Benefits of cloud-native software

Revenue flow continues to shift from retail to e-commerce in the wider economy, affecting the expectations of clients and employees. Firms can simultaneously meet these expectations and increase efficiency by adopting cloud-native tax software. Rather than centralizing operations at a single physical location, adopting remote work and cloud-based solutions are a “win-win” for all parties.

Client service

lntuit’s 2022 Taxpayer Insights & Intelligence Brief revealed that 66% of taxpayers expect electronic signing; 70% prefer uploading documents to a single, consolidated location; and 52% prefer all-digital communication with their tax professional. The usage of cloud software meets these expectations while streamlining onboarding and collaboration processes overall. Reduce wait times by proactively troubleshooting tech stack gaps, while creating templates for both onboarding and collaboration.

Staff efficiency

An increasingly competitive job market makes it difficult for firms to retain tax professionals, especially in expensive urban centers; cloud-based operation initially results in a greatly broadened applicant pool. However, firms must lean on a clear set of values and goals to narrow down applicant lists. Companies should optimize their hiring process by creating a clear and engaging career webpage, offering competitive salaries, and implementing a robust interview process to identify the right hires.

Current employees experience greater flexibility and can benefit from underutilized capital in smaller cities: access to nature, shorter commute times, and a lower cost of living. However, firms must diligently measure employee productivity and decide on which metrics are the most valuable. In general, the particulars of time scale—such as margin and length of time per task—must be considered before making staffing decisions.

Firm expenses

Rather than facilities maintenance, cloud-based firms usually pay more for IT, HR, off-site staff events, and accountability systems. While overall costs may increase, firms should consider a fuller picture that involves product quality, efficiency, innovation, and customer service.

Cloud-Based accounting systems

Having a cloud-based accounting system, such as QuickBooks® Online, allows a firm to manage employee users located in different locations throughout the world without the need to create a remote environment for a legacy desktop application. QuickBooks Online can easily be accessed anywhere there is an internet connection. For older desktop legacy accounting systems, the data is held on a local server where users must be physically present to access the server.

Cloud-Based tax software

Having a cloud-based tax software, such as lntuit® ProConnect™ Tax, allows a firm to easily access and prepare tax returns anywhere they have an internet connection. ProConnect Tax seamlessly integrates with QuickBooks Online, making the business tax preparation more streamlined. For some preparers who are used to the legacy desktop tax software such as Intuit Lacerte® Tax or ProSeries® Tax, Intuit also offers hosted solutions where they can set up a virtual environment that can be accessed anywhere there is internet through a remote desktop connection.