Evolving tax compliance processes in a digital-only world presents many challenges and opportunities. The world of tax can be heavily paper based, until COVID-19 changed everything.

Clients have been engaging more and more with this concept; there are lots of other digital processes and portals in day to day life in banking and financial services applications. The transition from paper to digital has been provoked by lockdown and has opened the door to change, this is a one-off opportunity for evolution.

Challenging the status quo

Although it may seem that lots of individuals are responding positively to the digital transition, as a collective the tax world is still behind. The challenge comes from core values within many practices, like ‘consistency’.

Clients are often cited as a reason to not use digital tools for engagement. In a recent survey T-Tech conducted, it was found that 100% of respondents found the client not to be the challenge.

The main challenges for not using digital toolsets are

  • Resistance to change from the practice
  • Lack of understanding of the benefits
  • Time to implement changes as opposed to the day to day

Lockdown however, has shown that previous excuses from the resistance have been proven false. Working remotely, digital processes, departmental applications… opinions have changed, and accountants are buying into the processes.

Evidence also lies in the engagement between accountants and their clients. A lot of accountants rely on post and email for client interaction; but post has quickly become far more difficult, with being away from the office, and back-and-forth emails are a thing of the past (we are all on Teams)! Generally, clients are responding faster, and accountants are seeing that data collection has become timely. Clients are sitting at home submitting their tax returns quicker and earlier in the cycle, so are recognising the efficiency of these new age processes.

The opportunity

It’s quite amazing to look back over the past few months; years of planning and innovation in the making has been accelerated and delivered to end users in just the few months since we’ve been working from home. Technology and digital processes have been thrust upon the accountancy world, and practices are realising they are more paperless than ever before.

Many accountants have confirmed this, saying they have paper files for both personal tax and corporate tax, but with the sudden lockdown and being away from the office, there was an immediate transition from paper to digital processes. Struggles such as sending PDF’s for large files over email have given the realisation that proper electronic file processes are necessary. Paper just won’t cut it anymore.

This has paved the way for a change in mindset; not just in the way that accountants work, but also how they engage and interact with their clients. The crisis has been a great disrupter for recognising the need to move away from inconsistent processes. Resistance is fading away and the buy-in to digital processes is at a much higher level. The opportunity that lies ahead for the tax world, is how to properly integrate with other departments in order that they can feed into the tax return process and abolish legacy and inefficient processes across the board.

In the midst of difficulty lies opportunity

Lockdown has certainly provided a great opportunity to embrace digital and go paperless in the tax world. More and more accountants are certainly breaking barriers for change and the opportunity lies in educating all teams outside of tax to do the same. Technology is widening the tax landscape (who would have thought that even 10 years ago, accounting, invoicing, reporting, auditing submitting tax returns and more would all be done online) meaning new opportunities are arising, setting a new standard for efficiency, productivity, and ultimately a value-adding service to clients.   

This is a once in a lifetime change window – don’t miss it!

OTHER NEWS

First Central Group: Scaling and Innovating in the Insurance Industry

Innovation-led insurer, First Central Group, onboards Blue Prism’s cloud-based digital workforce to increase agility, with the help of T-Tech as their IT Partner.
READ MORE

Cyber Security and Covid-19: A record number of incidents

In the latest National Cyber Security Centre (NCSC) annual review, it has been revealed that over a quarter of cyber security incidents have been related to Covid-19. Let's take a closer look at the findings.

READ MORE

Addressing the challenges: Why accountants are reluctant to change

In a recent discussion with a room (or Teams call) full of accountants, the main topic of conversation was around why change is hard within firms; particularly those with very old-fashioned and manual processes. 

READ MORE

T-Tech celebrate 10 year anniversary

Happy anniversary to us! We are delighted to be celebrating 10 years of T-Tech, and although we haven't been able to mark the big event just yet, we still have lots to shout about. Our growth and achievements over the last 10 has truly shown the...

READ MORE

The evolution of cyber threats: How to stay resilient during Covid19

COVID19 has created a significant amount of change and upheaval to businesses globally. To add to the complexity, most companies have been forced to adopt remote working policies to help ensure the safety of their workforce, even if they didn’t...

READ MORE

Cyber Security Webinar: What is happening to businesses right now: impact and reality in the UK

Although we love the growth of new technology and the resources available to us, this does bring with it a huge rise in cyber crime. And we are seeing this across all sectors and markets. Doesn't matter how big or small your business is, everyone...

READ MORE

Proud sponsor of the UK Tax Summit - see you there?

We are delighted to be the headline sponsor at this year's UK Tax Summit, an outstanding day of virtual tax training from the comfort of your home office. 

READ MORE

T-Tech Ranked Among World’s Elite 501 Managed Service Providers for third year

T-Tech has once again been named as one of the world’s premier managed service providers on the prestigious 2020 annual Channel Futures MSP 501 rankings, for the third year running. 

READ MORE

Can we call it a day with email?

It was recorded that 293.6 billion emails were sent per day in 2019. Just think about that for a minute. That’s almost 150,000 emails sent in the minute you spent thinking.

READ MORE

The T-Tech COVID-19 journey – what have we learnt so far?

Just a mere 12 weeks ago, our lives were turned upside down when a world pandemic reduced us to staying in our homes. As we adjusted to declining social arrangements, wearing masks to the supermarket, and trying to home-school our kids; we also...

READ MORE

T-Tech win MSP Industry Specialist Award second year in a row

We are delighted to announce we have won the Industry Specialist Award for the European MSP Innovation Awards, for a second year in a row! 

READ MORE

Thinking about a return to the office? What's your plan?

Following the recent government announcement, many businesses are in talks about returning to the office. Although the novelty of working from home is wearing off, it's not going away anytime soon. But it's important that if you do decide to...

READ MORE

Staying safe and staying connected

In a featured article for the Digital Accountancy Show Knowledge Hub, we share our key 3 elements to a successful remote working structure.
READ MORE

Why you shouldn't be cancelling meetings

You may have heard of the outbreak of the coronavirus in China, and how it’s quickly spreading to other countries around the world? If you haven’t, it’s time to start sanitizing! But we are almost sure most people are aware of it and are taking...

READ MORE

Is your workplace COVID-19 proof?

As the talk of COVID-19 continues to challenge us all on how and where we work, Microsoft continue to support customers in order that they can go about their daily work as normal. Regardless of whether you’re a managed or unmanaged Microsoft...

READ MORE

T-Tech launch accountancy portal solution called Practice Gateway

We are very excited about the launch of our brand new portal product we have called Practice Gateway.

READ MORE