Modernizing your tax workflow
Jorge Olavarrieta. vice president and general manager, ProTax Group, Intuit, discusses how technology can help high-volume tax firms with their biggest operational challenges.
Q What are the biggest operational challenges high-volume tax firms face today, and how can technology help?
A Many firms are leaning into advisory but lack the tools and processes to transition from compliance-focused to advisory-driven, while also facing staffing shortages. Digital collaboration, artificial intelligence, and cloud solutions can automate work and workflows, and staying current and adopting these technologies will drive efficiency in firms.
Q How can firms better evaluate whether their current tax software is holding them back from scaling?
A Software needs to work for you, not the other way around. Ask these questions: Are you wasting time managing, installing, and updating your software and network environment? Does your software integrate with other solutions in your firm? Does it provide the insights you need to better serve clients? Cloud solutions can drive productivity in the office, more easily integrate with other solutions, and offer the added benefit of enabling remote work.
Q What should firms consider to reduce low-value work so the staff can focus on higher-impact activities?
A Firms need to assess the relative importance of the work they are doing. Are there things they could stop doing? Firms also need to lean into the automation or efficiencies their software provides. Change can be difficult, but it’s likely that the workflows and processes you established a decade ago are ripe for reimagination. And, invest in your talent. Compliance and advisory require different skills, so set up your team for success.
Q How does AI help firms be as efficient as possible?
A Using AI in smarter, creative ways is on everyone’s mind and leading us to build software with improved results, especially in reducing manual work, mitigating staff challenges, and enhancing client collaboration. By streamlining firm operations, you can focus on more strategic, high-value tax advisory services.
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