The accounting and tax industry is rapidly changing and becoming more cut-throat than ever. With new competition frequently surfacing and the industry leaders dominating the market, it’s hard for small tax firms to retain existing and attract new clients.
However, as is the case with the challenges, the tax industry also faces various opportunities for growth. Tax firms equipped to leverage technology have the right team and aptitude for growth and can become leading players in the industry in no time.
So for tax firms looking to upscale their business and attract new clients, here are four helpful tips.
Provide Value-Based Services
78 percent of clients expect their tax firms to offer value-added advisory services. This is in addition to the basic taxation services that your firm offers. Tax firms need to do more than tax preparation to gain new clients and retain the existing ones. You need to provide financial advisory services, predictive analysis, and adopt a pre-emptive approach to offer clients tax benefits.
Offer Ease of On-Boarding and Collaboration
If new clients find your on-boarding system painstakingly complicated and the already existing clients are having a hard time collaborating with you, your tax firm isn’t in a good spot. Equip yourself with the latest tax practice management software to ensure that your operations are seamless and your clients are satisfied with prompt communication.
Simplify Tax Processes with Technology
Most Americans find tax preparation and filing overly complicated. Simplify the tax processes for your clients by using the latest technology. Help them store documents on your online portal, automate the tax preparation, and proactively use technology to streamline the tax processes.
Adopt the Latest Technology
Technology and AI are going to be the driving force for tax and accounting firms in the future. Tax firms ready to embrace the technology hire technically skilled CPAs and are willing to adopt the advanced tools to facilitate their clients have a better chance of succeeding. For tax firms that are still relying on traditional taxation methods, now is the time to make amends.
Automate, Facilitate, Accelerate
Tax firms looking to accelerate their growth must get their hands on the most advanced cutting-edge technology. One such cloud-based tax software is AccountantWS. If you want to provide your clients with a secure portal for tax documents, easy tax preparation, and value-added services, reach out to AccountantWS.
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