Summertime. The time of year a tax accountant typically focuses on vacation – and relaxing after a long tax season. However, 2020 has been anything but a typical year. Covid-19 changed our daily lives. Additionally, it also changed the landscape of this year’s tax season. Although considered essential, many firms took their workforces remote to limit the potential spread of Covid-19. With the goal being to protect both their staff and their clients. And, while working remotely presents its own set of challenges, delaying the tax filing deadline to July 15th further complicated the matter. So, firms are now adjusting to an extended tax season.
When Covid-19 became prevalent earlier in 2020, firms were already heads-down and working to meet the April 15th deadline. Then, with stay-at-home mandates happening across the US, the IRS decided to extend the deadline. Now, firms are less than a month away from that extension date, i.e. July 15th.
Certainly, working remotely presents challenges for firm’s that are not leveraging cloud-based solutions. In a remote working situation, access to data is key and has been a struggle for many firms this tax season. Though, for Jody Padar, not so much!
Setting goals that help
Jody is CEO of New Vision CPA Group, and she recently joined Joel Ortner, Senior Technology Product Manager at Wolters Kluwer for an Audit Talk about their firm’s no touch tax return. She noted that about 7 years ago her goal was to move her firm to the future. At that time, they moved their practice to the CCH Axcess Suite of products. Then, when they added CCH Axcess™ Financial Prep in 2018, their new goal was achieving a “no touch tax return”. Padar says, “Essentially, a no touch tax return means that our accountant has the ability to review a file after importing from QuickBooks online. Make a couple journal entries. Then create the tax return with a push of a button.”
Furthermore, once the information is pushed into CCH Axcess™ Tax, the accountant simply reviews to ensure it came over correctly. Thus, spending time manually keying information into the tax return is no longer necessary. Indeed, she points out, that new process frees time for the accountant to be a tax advisor – which is exactly what they should be. Additionally, when using solutions like the CCH Axcess™ platform with other third party tools like BotKeeper, the accountant is further enabled to focus more on advisory work.
In the end, CCH Axcess™ Financial Prep allows New Vision CPA Group to move much quicker through tax season. Their returns once took an hour each to prepare. That hour now takes only 10 minutes. While no one could have predicted Covid-19 and how it has affected the accounting industry, and an extended tax season, firms already transitioned to the cloud and tools like CCH Axcess™ Financial Prep are able to adapt more quickly. Thanks to anytime-anywhere access of cloud based solutions.
Learn more about how CCH Axcess™ Financial Prep can improve your firm’s business tax return efficiency.
P.S. You will likely also find this related blog interesting, An Improved Business Tax Return Workflow