Accountants Focus on Advisory Role as they Embrace Tech
As clients’ needs become more difficult to meet, accountants look to move away from the manual burdens such as data entry and collecting information. Undergoing a period of transition, the profession must now offer on-demand services whilst ensuring compliance.
Addressing these issues, T-Tech offers a solution for firms to satisfy both client expectations and comply with new regulations.
In the last year, the tech vendor designed a user-friendly product on the front end, that applies RPA on the back focused on core processes such as personal tax, audit, and compliance – enabling accountants to be more advisory based.
A central issue within the profession remains the idea that clients aren’t providing information in one single package but through multiple formats. By doing so, accountants are constantly struggling to chase up clients, which makes it expensive to process.
Member practices spend on average two hours each on their Personal Tax Returns, according to the ICAEW, in which 70 percent of this time is spent chasing the customer for information and data entry.
Chasing clients for information is a significant manual burden for accountants and time-consuming. With no digital front door in the market available, T-Tech has worked to develop a solution: Practice Gateway. The idea behind the product is based on unifying everything in one place while interacting and engaging with the client from the beginning to the end.
Through the portal, the client can sign up, go through the KYC process and submit their Personal Tax Return information. The product allows customers to share documents, collaborate and pay bills in just one place.
The end game of the software is that every interaction with the client will be driven through the platform, covering all areas. It is built on the Microsoft and BluePrism cloud, meaning infrastructure is not needed for its usage.
The appealing feature behind T-Tech’s Practice Gateway is mainly around the ease of the platform. From any device, clients can make payments, securely access documents, conduct HMRC submissions, and leave the robot to do the job.
Above all, the product offers accountants a better experience in which they can focus on their advisory work rather than the manual burden of data entry. All the information comes in a consistent manner, and this can significantly help with recruitment and retention, particularly with the new generation.
It drives a higher margin on jobs as people spend less time doing this specific work and drives better customer experience whilst reducing errors. Automated processes such as Practice Gateway have become a real time saver.
What’s more, embracing tech will flatten out the peak of the tax return seasons as robots do not have limits on their workload and time spent.
To learn more about Practice Gateway, click here.