As the adage goes: The only constant is change.
In the tax and accounting sphere, that not only means keeping up with changing technology, but also with the inevitable and important regulatory changes taking place. Adjusting to the nuances of the new tax laws and interpreting their impact on your customers adds extra time and pressure on top of managing the day-to-day needs of the firm.
Plus, since many clients are in the dark about what the changes mean, they now — more than ever — expect their tax practice professional to be proactive about enlightening them. Those who don’t put in the extra effort do so at their peril. Up to 72% of small businesses have changed their accounting firm because they weren’t proactive about addressing tax law changes. You can’t afford to take a wait-and-see approach if you expect to thrive in the future.
Get proactive with predictive intelligence tools
Today’s analytics software, paired with robust tax research resources, uses predictive intelligence to help you almost automatically keep up with regulatory changes. And that includes if or how they affect each of your clients.
You can use predictive intelligence to monitor hundreds of clients automatically. The tools compare tax law changes with your clients’ data to see if they create any new liabilities or opportunities. In addition, you can use integrated research tools to interpret what next move best benefits your client.
3 ways predictive intelligence benefits clients — and you
Predictive intelligence tools help you be more proactive with your clients. But they also make keeping up with regulatory changes easier for your firm. Here are three ways they help:
- Keeping abreast of tax law changes used to mean monitoring news wires and other research sources. Say so-long to that time-consuming task now that your staff can receive notifications about relevant news right in their inbox or desktop.
- Figuring out who was affected by regulatory changes was a bit like searching for a needle in a haystack, requiring manual comparisons and sifting through mountains of client data. New predictive intelligence technology sorts through client data for you and surfaces a list of those most likely to be affected allowing staff to confidently take proactive action for clients.
- The manual nature of monitoring change in the past made it difficult to uncover client opportunities and liabilities. Integrated solutions today give firms an automated advantage so they can proactively provide higher valued advisory and consulting services.
When changing technology is this powerful, it’s hard to view it as anything but positive! Use predictive intelligence to let your clients know that you’re proactively looking out for their best interests.