Top 5 Technologies To Improve Your Tax Practice

1. TOP 5 TECHNOLOGIES TO IMPROVE YOUR TAX PRACTICE

2. With dynamic accounting technologies coming in, the accounting processes are becoming automated and the role of accountants are changing to that of an advisor. Technology is making the lives of tax preparers easier and the practice more profitable. Here are the specific technologies which are transforming the tax practice.

3. 1. CLOUD-BASED TAX APPLICATION Most of the businesses these days have adopted cloud technology because of the various benefits it provides to them. Leveraging the cloud technology in tax practice not only provides real-time updates to the clients, but also saves money as there is no need of having an IT team to manage the in- house servers and software. Data backup, optimum security, and multi-user collaboration are some of the other benefits of adopting cloud technology. VISUAL EFFECTS Presentations are communication tools that can be used as demonstrations, lectures, speeches, reports, and more.

4. 2. ARTIFICIAL INTELLIGENCE The days of accountants doing data entry tasks are long gone because of AI. They now play a key role in the company's development process. In recent years, the accountants are shifting towards Artificial Intelligence (AI) for easy tax compliance. AI enabled apps can deal with complex tasks from discovering fraud, tax audit to answering subtle queries. According to PwC, AI would soon become digital assistants and replace the first and second-year associates. Presentations are communication tools that can be used as demonstrations, lectures, speeches, reports, and more.

5. 3. SOCIAL MEDIA Being good at networking and maintaining relationships is critical to retain and acquire new clients. Social media has become a platform which is transforming the industry and helping the tax preparers to increase their visibility as an expert, build their network, keep the clients in the loop and provide better customer service. Presentations are communication tools that can be used as demonstrations, lectures, speeches, reports, and more. Having a strong presence on social media can have a positive impact on the growth, exposure and reach of the tax firm.

6. 4. AUTOMATION Automation technologies these days are offering benefits which are outweighing the costs by a considerable margin. Numerous tools specially designed for accountants and tax preparers are transforming the way business is conducted.  Automated workflow along with multi-user accessibility and remote access to tax files has sped up the taxation process. Presentations are communication tools that can be used as demonstrations, lectures, speeches, reports, and more.

7. 5. MOBILE ACCOUNTING Mobile accounting is growing at a rapid rate with the popularity of smartphones. It is helping the tax professionals to become more efficient as mobile accounting enables the professionals to avail benefits such as on-demand data, strong security, and easy accessibility. Presentations are communication tools that can be used as demonstrations, lectures, speeches, reports, and more. Also, with real-time access to the data, professionals are now able to work remotely without any geographical or time restrictions increasing their productivity.

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10. References Top 5 Technologies to Improve Your Tax Practice - Ace Cloud Hosting Five Ways Artificial Intelligence Is Changing Tax - PWC How Artificial Intelligence Will Transform The Audit - EY