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Tax & AccountingCorporate7/10/2021 12:00:00 AM

Wolters Kluwer 2021 Tax Season Challenges Report

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Earlier this year, we completed the Wolters Kluwer 2021 Tax Season Challenges Report survey to find out what accounting practitioners think about tax season, technology, staff and service areas. We are pleased to share our findings with you, together with suggestions on actions and tools that might help alleviate the most common obstacles to productivity, growth and profitability.

How are we doing versus our competitors?
 

It’s a question that keeps many industry professionals up at night wondering if their firm is maintaining the best standards for managing staff, servicing their clients, workflow management and the use of technology. The Wolters Kluwer 2021 Tax Season Challenges Report shows that many firms have a shared experience in traditional issues such as duplicate data entry, collating client data and keeping up to date with legislative changes. In recognising the changing landscape that accountants now work in, issues such as simplifying integrated workflows and client collaboration in the cloud are making their way up higher on the priority list. There were marked differences for the respondents from medium-large firms relative to those in smaller firms, indicating that many of the challenges take on new significance and meaning as a firm grows.

Our comprehensive survey captured insights from over 260 accounting firms across Australia and New Zealand across four essential practice areas: staffing, clients, workflow management, and technology.

We are now pleased to share the findings with you, together with suggested actions of how to remove the most common obstacles, identified by research, to firm productivity, growth, and profitability identified by the research within practices. 


About the Survey

The Wolters Kluwer 2021 Tax Season Challenges Report survey was administered online in April 2021 in the months surrounding the 2020/21 tax season. A comprehensive survey interviewed over 260 accounting firms across Australia and New Zealand and covered four essential areas: staffing, clients, workflow management, and technology. Respondents included professionals from public accounting firms of all sizes. 40% of responses came from employees of small firms (defined as 1-4 fulltime employees), 43% from medium firms (defined as 6-19 full-time employees), with the remaining 17% from large firms (defined as 20+ employees). Answers to questions were based on multichoice and a 5-point Likert scale that offered the following choices: strongly agree, agree, neutral, disagree, and strongly agree. We asked respondents to select the most applicable answer from the list or to specify other challenges. Respondents were both customers and non-customers of Wolters Kluwer.