Many firms struggle with downtime and delays because of dated technology that has not kept up with modern demands. In a highly-seasonal business such as a professional tax practice, every minute counts. Deadlines are not flexible, so any minute spent waiting is a minute not spent on core business functions. However, technology upgrades don’t have to be massive to be effective. Plenty of mainstream firms are making small workflow changes to minimize disruptions.
Manage client information more efficiently
FACT: 39% of firms are using technology to scan handwritten documents or images into readable text.
How much of a firm’s time is spent collecting and organizing client documents? This process can be made more efficient by offering digital document collections, such as a portal, or by scanning in paper documents as they are received. Firms can reduce data entry by using computer vision technology and smart scanning to recognize, group and import data into returns.
Improve accuracy with better data capture
FACT: 51% of firms are using technology to reduce or eliminate manual, repeatable tasks.
Could automation reduce data entry errors? CCH ProSystem fx Tax and CCH Axcess Tax utilize convenient data input grids that work like familiar spreadsheets and enable preparers to easily import information from Microsoft Excel worksheets to avoid re-keying. For business returns, firms can create a direct link between the trial balance and the tax software and even use machine learning to identify grouping patterns and match customer-specific tax groupings for entries in imported trial balance sheets.
Speed up the review process
FACT: 63% of firms report that technology helps in the areas of staff engagement and morale.
Does the firm’s staff know how and where they could improve the quality of their work? A system with interactive diagnostics can help preparers find errors more quickly and enable managers/reviewers to review, clear and sign off of diagnostics. Preparers and reviewers can collaborate more effectively with onscreen review features like tickmarks and field-level notes.
Finish returns in less time
FACT: 69% of firms are using technology to decrease time spent on administrative tasks, increasing time spent on core business.
How could that time be used more effectively? Repetitive, manual work and administrative tasks can take up valuable time that would otherwise be spent on the core business of the firm. For example, real-time e-file status tracking can eliminate the frustration of waiting around for e-file acknowledgements. And, firms can use batch processing to maximize resources by performing repetitive task like calculating or printing returns overnight or during less busy times.
Reduce time spent troubleshooting
FACT: 79% of firms reported that advances in technology have led to reduction in the hours spent working on a return.
Is support easy to use and on-demand? Online support tools like live chat and support tickets can connect firms with the answers they need more easily. For on-demand answers, look for software providers that offer a comprehensive knowledge base including hot topics, step-by-step instructions and videos. Advanced chatbots use large language models to analyze the meaning behind natural language questions and provide relevant, accurate information based on trusted resources.
