Tax Planning

Tax planning expertise developments in 2021

Below are some trends in tax planning software that accountants can use to improve their workflow and efficiency, promote better customer relationships, get a strong ROI, and more.

1. One-stop-shop software platforms are the key to an improved workflow

In 2021, there is no shortage of technology, there are tons of tools available instead. Many of these tools have overlapping functions. The trick is to find the right program for the task you need. Tax authority owners and accountants should customize a practice management software program that can streamline collaboration and customer management on your team and provide a secure document management portal for sending and receiving documents internally and externally.

Tax planning software platforms offer accountants the ability to calculate, collect and display tax planning strategies in an automated workflow process. Sequential tasks such as ongoing research based on ever-changing state and federal tax laws that used to take so much time are now efficiently performed due to advances in accounting technology.

2. Tech-driven employee productivity proves stronger ROIs

In today’s environment we are all challenged to do more with less. With powerful software systems, accountants have access to tools that allow them to find solutions that maximize cost-saving ROI for customers.

The latest software advancements in tax planning provide tax authority owners and accountants with easily accessible cost saving strategies that are unique to the client and allow the accountant to review and bring the strongest ROI strategy to the table. With strong tax planning technology, a tax entrepreneur can increase their income by providing more valuable, efficient and transparent communication to their clients.

As the tax world is constantly changing with new rules and laws, using a software program that is constantly updated will ensure that you are always working with the latest data to give customers the best recommendations.

3. CRM systems can optimize customer communication and improve relationships

With few face-to-face interactions, it’s important to remember that the accountant-customer relationship is at the heart of your business. With a CRM (Customer Relationship Management) system you can keep all important customer data in one place and give your team remote access to the data.

A strong CRM strategy can help you increase your sales and improve customer service and loyalty. You will know when it is Mr. Jones’ birthday or when Mr. Smith has to submit certain forms and keep track of your customers.

In addition, a CRM system enables tax planners to assign, share and track tasks with clients and colleagues. Tax planners can use technology to manage a tax authority’s interactions with all tax professionals on a team, as well as with clients.

Take that away

Today technology is transforming the accounting industry dramatically. Thanks to workflow project management programs and tax strategy software, accountants can not only do their jobs more easily but also more effectively, resulting in clients who achieve the greatest tax savings for their individual situations. These new tax programs make an accountant one of the most important, recession-proof individuals in the entire professional services industry.

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