From XU Magazine, 
Issue 37

How to beat the tax season crunch

It comes around every year, just like the holiday season. But for accountants and their clients, it’s far from a season of joy. Of course, we’re talking about tax season, that time when every client suddenly wants your attention.
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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You promise yourself that this time will be different. You’ll be ready. But it comes around before you know it and it’s still a scramble.

With resources and recruitment opportunities seemingly scarcer than ever, how can you be prepared without running yourself or your team into the ground?

The technology is out there to automate so much of the process, but it can be overwhelming knowing which apps and software to choose. Wouldn’t it be great if you could get the software you need for each crunch point, all in one place?

It so happens that Sage has a suite of apps that provide everything you need for this. You might find it surprising but all of them are platform-agnostic, and integrate perfectly with Xero.

Let’s assume you’re one month away from tax deadline. What’s required to create an ultra-quick Best Practice plan that you can carry forward with you and apply to clients—especially those that are new to your practice?

Starting the journey

Start by considering the journey your client will travel with you.

For those who arrive on your doorstep a few days or weeks before the deadline, with bags of paperwork in hand, the first task is to sign them up.

Although time is of the essence, this is your opportunity to ease their nerves and take charge of what could be a longstanding working relationship that grows as the client’s business expands.

Assert yourself as the expert and communicate the value your services will bring—not just now, but all year round with GoProposal by Sage’s menu-based pricing. The average time it takes GoProposal to generate a proposal, right in front of the client is just 10 minutes.

When you sign up for GoProposal’s whole suite of onboarding products, you can take your client seamlessly from sign up, to generating a fully compliant, bespoke engagement letter crafted by compliance specialists, then complete ID verification, Know Your Customer (KYC) checks and Risk Assessments with expert guided prompts with GoProposal AML.

Getting the data

Once you’ve wowed prospects with a world class onboarding experience in record time, now is the time to continue to impress them with your efficiencies in processing all that crucial compliance data necessary for their tax return.

This can involve getting data from 1000s of items of paperwork. AutoEntry by Sage comes to the rescue. Simply point your mobile phone at the document and take a snapshot. Once you categorise the data and click to publish through your accounting software, the job is done.

Or you can scan and email documents from a desktop computer.

AutoEntry can speed up data entry processes by up to 90% so that days turn into hours. It also has up to 99% accuracy, meaning the client is much less likely to face penalties from the tax authorities if any aspect of their financial records is incorrect.

The entire process of using AutoEntry is so simple that clients can do it themselves. If they can take a selfie then they can use AutoEntry! Snapping paperwork when they receive it is a much better procedure across the year, and also means that they needn’t worry about losing things like receipts. Once it’s in AutoEntry, not only is the data extracted automatically but the photo taken of the document is retained, too.

Forecasting the future

You’ve gone above and beyond to facilitate this new client, while your tech stack has ensured it hasn’t eaten into your time with other clients.

But how do you educate your clients to ensure this last-minute crunch doesn’t happen next year?

With Futrli by Sage, you can forecast and project likely tax liabilities for up to three years in the future. Plus, the client is setup perfectly for ongoing advisory so that next year, it’s less about the compliance grind, and more about being the client’s perfect business partner.

You can utilise the forecasts produced through Futrli to communicate the need your client has for year-round accounting services, that can be itemised and charged through GoProposal. This way, you can get ahead and ensure that your whole client-base is prepared for tax season months in advance.

Find out more;

Try AutoEntry free or get a demo:

Get a free trial of Futrli:

How to compete your tax returns before Christmas:

Why leave it there?

To try AutoEntry free or get a demo

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