How the Digita Professional Suite transforms tax compliance and drives competitiveness
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| Data management and reporting |
| Overcoming tax compliance challenges |
| Reaping the rewards |
For today’s accountants and tax professionals, change is constant, making their role and responsibilities increasingly complex, and client requirements ever more demanding. Digitalisation and the growing importance of data; the pace at which regulatory landscape is evolving; the impetus to deliver a faster, cost-effective, yet more insightful and value-adding service: all these factors and more put pressure on professionals to stay ahead of the game.
Those that can turn these challenges into opportunities will become more competitive, and more and more firms are turning to software solutions such as the Digita Professional Suite from Thomson Reuters to help them do so.
Data management and reporting
As tax goes digital, managing and making sense of the large volumes of data created can be daunting. Ensuring data is accurate, up-to-date, complete and consistent is often a tall order, especially if it comes from disparate sources. When information is siloed, it’s difficult to process and performing data analytics becomes almost impossible. Collating, cleansing and checking data manually is a time-consuming task that opens firms up to the risk of error while leaving accounting and tax professionals less time to spend on more complex or higher value work.
Adding to the challenge are increasingly stringent regulatory requirements around reporting, which mean firms must be more transparent and well-organised with their data than ever before to demonstrate compliance. Professionals who can’t produce the information on time and to a high standard have no excuse – particularly as tech tools exist to support data collation, analysis, and report filing – potentially putting their client relationships at risk as well as incurring significant fines and other legal consequences.
Against this backdrop, making sure workloads remain manageable, and empowering professionals to be proactive as well as responsive to clients’ needs as they grow and change, is vital. That means opening up communications channels between colleagues and clients to create better visibility and oversight, streamlining workflows to allow accountants to deliver top quality outputs more efficiently, and deploying systems that are scalable to meet changing requirements in a friction-free manner.
Overcoming tax compliance challenges
No wonder, then, that many firms are looking to technology solutions to accelerate and improve processes and provide better services to clients. According to recent research conducted by Thomson Reuters, compliance and regulatory tools are the number one priority for software investment among small and medium-sized accountancy practices. Over two thirds (37%) of respondents said so, followed by digital bookkeeping and automation solutions (25%), and cashflow forecasting and practice management solutions (23%).
What’s needed is a robust infrastructure and an integrated approach, harnessing the power of automation and other smart tech tools, so that data can flow seamlessly, compliance becomes less complex and onerous, and tax professionals are empowered to do an even better job.
The Digita Professional Suite answers all these requirements. It incorporates Personal Tax, Corporation Tax, Accounts Production, Practice Management, and Company Secretarial capabilities into one unified platform.
“That was the key, that the Digita Professional Suite could do everything I wanted and streamline our internal systems here.”
Michele Bishop – Owner, Bishop Jones Chartered Accountants and Tax Advisers
It simplifies all your personal, business and trust tax work, handles both straightforward and complex corporate tax issues smoothly, facilitates the creation and online filing of compliant final accounts, and enhances the way you run your practice. It can also enable you to offer a professional company secretarial service to add more value to clients and increase revenue streams.
All the Digita Professional Suite’s elements work in tandem, creating a comprehensive software solution that allows you to do everything you need to do – in one place, supported by helpful deadline alerts, workload trackers and intelligent insights. And because all modules are connected to a centralised database, nothing gets missed, data is reliable, and processes are streamlined.
This is clearly extremely beneficial for the day-to-day operations of your firm, but the advantages are particularly obvious when it comes to compliance. By automating as much of the tax compliance and reporting process as possible, compliance is enhanced: the potential for human error and inconsistency is minimised and the entire workflow becomes much more efficient.
Software solutions must be easy to use as well as powerful if they are to be embraced by tax and accounting professionals and so drive up productivity and profitability. The Digita Professional Suite is designed to give you and your team a superior user experience, with a user-friendly interface and intuitive tools. Just as importantly, it offers the scalability to grow with your business so you can manage workloads and expand your services as required.
Reaping the rewards
Accountants are busy people – so saving them time and making them more effective has huge implications for client and job satisfaction, and accountancy firm profit margins. The Digita Professional Suite delivers impressive efficiency gains by automating repetitive manual tasks.
Time is money as they say, so deploying technology rather than relying solely on people power to do your ‘bread and butter’ tasks should result in significant time and cost savings. Spending less of the day on mundane, low value work also frees up your team’s more time for more profitable activities that boost your firm’s bottom line, such as focussing on tax strategy or business development. Not to mention adding more value to clients, via enhanced service delivery and better communication.
As well as avoiding duplicating work such as data entry and streamlining processes from tax calculations to tax form submissions, automation also improves risk management and compliance, by standardising processes and building in guardrails and best practices into them.
With the Digita Professional Suite, you can be confident that the data you’re using is consistent and accurate, and it even provides intelligent tools that can identify potential savings for your clients, such as flagging up areas where you can save clients money or ways to optimise their financial position.
And since it’s cloud-based, you can access the Digita Professional Suite from any location, giving you and your team the flexibility and mobility to work securely from home, client premises or on the go whenever they need to.
Implementing an integrated, well-designed tech stack could solve many of the pain points accountants and tax professionals commonly face, while putting your firm into a stronger competitive position in the marketplace by serving clients more effectively and efficiently. By deploying software to do some of the heavy-lifting and reduce risk, you could turn many of the challenges the sector faces to your advantage.
To find out more about how the Digita Professional Suite could help you optimise your operations, contact us.
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