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Tax & AccountingJanuary 03, 2024

How cloud-based tax preparation software can bring your boldest 2024 resolutions to reality

By: Wolters Kluwer Tax and Accounting

New Year, new technology, new tax business opportunities 

New Year’s Day has come and gone, and no doubt many tax preparers have likely made key resolutions for their tax practice in the coming year. Some of these resolutions may prove to be easy goals to achieve, while others, not so much.  

For instance, it’s not hard to check off a resolution to attend an accredited tax training webinar each quarter to expand your knowledge. Hiring an office assistant is also not an overwhelmingly difficult goal to set and achieve.  

However, a broader yet bold resolution to achieve a 100% client retention rate for 2024 while increasing new client acquisitions by 10% is an entirely different ballgame. Not only is this goal lofty, but it comes with serious obstacles given the dynamics facing tax shop leaders today, including staffing challenges, higher customer demands, and increased tax regulation complexities, to name a few.  

So, does one simply forfeit the latter goal in light of these known challenges? Absolutely not! 

Fortunately for today’s tax preparers, existing business-changing technology makes it possible to expand market share and address current client needs better than ever. The answer? Enter cloud-based tax preparation software. 

How a cloud-based Virtual Tax Office can change your business

Greater efficiencies for tax staff

Office staff find themselves under tremendous pressure to operate flawlessly with new client prospects and maintain superior service with existing clients. Unfortunately, during the busiest days of tax season, there’s often not enough time to meet the demands of both. 

A cloud-based Virtual Tax Office can help staff reclaim lost hours which can then be directed toward meeting customer demands. Examples include: 

  • Software installation and updates occur without involvement from staff 
  • Integrated research tools provide reliable answers to tax questions within a customer’s return 
  • Two-way file-sharing client portals make sending & receiving client documents simple and safe 
  • Cloud environment gives staff greater schedule flexibility via remote work options 
  • These benefits and more promote a happier and more efficient staff experience.  

Value-added services for existing clients

Professional tax preparers operating within a cloud-based environment can provide more value-added services for their clients. And with tax prep customers more demanding than ever, the ability to set your business apart from the competition is key.  

A virtual tax office can help you meet and exceed the high expectations of your clients via greater responsiveness, self-service capabilities, and time-saving options such as: 

  • Anywhere, anytime access to client data makes meeting a client information request simple
  • Online document storage makes it easy for clients to get what they need without calling your office
  • Mobile tax return access and input questionnaires allow clients (and staff) to work on their schedule, as opposed to a rigid appointment calendar for tax appointments
  • eSignature capabilities give time back to both staff and clients as they meet tight schedule demands 

Greater reach into previously untapped new client markets 

No longer is your tax business confined to the boundaries of your local community.  

A Virtual Tax Office with mobile-friendly customer service features makes it easy to do business, whether the client is across the street or 2000 miles away. Imagine the market expansion possibilities! 

Not only does this cloud-based platform open more prospective client business opportunities nationwide, but it also expands the reach with which you can hire qualified staff.  

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In summary

Cloud-based tax preparation software can take your tax prep practice (regardless of size) to new heights of productivity and profitability in 2024 and beyond. With this readily adoptable technology platform available to tax preparers of all sizes, the question to ask isn’t ‘if’ you wish to grow with this technology, but ‘when.’

TaxWise® Online brings the Virtual Tax Office to reality for tax pros, new & old. Anchored with a trusted tax compliance engine for accurate return preparation, this virtual platform brings a host of helpful ‘out-of-the-box’ workflow add-ons to aid the tax professional.

Want to learn more? Visit our TaxWise Online webpage or request a personal consultation to learn more about our Virtual Tax Office solutions today.  

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and expertise that helps tax, accounting and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed and accuracy.

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