Move Forward in the Cloud: Cloud-Based Tax & Accounting Software
At the center of a future-ready firm is the right technology — technology that supports efficient workflows and fuels firm growth. See how firms have taken steps to capitalize on the interconnectivity and collaborative capabilities of the cloud with Wolters Kluwer.
This is forward together.
TAKE YOUR FIRM TO THE CLOUD
Rising to the Challenge with Cloud Technology
To outmaneuver uncertainty and competitors, firms must take steps to be more digital and data-driven. They must reinvent how they meet their clients’ needs and reinvigorate their firm culture in a mobile world. Traditional, on-premise tax and accounting solutions simply cannot support these new demands, nor can hosted solutions that aren't completely in the cloud. At Wolters Kluwer, we've been developing solutions built specifically to take full advantage of cloud technology for more than ten years, working with firms to address the new demands of their clients and staff. Read on to learn how to implement the ideal cloud system, improve efficiency and lay the foundation for game-changing technology like AI.
What Do You Need from a Cloud Solution?
Many businesses moving to the cloud now are doing so out of necessity — in the wake of coronavirus, they need the anytime/anywhere access only the cloud can provide. But the true value of the cloud goes far beyond just mobility. Firms that are leveraging cloud technology to its fullest are seeing cost savings, scalability, improved security, and superior automation. What are these firms doing differently? The first and most important step is understanding true cloud solutions vs. hosted solutions. True cloud solutions free the flow of data within the system and between users simultaneously. This sets the foundation for integration, automation, and advanced technology like AI.
Building a Cloud Platform Step by Step
Achieving the maximum efficiency from your cloud software can be accomplished in four steps, starting with a critical foundation — a common cloud database:
- Implement your cloud solution with a single cloud database
- Build an integrated platform that connects all applications
- Automate your workflows
- Add advanced tools and technologies
WORKFLOW THAT WORKS
Moving the Needle with Workflow Optimization.
True workflow optimization eliminates all gaps, redundancies and bottlenecks, not just in your return prep, but from the initial client outreach through final billing. Cloud-based integration and a common database not only allows for that complete optimization, but also for the full, end-to-end workflow to be reflected in a single dashboard. The resulting time savings and added visibility are astounding – staff have all the information they need to add value for clients at their fingertips, and management has a complete picture of the firm.
“All of our programs integrate, not just our Wolters Kluwer programs. The idea of the way it used to be is unacceptable now. Partial-cloud software would require cumbersome workarounds, like exporting an Excel file to get a marketing email list, and then importing those names back into the CRM program. That would have taken half a day, not a few clicks [like it does now].”
eBOOK: THE BENEFITS OF A VIRTUAL FIRM
A new office paradigm is changing the way modern accounting firms operate. Using some of the best practices from virtual firms can allow you to more easily recruit staff, create new opportunities, offer better work/life balance, and provide more proactive client service. Find out how firms can make this transformation work in the real world.Download Now
RESHAPE YOUR CULTURE WITH TECHNOLOGY
The Human Side of a Digital Office
Implementing any new process requires an adjustment, but an event like the COVID-19 pandemic represents a paradigm shift in the firm/staff relationship. Even after returning to the office, existing and prospective staff will expect firm leadership to be prepared to put their health and well-being first with remote-capable tools and policies. Beyond that, leading firms are attracting and retaining talent with forward-thinking plans for staff development, including training that goes far beyond CPE accreditation.
“We're an essential business, so technically we could continue to work in the offices, but we chose to take care of our staff. And we were able in a matter of a very short time in the middle our busiest season, as well as probably the craziest time we've had in a tax season, to come out unscathed.”
eBOOK: FIVE WAYS TO RESHAPE YOUR FIRM'S CULTURE
Moving forward is as much about how you build your business as the technology you employ. Nail the five P’s to build a winning culture and future-ready business – Place, People, Passion, Purpose and Practices.Download Now
ADD THE TOOLS TO BETTER ENGAGE YOUR CLIENTS
An Evolving Role for Tax & Accounting Professionals
According to Accounting Today, compliance services currently make up 90% of the accounting industry. In the future, however, advisory services will account for 80% of revenue. Even if your portfolio hasn't reached 80% advisory services, how you interact with clients should reflect the shift. What clients want to pay for are not compliance services; they want to pay for services they see as valuable, like how to reduce their tax bill and how to better protect their financial assets.
“A lot of firms talk about how it's important to be a partner to their clients. People in our professional are now being called to measure up and stand up and deliver on that commitment... If the software that we were using to serve our clients was not available right now, and our ability to operate and function was compromised, we would be failing at the time our clients need us the most.”
eBOOK: COVID-19 RESPONSE - WORKING WITH CLIENTS REMOTELY
Almost overnight, your clients’ needs have changed dramatically. For many firms, working with clients in an entirely digital way went from a being a long-term goal to an immediate need. From your clients’ perspective, it will be incumbent on you to make the necessary changes and meet their needs. Fortunately, there are changes you can make in the short-term that will provide lasting benefits.Download Now
WHAT FORWARD LOOKS LIKE: A MESSAGE FROM JASON MARX
What Forward Looks Like
“For over ten years, we have built a very clear vision for our cloud strategy and our team has delivered a powerful infrastructure and platform that drives innovative workflows and capabilities. Now, our cloud-based tax preparation, compliance and firm management solutions are moving the industry forward. We are working diligently to enable firms of all sizes to respond with agility and confidence in rapidly changing environments.”
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