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TaxBuzz Chat: Digital Transformation Trends for Tax and Accounting Practices

TaxBuzz Chat: Digital Transformation Trends for Tax and Accounting Practices

It's that time again, #TaxTwitter. As hard as it may be to believe that May has passed, the June #TaxBuzzChat arrived and was busy as ever. In this month's chat – hosted on our Twitter account @TaxBuzzOnline – we invited pros across the country to join us to discuss digital transformation trends for tax and accounting practices.

Some of our key takeaways from the conversation included: 

When it comes to digitizing your office, “The biggest benefit to virtual has been convenience. Busy clients, busy schedules, we can make things work. Also, savings. I used to rent extra office space for tax season - now, my extras are remote.  Yes, there are costs to that, but it's less than a new lease.” - @RobergTax

In that same line of thought, there are challenges with virtual work. “I think a big challenge is keeping up with all the moving parts when you're not in the office and can't talk while you're the copy machine or ask a question as you're walking down the hall. We're getting better at it, but it takes a new style of communication.” - @CbrianCPA

Generally, with everything moving virtual, clients often become resistant due to fears about security. “I think security is an issue, virtual or not. Mailing documents has security issues. Proper digital security is essential. This has never been a concern voiced by a client; if anything, they can be too lax (e-mailing docs, etc.)” - @TGorcz

We can't forget the importance of having a strong web presence.  @MeganAJustice says: “I answer this with full recognition that I need to redo my website. I use my website as a place for clients to learn a bit more about working with me. I want a stronger social media presence. I see where it will do me good. It's not happening today. That's okay for now.”

If and when firms have gone completely virtual, here is how they are meeting with clients. “It's a mix of phone, video, in person (going to them or meeting in a coworker space). Whatever is most convenient for everyone and the project.” - @wealthandlaw

What tools are commonly used for file sharing, or digital intake? “I use Secure File Pro.  It works with my tax software and I find it easy to use.  My younger clients seem to like it just fine.  I don't think there's any file sharing program out there that my older clients would be happy with.” - @RobergTax

Being organized and efficient is very important. When asked about ways to help stay organized, @fintaxdude said “AN ALL ENCOMPASSING PORTAL! Something that is easy to use, and can be your point of contact, payment receiver and where clients can store their documents securely.” 

Click on any of the embedded tweets to see the full set of responses on Twitter.

Q1. The digital trends that were kickstarted by the pandemic aren't going anywhere. Has your practice seen a dramatic shift to digital workflows, and have you stuck with them? #TaxBuzzChat pic.twitter.com/hls3xtjtWJ

Q2. Efficiency, and flexibility are some of the biggest benefits of virtual work. What would you say the biggest benefit of digitizing your office has been? #taxbuzzchat pic.twitter.com/yMxrQC2e3M

Q3. In that same line of thought, what has been your biggest challenge with virtual work? #TaxBuzzChat pic.twitter.com/lpEI6lYp3D

Q4. How have your clients adapted to the virtual model? Have they appreciated it, or do you feel like clients crave more in person interaction? #TaxBuzzChat pic.twitter.com/AU7zXJ5yN3

Q5. Some accounting firms and their clients have been resistant when it comes to working virtually due to fears about security. If this applies to you, what would make you, or your clients more comfortable with digital workflows? #TaxBuzzChat pic.twitter.com/1oDwl7iird

Q6. As many accounting and tax firms have gone digital, it has become much more important (and much more competitive), to have a strong web presence. Have you felt this change in your client acquisition? Have you made shifts to grow your web presence? #TaxBuzzChat pic.twitter.com/9tyCqmCcqU

Q7. Developing a digital footprint is not always easy. It takes social media, a strong website, reviews, web content, and more. What are the biggest challenges you have had to deal with in developing your web presence? #TaxBuzzChat pic.twitter.com/9a2PD8UE6M

Q8. If your firm has gone fully digital, how do you meet with clients? Do you communicate over the phone, or hold video conferencing? Are there frustrations you encounter during virtual meetings that you wish you could change? #TaxBuzzChat pic.twitter.com/L5hCfnWi3W

Q9. Client onboarding is one of the toughest things to perfect when you are working virtually. What tools do you wish you had when onboarding clients? #TaxBuzzChat pic.twitter.com/84uDTmuaAW

Q10. Do you use digital intake forms or digital questionnaires during your onboarding process? If so, what tools do you use to facilitate this? #TaxBuzzChat pic.twitter.com/LxdJfU1o7R

Q11. Digital file sharing is nothing new, but can be frustrating if it is your only avenue of receiving client documents. What tools do you use for file sharing, or digital intake? Do your clients struggle with them? #TaxBuzzChat pic.twitter.com/F9JjuPQwlo

Q12. How do you craft proposals for your clients? Do you use online proposal tools or digital questionnaires? #TaxBuzzChat pic.twitter.com/cGSLwa2U8A

Q13. How are you tackling payments when working digitally? Do you have tools in place to request payments upon delivery? Is there any type of tool you wish existed that would make this process easier? #TaxBuzzChat pic.twitter.com/1yKJ2BIjzX

Q14. Digitizing your workflows is all about efficiency. What tools do you wish existed that would make you more organized, and or efficient? #TaxBuzzChat pic.twitter.com/mGlSETAQi9

— TaxBuzz.com (@taxbuzzonline) June 1, 2022

Thank you to all the members of the #TaxTwitter community who participated in our June chat – and welcome to all our new attendees. Make sure to check out the full recap below for top highlights of our conversation and sign up to receive our chat invites and recaps via email here.

@TaxBuzzOnline will be hosting our next #TaxBuzzChat on Wednesday, July 6th at 10am PT/ 1pm ET. Check back for updates to make sure you don't miss out on the conversation and Tweet us if there are topics that you'd like to chat about in the future.

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TaxBuzz Staff

TaxBuzz Staff

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