Three Reasons Why the Cloud Makes Sense for Tax Research

Your clients turn to you for guidance on how certain scenarios could shape their individual or business tax returns. But keeping track of the complexities of tax rules and legislation may be easier than you think.

Archive the Analog

New tax legislation brings with it a spate of updated publications and resources. Typically, this has meant needing to purchase new volumes of reference books and guides that outline and help synthesize these changes.

Although it’s essential to stay current with new regulations, staying exclusive to printed reference material quickly reveals some drawbacks. For starters, there’s a question of space. Replacing paper-and-ink publications means finding space for the latest versions, as well as space for storing or disposing the outdated versions. This could translate to additional costs, whether it’s the outlay for a new bookshelf or monthly fees for off-site storage.

A second potential drawback is the ease of determining an answer. Consulting an index will address the topic of a question, but it likely won’t capture the nuance and context. Using a digital tax research and reference tool, however, can solve for both speed and nuance. And arriving at an answer in a relative fraction of the time can add up to considerable time savings.

Go Mobile with Tax Research Answers at Hand

Making the switch to a digital research tool opens up another powerful possibility that even the best-lined bookshelves can’t match. As long as you’re connected online, your reference library is always accessible. And you don’t necessarily need a computer.

Today’s most powerful digital tax research tools support on-the-go access via smartphones and tablets. With expert content available in the palm of your hand, you’re able to conduct comprehensive research when necessary, even when you’re away from the office and outside normal business hours. And in the thick of a busy tax season, this ability could prove especially invaluable for complex returns and sharing potential scenarios with these clients.

Integrate Expert Tax Research Knowledge

Moving from print to digital research isn’t simply convenient. It could have considerable potential to transform your overall workflow.

Directly integrating a research solution within your tax preparation software completes the circle of seamless access to expert content and answers. When you’re in the office during normal business hours, needing to leave a return to look up a regulation may not seem like too much of a disruption. Cumulatively, this can add up to a considerable amount of time. But the ability to research this information while within a client’s return can help win back this lost productivity. And because research content and answers are continuously updated, you’ll have the most up-to-date answers to apply to your clients’ returns.

Ready to learn more about how cloud-based solutions like research tools can help transform your tax and accounting business? Download The Way Forward: 5 Reasons for Finally Moving to the Cloud here.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting