” he complained. “This is so basic.”

Software developer NetSuite reported that its third-quarter 2008 revenues rose 44 percent compared to the year-ago quarter, but its net loss increased.

Accounting firms have been doing write-up work since well before computers were available. When computers became affordable, many switched over to using general ledger applications, sometimes on time-shared mini and mainframe computers.Gradually, true write-up applications began to take hold, and this vertical application really started to take off with the advent of the IBM PC.

INTUIT BEEFS UP QUICKBOOKSIntuit has upgraded QuickBooks with a new client data review tool and other features for accountants to help their small business clients.

Accounting firms utilize some of the most complex and difficult information technology systems to integrate and manage. This results from:* IT governance and decision-making processes;

Intuit has been named a winner of the American Society of Women Accountants Educational Foundation 2008 Balance Awards.

Online sales tax management provider SpeedTax is partnering with consultancy TaxConnex to offer sales tax automation and consulting services to business clients.

Sage Software has begun selling a bundled version of its Peachtree small business accounting and payroll software.

Cougar Mountain Software has released an e-commerce product, CMS Total eCom.

Those who remember the concern over Year 2000—that when the clock struck Jan. 1 that year, computers would freeze, airplanes would crash and the world as we knew it would end, remember that a lot of that stuff didn’t happen and many people found that accounting software that worked on Dec. 31, 1999 still worked just fine.

Portals are an increasingly convenient and secure way of exchanging documents with clients.

The biggest obstacle for firms that have attempted to go paperless has been the resistance to a cultural change, according to Roger Mongeon, co-vice president of sales and marketing of document management provider Doc.It.

SAGE UPGRADES FIXED ASSETS

The recent news about the economy is not as significant as how you react to it in determining your future. CPAs are the most trusted business advisors, and clients look to them for leadership, relationships and creativity. They also look to you for confidence, direction and new capabilities.

Thomson Reuters’ Tax & Accounting business said it is offering single sign-on integration for its GoSystem Tax ES tax software and GoFileRoom ES document management software.

Bill.com has added QuickBooks synchronization and workflow features to the latest version of its eponymous service.

Document management systems can reduce invoice cycle times, boost productivity and cut exposure to fraud, among many other benefits.