When tax season rolls around, accountants have come to expect that long shifts at the office, cancelled social plans and burnout are almost guaranteed. But does stress need to be the norm?
At INAA, we’re passionate about intuitive tech tools that make the work of our global community of CPAs easier and more efficient.
Emerging technology has created a number of expert tools to assist the financial services industry, but can they support accountants in the run-up to tax season? In this article, we’ll look at the exciting trends developing in Fintech today and discuss how they can help make this year’s tax season a walk in the park.
Technology is revolutionising the role of accountants. Reports suggest 86% of all accounting tasks can now be automated using technology that harnesses the power of AI and cloud computing.
The industry is experiencing a trend of accountancy shifting from compliance to a more advisory role, with more CPAs stepping into partnered positions in their organisations. At every turn, improved technology and automation is simplifying and adding value to accountants’ work, freeing up time to focus on the strategy and growth of their client’s business.
But how can these emerging technologies support accountants during tax season?
How Is Emerging Tax Technology Supporting Accountants?
- Automating Processes
The accounting and bookkeeping platforms available today benefit both accountants and their clients. These disruptive technologies automate data-driven, mundane processes and can complete tasks up to five times faster than when done manually.
With automated bookkeeping, labour-intensive processes are a thing of the past, giving firms opportunities to focus on client growth and business development.
- Full Compliance
Tax technology tools are specifically developed to enable accountants to tackle the frenzied tax season. With tax technology platforms, CPAs can rest easy knowing their systems are fully compliant and reflect the latest legislation and enjoy increased productivity and operational performance.
- Stand Out from the Competition
With so many accounting firms offering similar, if not identical, tax services to clients, it can be difficult to stand out from the crowd. In the past, accountants have differentiated themselves from the competition by building strong relationships that retain and attract clients. However, in our ever-evolving, tech-savvy world, a proactive and individualised approach is needed to cut through the noise.
Successful firms demonstrate they are ahead of the curve and familiar with the latest accountancy innovations to add value to their client’s business. Using technology that stores and organises client data in an accessible and agile way not only makes tax season easier but can improve the firm’s position as a trusted, reputable leader in the industry.
- Engaging Employees
Did you know that 9 out of 10 employees are willing to earn less to do more meaningful work?
Leveraging tax technology can significantly free up the time of CPAs, granting them opportunities to grapple with sufficiently challenging tasks and enable professional growth. Tax technology automates repetitive processes and allows organisations to use the expert resources of accountants for more human-to-human interaction with clients and opportunities to upskill and grow. All for the greater good of the company.
- Cutting Through the Red Tape
Digital accounting systems are straightforward and simple project management tools that provide direct lines of communication to clients. Flexible software platforms are the perfect channels for sharing information and exchanging the essential documents needed to get the job done as quickly and efficiently as possible.
- Cloud Computing
Cloud computing, while not yet standardized across the industry, is one of the most important developments in information technology of the past decade, and can assist firms during tax season with its intelligent accounting software.
Cloud-based platforms offer a Software-as-a-Service (SaaS) business model and are ideal for firms working with a number of different clients. Data stored in the cloud is accessible from any computer with an internet connection and means accountants don’t have to be in the office to help a client or team member with a case — perfect for the busy tax season. Vital documents, such as tax return forms, can also be uploaded securely and sent between CPAs and their clients no matter where they are.
Additionally, cloud computing is capable of significant storage and comes with features like automatic backups, meaning firms will avoid disastrous computer crashes during tax season due to a full hard drive.
Interested to know more? You can read about the best accounting software for CPAs in 2021 here.
By leveraging the power of automation tools and cloud-based accounting software, firms can always be one step ahead of their competition and intuitively respond to their clients’ needs. Utilising emerging tax technology grants accountants more time to improve the services they offer their clients, instead of fighting the losing battle of a hectic tax season.
Emerging tax technology has the power to effectively support accountants during the tax season. Innovations in tax software have helped improve accuracy and reduce margins of error for CPAs around the world, streamlining the auditing process and making it both more productive and effective.
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