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Innovations in Tax Software

Innovations in Tax Software – The tax software of today has helped improve accuracy while reducing margins of error – something businesses want to embrace in order to avoid tax penalties and prevent issues with stake holders. Better tax software also helps streamline audits by making them more efficient and effective. Raymond Cheng, Council Member of HKICPA, states that “An understanding of new accounting software and other business and financial models will be necessary if practicing accountants are to effectively conduct audits and discharge their responsibilities. Continuing professional development and education in this area will be necessary for auditors.”

In recent years, technology has become a vital component of the accounting and bookkeeping industry. The days of consistent on-site consulting have morphed into brief off-site meetings, with a plethora of additional software now serving as accompaniment for visibility and accountability of business tasks. Today’s technological advances have surpassed the thought of outdated financials, lack of real-time data, remote control sessions, and even basic desktop-based software. This innovation has occurred to the extent that it has left our offices here at Bookkeeper360 desolate of even a single file cabinet.

The ability to leverage the latest in cloud-based technology through platforms — such as Xero ’s accounting software — has completely transformed our firm and even the entire accounting and bookkeeping industry. For example, it has changed the way that business-to-business on-site consultations function, since frequent visits were often implied as a means of connection between client and bookkeeper. But since Xero is an accounting solutions software, it allows for bank feeds to become integrated in real time so that both bookkeeper and client can view, edit and add notes to statements as they please. Xero also enables bookkeepers to directly download transactions from a client’s bank and credit card financial accounts to compose the most accurate statements and invoices.