Collecting info shouldn’t be as hard as collecting taxes, but with some clients, you just never know. Every firm has that one client (or two, or three…). They might even be a dream client most of the time with one huge exception–whenever you ask them for something, it’s going to take forever.
Tax season is already stressful enough and if you don’t file in time because the client didn’t send the documents until the last minute–who gets the blame?
Luckily, there’s a better way. This article will dive deep into the tips and tricks of proactive tax planning that will help you ditch those manual processes, streamline data collection, and make communicating with clients a breeze.
Communication is key
You’d be surprised at how many issues could have been resolved (or even prevented) with better communication, whether in your personal or professional life. With your clients, you might have weekly or monthly check-ins and the occasional ad hoc meeting when necessary.
But how come client communication is still mostly manual–especially in an era where there seems to be an app for almost everything?
Usually, it’s an email or a quick message when there’s a status update or you need a particular document from them. And if things are urgent–like you needed their tax return yesterday–you might even give them a call.
Regardless of how you stay in touch, client communication will always be an important part of tax planning. But it’s also supposed to be a two-way street, and it’s frustrating if you’re the one who’s always following up because the client missed a message or phone call.
But, as with most manual processes, it’s inefficient and the potential for misunderstandings abound, especially in text where tone and humour don’t always translate well (which is also what I tell myself when my Slack jokes get met with *crickets*).
Manual processes: Bottlenecks and headaches
Have you ever had to frantically sift through thousands of emails, DM’s, and Slack messages looking for that one critical document that your client swears they sent months ago?
With data coming from so many places these days, it’s harder than ever to track it all–between all the emails, spreadsheets, calls, meeting notes, and audio transcriptions–much less store it in a single place for easy access.
For many firms, manual data collection is the norm but it’s a frustrating mess of patchwork processes with documents scattered across the ether. Sometimes, those documents are buried a hundred folders deep in a Shared Drive. Other times, they’re lost in an email chain.
And then, there are the documents that can only be found on that one coworker’s computer because they were the only one who downloaded it before the link expired and it was lost forever. All these bottlenecks add up and cause significant time delays, inconsistent data, and frustrating miscommunications.
Let’s say you’re still not convinced that manual data collection is really that bad. Sometimes, it’s hard to see the forest for the trees. But we’ve spent enough time talking about how client communication is, and now it’s time to show you how it could be.
How Tax Torch transforms client communication
Tax Torch was built to make tax planning easy and solve the communication bottlenecks that plague firms during tax season. Here’s how Tax Torch does it:
1. Centralised data collection
You can’t underestimate the importance of having the right data at the right time. That’s why Tax Torch stores all client information–whether it’s business performance, financial goals, or major milestones–all in one place.
Tax planning can be chaotic, but Tax Torch is your single source of truth for all things client-related and ensures that everybody on your team is on the same page.
2. Real-time scenario planning
Businesses are always looking to the future and planning their next move. With Tax Torch, scenario planning is made easy as Tax Torch helps you identify uncertainties and run scenarios on how your business could be affected in real-time.
In just a few clicks, you can eliminate the hours of manual spreadsheet calculations and slash your risk of error while also safeguarding your business for the future.
3. Salary vs. Dividend calculator
Tax Torch’s built-in Salary vs. Dividend Calculator is an effective tax planning tool that helps you quickly calculate the best tax position for clients. Simply fill in a few numbers and in a couple clicks, the calculator will help you find the highest combined savings, so you can provide bespoke tax planning more easily and precisely.
4. Visual reporting
Stare at the spreadsheets for long enough and your eyes are bound to glaze over. It happens to the best of us, and it’s one of the biggest reasons businesses need accountants.
That’s why visual reporting is your friend. It helps bring the data to life in ways that spreadsheets just can’t live up to because a simple infographic can go a long way in helping clients understand complex tax advice.
Tax Torch’s built-in data visualisations make it easy to spice up your reports with graphs, charts, and other visuals to get your point across quickly and make your reports more visually appealing.
Elevate your tax planning with Tax Torch
Communication is at the heart of accounting–whether it’s with clients, coworkers, or HMRC–and manual processes are one of the biggest roadblocks to clear communication. These processes, such as an over-reliance on spreadsheets or manual data entry, lead to mistakes, inefficiencies, and missed opportunities.
But you shouldn’t have to wait until the last minute, searching old email chains that are littered with unanswered follow-ups, just hoping that the P60 you needed is still attached.
Taxes don’t have to be that way anymore. Tax Torch was developed to address these communication hurdles head-on with centralised data, real-time scenario planning, and visual reporting to help you leave the days of outdated processes and dirty data behind.
Are you interested in streamlining your communication and data collection processes for happier clients, more engaged employees, and better tax advice?
Start your free trial to see how Tax Torch is in action.
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