Technology In Accounting: How To Thrive In Tax Season

Another tax season has been completed. It seems to come around so quickly, with all the changes promised after last year ending up at the bottom of the pile, and before you know it, it’s here again. An infinite cycle of increasing client demands, deadlines fast approaching, changing technology in accounting and manual entry work – repeat.

Knowing what’s in store, the December to January period certainly raises the pressure for tax accountants. But are there ways to relieve this and if so, where do you begin to make the changes?

Perhaps it’s time accountants shift their perspective on tax season. There are a multitude of gains to be made. The practices who are seeing this as an opportunity to improve, are the ones who will be making a real impact on their bottom line, customer satisfaction, and back-office efficiency.

How can the tax team do more than just survive next January? It is time to excel.

How To Switch To Excelling Next Year With Technology In Accounting

#1 Automation is your friend 

Many practice’s hire extra help during the peak season to alleviate demand, but this is fixing the symptom, not the problem. This is where automation enters; an accountant’s answer to coping with increased work inflow. T-Tech have created a unique, single portal solution for every interaction between client and accountant – Practice Gateway. With the use of a robotic workforce, this digital front door allows for quick data entry by the client, which is then automated and delivered into the accountant’s side of the portal – driving simultaneous increases in practice productivity and efficiency. So far, the results have been incredible. For one firm, approx. 21,000 hours of work has been automated for tax advisers, with 10% extra margin delivered into the tax department, and £10,000 saved on overtime.

#2 Scalability 

Hiring support during the busy season to manage the workload brings a lot of extra costs for practices. Intelligent solutions like Practice Gateway are scaling down the seasonal storm for accountants. The robots can be scaled up during the busy period and then back down when it subsides. This is a much more cost-efficient way to use technology in accounting to balance the books, whilst also allowing for practice growth without the need of additional resources.

#3 Putting the value adding work first 

Tax returns are a part of life admin; so, why is so much time during the season, spent on client data entry and chasing documentation. Is it time to think differently? Introducing and adopting automation to the process redirects valuable time back to advisory work, meaning accountants will have more scope to take on extra clients without stretching or adding more resources. Plus, advisory is where the real value can be created.

#4 Managing change 

Change requires collective and collaborative effort from board level, which is often easier said than done. However, by receiving guidance from industry experts with the best technical advice, you will receive tailored IT knowledge to both make an impact on seasonal pressures and help manage practice change. This will ensure your practice’s transition will be smooth and uninterrupted, ensuring daily tasks can continue to run effectively. Remember, technological changes are here to streamline accounting operations by encouraging productivity and efficiency.

#5 Be better prepared by setting KPIs 

To ease the experience during the tax storm, set yourself and your team some KPI’s. By implementing new targets and changes early in time for next year, you’ll be raising the bar for how things will be in the future. There are plenty of intelligent cloud analytics tools, which can help you make smarter strategic decisions. This will give you a better understanding of what is driving performance, ways to improve the client experience, and how to increase productivity across your teams and departments. So, your KPIs in 2022, will be the ones to beat.

It's Time To Excel.

Now is the time to build the foundations for a successful experience next December and January and use the technology in accounting to your advantage. Tax season no longer has to be a mad rush – the industry is thriving and offering solutions that are enabling accountants to make serious gains. It’s not just about surviving anymore: it’s time to excel.

Looking to streamline your tax preparation for the upcoming season? Supercharge your accounting season with better technology in accounting.

Take the first step towards a stress-free tax season – schedule a meeting today with our experts to explore advanced accounting solutions.