Tax Technology Outlook for 2024
As we navigate the complexities of the modern tax landscape, one thing becomes increasingly clear: technology is no longer just an asset; it's a necessity. The tax industry is undergoing a digital revolution, and staying ahead of the curve is crucial for practice owners and managers who want to thrive in this new era.
Gone are the days when tax technology meant standalone software solutions for specific tasks. Today, we're looking at integrated ecosystems that encompass digital reporting, e-invoicing, tax automation, and even artificial intelligence. These advancements are reshaping how tax practices operate, offering unprecedented opportunities for efficiency and strategic growth.
Tax automation is freeing up professionals from mundane tasks, allowing them to focus on higher-value activities like strategic planning and advisory services. But perhaps the most exciting development on the horizon is the integration of generative AI into tax processes. This technology holds the promise of revolutionizing tax planning, risk assessment, and decision-making, potentially transforming tax practices from cost centers into strategic pillars of organizations.
This Thursday, our semi-monthly Tax Talk will dive into what’s new in tech for the upcoming tax season.
Building Your Tax Tech Stack for 2024
With so many options available, choosing the right technology for your practice can be overwhelming. However, a well-designed tech stack can significantly enhance your practice's capabilities. Here are some suggestions to consider:
- For digital reporting and e-invoicing, solutions like Avalara or Vertex O Series offer robust platforms that can handle multi-country compliance. These systems integrate with various ERP and accounting software, ensuring seamless data flow and real-time reporting capabilities.
- When it comes to tax automation, look into platforms like Thomson Reuters ONESOURCE or Wolters Kluwer CCH Axcess. These comprehensive suites offer end-to-end tax process automation, from data collection to return preparation and filing.
- For practices ready to dip their toes into AI, consider exploring IBM Watson Tax or Blue J Legal. These platforms leverage AI to provide predictive insights and enhance decision-making in complex tax scenarios.
- Data management is crucial, and solutions like Alteryx or Tableau can help you harness the power of your tax data, providing visualizations and analytics that can drive strategic decisions.
Preparing for the Future
The digital transformation of tax practices is not a distant future—it's happening now. To stay competitive and provide the best service to your clients, it's crucial to start embracing these technologies today.
But with so many options and considerations, where should you start? How can you ensure you're making the right choices for your practice?
To help you navigate this complex landscape, we're focusing on the newest tax tech in this month’s Tax Talk: "Tax Tech: What’s New for 2024." In this session, we'll dive deeper into the trends shaping the industry, provide detailed insights on building an effective tech stack, and share strategies for successful implementation.
Don't miss this opportunity to position your practice at the forefront of the tax technology revolution. Join us to discover how you can leverage the latest innovations to drive growth, improve efficiency, and provide more value to your clients.
Christine Gervais is a licensed CPA, using her skills to help businesses grow and achieve their fullest potential. Christine has a Master’s degree in accounting from Southern New Hampshire University in addition to holding her CPA license for over a decade. Notably, Christine is a nationally recognized speaker providing education to other CPAs on how to best serve clients as well as instruction on a wide variety of topics for business owners on how to maximize success. Christine prides herself on the value she can bring to clients with her extensive tax knowledge and provides strategic, forward-thinking financial strategies to help clients grow. When not behind her desk, you can find Christine spending quality time with her daughter and stepson or tending to the family’s excessively loved farm animals.
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