Share this content
Tax Planning Software

Tax Planning Technology Trends in 2021


The accounting profession has been around for thousands of years, but it’s never changed as much as it has this past year. The pandemic ushered in a whole new way of work and, needless to say, technology has become a pivotal aspect in accountants’ careers. Moreover, those that embrace new technology trends will emerge from the pandemic successfully.

Feb 23rd 2021
Share this content

Here are a few tax planning software trends that a tax planner can take advantage of to improve their workflow and efficiencies, foster better client relationships, prove a strong ROI and more.

1. One-Stop-Shop Software Platforms Key to Improved Workflow

In 2021, we’re not facing a lack of technology, instead there are countless tools available. Many of these tools have overlapping capabilities and the trick is finding the right program to do the job you need. Tax firm owners and accountants should adapt a practice management software program that can help streamline collaboration and client management within your team and provide a secure document management portal to send and receive documents both internally and externally.

Tax-planning software platforms give accountants the capability to calculate, collect data, and present tax planning strategies into one automated workflow process. Sequential tasks such as the ongoing research based on ever-changing state and federal tax laws that used to take so much time, are now executed efficiently due to the advancement of technology in the accounting profession.

2. Tech-Driven Employee Productivity Proves Stronger ROIs

In today’s environment, we’re all being asked to do more with less. With powerful software systems, accountants have access to tools that will allow them to find solutions that maximize cost saving ROI for clients.

The latest software developments in tax planning have the capabilities to offer tax firm owners and accountants easily accessible cost-saving strategies, unique to client’s, allowing the accountant to then review and bring the strongest ROI strategy to the table. With strong tax planning technology, a tax business owner can increase their income by providing more valuable, efficient and transparent communication to clients.

Also, as the tax world is constantly changing with new rules and laws, using a software program that is consistently updated will ensure you’re always working with the latest data to make the best recommendations to clients.

3. CRM Systems Can Streamline Client Communications and Improve Relationships

With face-to-face interactions few and far between, it’s important to remember that the accountant and client relationship is at the heart of your business. A Customer Relationship Management (CRM) system will let you keep all your key customer data in one place and allow your team to access the data remotely.

A strong CRM strategy can help you increase your sales and improve customer service and retention. You’ll know when Mr. Jones has a birthday or Mr. Smith needs to file specific forms and be on top of your client outreach.

Additionally, a CRM system allows tax planners to assign, share, and track tasks with clients and colleagues. Tax planners can leverage technology to manage a tax firm’s interactions with all tax professionals on a team as well as customers.

The Takeaway

Today, technology is greatly changing the accounting industry. Thanks to workflow project management programs and tax strategy software, accountants are able to not only do their jobs easier, but also do the job more effectively, resulting in clients who enjoy the strongest tax savings for their individual situations. These new tax programs are making an accountant one of the most important, recession-proof individuals in the entire professional service industry.