How Technology Can Improve Tax Filings in 2020

When Benjamin Franklin said that “nothing in life is certain, except death and taxes,” he didn’t have the benefit of technology. While filing taxes isn’t something anyone looks forward to, they are a necessary and inevitable part of our modern world. Fortunately, through the advancement of technology and people’s desire to improve the banes of annual duties comes tax preparation software.

Many people depend on their accountants and tax professionals to assist with their tax returns. With groundbreaking technology, the process has become significantly more straightforward and manageable. Better features also allow you to provide valuable advisory services. Tax professionals can submit filings faster, and equip their clients with insights into their personal and commercial financial positions. They can also help clients make better decisions that will improve their financial management and business operations.

If you want to know how professional tax software can improve your service to your clients, here are several advantages:

  1. It sets you apart from the competitionFinancial management requires precision, which business owners and taxpayers depend on to manage their hard-earned money. Speed and accuracy can not only distinguish you from your competitors, but also help you improve your pricing structure. What will set you apart from the rest of the financial industry is not just what you can do, but how efficiently you can do it; to some, this will be worth the price of working with a pro.
  2. It frees up time for your team to dedicate to analytical functionsWhen people engage accountants and tax professionals for tax purposes, it tends to be an administrative function because of all the technicalities involved. With tax preparation software, you can improve and speed up the filing process and free up your organization’s time for more analytical and advisory work. Your staff can focus on staying abreast on new tax laws and honing their analytical skills to add value to your firm’s expertise.
  3. It allows you to grow your client base exponentiallyTechnology can take care of repetitive tasks, giving your executives more time for direct interaction with clients. When they aren’t busy sorting through paperwork or rifling through tax regulations, you can put people to better use by marketing your services, gathering new clients, and deepening relationships with existing ones.
  4. It makes it possible for your team to serve your clients from anywhere, at any timeBefore the global pandemic, the Internal Revenue Service (IRS) had already introduced many ways to process taxes without visiting physical offices. With face-to-face interaction continuously limited for the foreseeable future, remote working is now necessary, and it has also become lucrative. Present circumstances have increased the demand for services–financial or otherwise–that can offer seamless and touchless processing. When you can provide efficient services online, your team can work for clients from any location across any timezone.
  5. It enables you to build stronger relationships with your clientsYou can earn loyalty and confidence when you can provide your clients with a better understanding of their finances. The more services and analytical support you provide, the more your customers will trust you. Taking care of your customers improves retention and repeat business, which will carry your firm forward.

Change is often met with resistance, especially when it comes to migrating functions to digital solutions. Many people don’t want to change the way they currently work, but for financial services to grow exponentially and sustainably, you need the support of technology. There will be some growing pains when it comes to shifting to automated solutions, but the benefits to your clients and the bottom line will be too difficult to ignore.

Are you looking for the best professional tax software in the USA? Our innovative cloud-based solutions offer easy and efficient methods for managing your financial returns at affordable rates. Contact us to schedule your free demo today!

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