Putting it directly, accountants are to accounting what physicians are to healthcare. But unlike pharmaceutical companies not bypassing a physician to sell directly to patients, accounting software companies do circumvent accountants and sell their Do-It-Yourself (DIY) accounting software to small businesses. This had created major challenges for both accountants and their clients. Not knowing accounting, clients make bookkeeping errors and accountants have to spend a significant amount of time fixing those errors. Clients don’t receive the help they need in managing their cash flow and important performance indicators.

Dr. Chandra Bhansali and his wife Sharada Bhansali who have been offering leading solutions to accountants for over 30 years realized that they can use the power of cloud to help accountants overcome these challenges and better serve their clients. Their company, AccountantsWorld, the duo underscore, has only one vision: Raising accountants’ value and relevance by putting them back in the driver’s seat and transforming the practice into an ever more financially rewarding one.

The Duo created the first cloud-based professional accounting system over a decade ago. It lets accountants customize their services to serve each client best. This also includes the clients who want to offload all their accounting work to their accountants.

But until now many accountants cannot accept all of the accounting works even if a client desperately wanted to offload the entirety of such tasks in order to focus on core business; because accountants simply did not have the right tools to do so easily and profitably.
AccountantsWorld’s “accountant-centric cloud-based solution,” Accounting Power, is a step in that direction. The platform includes general ledger system like QuickBooks but also has specific features—like trial balance for creating financial statements and analytics to determine the fiscal health of a business—that professionals need to complete their job seamlessly. The solution is highly customizable to meet every client need and comes equipped with inbuilt workflows which allow an accountant’s staff to handle every aspect of accounting tasks such as bill payment and bookkeeping. Accounting Power also enables accountants to offer outsourcedCFO services. In addition, the company also provides the industry’s only, fully integrated suite of cloud solutions for accountants called the Power Practice System. This suite includes six “practical, innovative, powerful yet easy-to-use solutions” (such as document management and website creation in addition to accounting and payroll solutions) that work cohesively to allow accountants to collaborate with clients in an entirely new way and streamline processes to boost their bottom line.

The company’s inception dates back to the late 1990s when the internet was beginning to get democratized. Dr. Bhansali says he observed that accountants considered payroll services to be “high hassle, low-profit-margin” service, while payroll service bureaus were churning surprisingly high net profits of 35 to 40 percent. “Mainframe computers that automated most of the underlying payroll tasks were their secret weapon,” he adds.
So, Bhansali couple decided to build a payroll processing center over what they saw as a redefining force for the future, the internet. In 2004, AccountantsWorld rolled out their web-based payroll processing solution—Payroll Relief—to become the first company to extend accountants the same automation capability that only payroll service bureaus enjoyed. “While the large bureaus had to spend millions of dollars to run their processing centers, we made it possible for accountants and CPAs to enjoy emulating degrees of automation at costs as low as 50 ¢ to $ 1 per paycheck. We re-empowered accountants to provide highly profitable payroll services with virtually no compliance headaches.”

Payroll Relief has won highest 5-star rating from CPA practice Advisors for the past four years.

In addition to making the company the leading provider of cloud-based solutions for accountants, the unwavering commitment has earned the couple distinctions in the industry which they have given 33 years of their lives to. While Dr. Chandra Bhansali has been consistently ranked by Accounting Today amongst one of the “100 Most Influential People in Accounting” since the last ten years, his partner in life and business, (AccountantsWorld Co-founder) Sharada Bhansali, had been CPA Practice Advisor’s one of the “25 Most Powerful Women in Accounting” for the past 4 years.