How Far Along Is the Profession in Adopting “Paperless” Solutions?
We see paperless as having three main components, the first being storage and retrieval. Most firms have implemented scanners and some type of document management system. In this area, the industry is at least 70 percent of the way there, probably more. The second component of paperless is workflow. Most firms are still using paper or spreadsheets to route work through the office. Although in the last few years that’s begun to change, the industry still has a long way to go. I’d estimate that as a whole, the industry is only 20 percent of the way there. The third component is electronic workpapers. We think that in terms of ROI, using electronic workpapers is the most important aspect of being paperless. Electronic workpapers allow for greater productivity, efficiency and collaboration. Today, 80 percent to 90 percent of firms use a paperless workpaper tool on the financial statement side. The tax side though, is lagging far behind. We would estimate that only 10 percent or so of firms
