How digitalisation is helping many leading UK tax professionals

Over the last two years, the tax profession has been evolving at a rapid pace and four months into 2019 there appears to be no slowing down of changes. Indeed, with the impact of Brexit still largely unknown and HMRC going live with the first part of its digitalisation strategy the rest of 2019 will see even more changes. 

While the industry is in a period of change and uncertainty, there are many ways that increased digitalisation can aid tax professionals.

Many studies have shown that tax accountancy firms, who embrace new technology, adopting it earlier, grow faster than late adopter firms do.  New software solutions can ensure that you as a tax professional can more efficiently manage the incoming data from HMRC and multiple accounting packages as one.

Some benefits of being proactive when it comes to technology change include:

  • Ensuring compliance and real understanding of regulatory changes
  • Delivering a quicker solution to clients
  • Improved relationships with clients due to greater collaboration
  • Real practice growth

Ensuring compliance and real understanding of regulatory changes

We all know that compliance changes can be difficult and time consuming to practices. However, they are also a good opportunity to evaluate how you can improve your processes to become more efficient and profitable.

The compliance changes that have recently occurred e.g. GDPR, Making Tax digital have meant the implementation of new systems and processes to ensure compliance.  For many accountancy practices, this has already meant a move towards digitalisation.  

With the right software, practices can improve their understanding of new laws as well introduce efficiencies in their processes. In particular embracing digitalisation can help reduce the time to complete tasks traditionally fulfilled manually such as data collection and entry.  Practices should also take this time to ensure that their systems will be future proofed as much as possible for any new legislation that will occur. By embracing digitalisation now, you will be in a better place to take advantage of other developments in technology as they occur.

 

Quicker solutions to clients

We all know tax professionals are often faced with challenging and tight deadlines.

All data being held in one central location allows greater visibility and the ability to plan more efficiently allowing real practice growth

Firms can see improved efficiency as software releases human time by minimising manual input, thus providing quicker results to clients with less likelihood of human error.

Automating as many of your processes as possible can hugely reduce your low skill workload, freeing your time up to add real value to clients by offering the best tax advice. 

 

 

Greater collaboration with clients

Businesses now often expect a greater collaboration with their tax advisor.  They place a higher value on pro-active advisory services rather than the compliance tasks.  This is because many clients can now complete compliance tax themselves using software readily available.

Businesses now need advisory help on ensuring they are complying with new complex regulation changes and are looking to their tax accountants to be the experts on these matters.

One solution is for accountancy firms to use innovative technologies that deliver an impactful service to clients and allow you to act in this advisory role.

Practice growth

With the potential for substantial growth in tax advisory services over the next few years, accountancy firms need to take advantage of the benefits of digital solutions discussed above to grow their firm.

Systems allowing all data to be held in one central location allows greater visibility and the ability to plan practice growth. This planning can allow firms to add value to existing clients and offer superior advisory services to new clients, through this you will see your firms thrive.

 

 

The Tax Recruitment Company and its directors and staff do not provide tax, legal, or accounting advice. This communication/material has been prepared for general information purposes and guidance only. This communication/ material does not constitute tax, legal, accounting or other professional advice, and should not be relied on or treated as a substitute for any such specific advice relevant to particular circumstances.  You should consult your own tax, legal and accounting or other professional advisors for any specific advice following receipt of this communication/material.  

The Tax Recruitment Company and its directors and staff do not provide tax, legal, or accounting advice. This communication/material has been prepared for general information purposes and guidance only. This communication/ material does not constitute tax, legal, accounting or other professional advice, and should not be relied on or treated as a substitute for any such specific advice relevant to particular circumstances.  You should consult your own tax, legal and accounting or other professional advisors for any specific advice following receipt of this communication/material.

The Tax Recruitment Company and its directors and staff do not provide tax, legal, or accounting advice. This communication/material has been prepared for general information purposes and guidance only. This communication/ material does not constitute tax, legal, accounting or other professional advice, and should not be relied on or treated as a substitute for any such specific advice relevant to particular circumstances.  You should consult your own tax, legal and accounting or other professional advisors for any specific advice following receipt of this communication/material.

The Tax Recruitment Company and its directors and staff do not provide tax, legal, or accounting advice. This communication/material has been prepared for general information purposes and guidance only. This communication/ material does not constitute tax, legal, accounting or other professional advice, and should not be relied on or treated as a substitute for any such specific advice relevant to particular circumstances.  You should consult your own tax, legal and accounting or other professional advisors for any specific advice following receipt of this communication/material.

The Tax Recruitment Company and its directors and staff do not provide tax, legal, or accounting advice. This communication/material has been prepared for general information purposes and guidance only. This communication/ material does not constitute tax, legal, accounting or other professional advice, and should not be relied on or treated as a substitute for any such specific advice relevant to particular circumstances.  You should consult your own tax, legal and accounting or other professional advisors for any specific advice following receipt of this communication/material.

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