Evolving tax compliance processes in a digital-only world presents many challenges and opportunities. The world of tax can be heavily paper based, until Coronavirus changed everything.
Clients have been engaging more and more with this concept; there are lots of other digital processes and portals in day to day life in banking and financial services applications. The transition from paper to digital has been provoked by lockdown and has opened the door to change, this is a one-off opportunity for evolution.
Challenging the status quo
Although it may seem that lots of individuals are responding positively to the digital transition, as a collective the tax world is still behind. The challenge comes from core values within many practices, like ‘consistency’.
Clients are often cited as a reason to not use digital tools for engagement. In a recent survey T-Tech conducted, it was found that 100% of respondents found the client not to be the challenge.
The main challenges for not using digital toolsets are
- Resistance to change from the practice
- Lack of understanding of the benefits
- Time to implement changes as opposed to the day to day
Lockdown however, has shown that previous excuses from the resistance have been proven false.