With the new tax year already in progress, accountancy firms have a prime opportunity to modernise how they operate, especially in terms of managing tax information and documents.
Around this time in the tax season, your clients face daunting deadlines that can be stressful, and mistakes or delays add to this stress – as well as the risk of errors and penalties.
As you are no doubt already aware, the Spring Budget introduced several changes this year, including updates to the National Living Wage (NLW) and National Minimum Wage (NMW), which your clients must navigate carefully, and your team must adapt to.
On top of this, there were changes made to VAT and Capital Gains Tax which have further muddied the water around tax compliance and the way your team needs to operate.
For most firms, with sufficient technological help, adapting to these changes isn’t a problem.
But for those still relying on outdated methods of information-gathering – like emails – the problems are exacerbated, and your team feels the pressure more acutely.
Sticking to outdated methods for gathering and managing the information required by these regulatory changes significantly increases the chance of your firm encountering problems.
If you’re using emails, phone calls and even paper communications to send and receive information, you’re already on the back foot and can’t adapt as quickly as your competitors.
Without up-to-date tools, adapting to changes introduced in the Spring Budget could even overburden your tax or payroll team, which is why you need an advanced information-gathering system.
How technology can transform your firm
94 per cent of finance professionals agree that automation in information gathering significantly boosts financial data accuracy (Deloitte) which should underscore the importance of embracing new technology in tax management.
Modern tech can automate and ensure data accuracy, as well as allow you to amend and work on documents with your client in real-time.
Strategically adopting new tech can reduce disruptions and enhance efficiency, preparing your firm for both the challenges and opportunities of this tax year and giving your clients a feeling of security.
When your firm has effective information-gathering technology you are seen as an efficient and modern firm – when you rely on things like email, you’re seen as the opposite.
Adopting solutions like Glasscubes now is critical for overhauling your end-of-year tax processes and giving your team access to information that is often hard to come by through traditional methods.
In essence, you streamline the process of personal and corporate tax filings by taking out the middleman. You remove the inefficiency of traditional data-gathering in favour of a digital, speedy, and efficient solution.
View our free demo of Glasscubes and see how information-gathering tools could streamline your personal tax processes.
