If your firm is planning to grow in the tax space, you should take the time now—before the height of the season—to evaluate your tech stack. Depending on your strategic growth goals, you’ll want to find the optimal solution for your mix of clients and complexity.
Complex returns require collaboration
If you’ll be handling more tax returns, you’ll also likely be handling more complex returns. The upside of that kind of work is that you can charge clients more—hello, increased revenue! The downside is that it eats up valuable staff time—look out, decreased efficiencies. Complex returns take more time to prepare and can require more staff collaboration, both of which reduce staff capacity.
The ideal tax preparation solution is one that scales with you and allows staff collaboration to work on the same return at the same time. A good solution also should help identify areas that need additional attention so nuances don’t get missed.
Automate time-intensive tasks
Software that helps you streamline and automate processes will allow your staff to handle more complex returns without diminishing returns. Tools that let you to custom-build your processes and take advantage of workflow automation reduce the time staff spend on routine return prep tasks boosting productivity and profitability. Firms that want to specialize in complex returns also could free up staff time by outsourcing time-intensive, transactional work.
Make an investment in your growth
WAs you explore tax prep solutions, don’t choose between price and performance. If your strategic growth goals include more complex returns, it’s worth the investment to find top-of-the-line integrated end-to-end solutions that include advanced data analytics tools, a common core database, and APIs that allow you to scale.