Accountants are struggling with challenges that our technology can fix. Corporation tax is one.
Creating a tax return for a client is typically a very manual and repetitive task. It often requires highly-trained accountants manually inputting data prepared previously during other workflows like accounts production. Aside from how frustrating doing that repeat work must be for them, it takes up valuable time and energy that could be spent on more worthwhile, client-facing work.
Today tax accountants are forced to work with data coming from an ever growing range of online and offline sources. They have to battle with multiple disconnected IT systems for tax, accounts production, working papers and even collaboration. These may do one job well but they don’t play together nicely at all. Then they manage the bulk of their work, and reconciliations, using complicated spreadsheets and specialist software for tax returns and compliance. Spreadsheets that are also prone to make mistakes.
Then, if that’s not bad enough, when they’ve completed their work and the return is agreed with the client, they have to create a file for online submission to the authorities.
The current approach to this work is just too hard. So we decided it had to stop.
We like to think that life as a corporation tax accountant just got much easier and more interesting.
So how does this work? Well you can find more information here on our website but here is a brief explanation.
Our cloud accounting platform links live and historical client data held in our data hub with our best practice template workflow for corporation tax to automate the creation of the return.
If a customer is also using Silverfin for the production of working papers and accounts production this is even better as the data is shared across their core accounting work. So Silverfin gives them one platform for all their work.
With client data held centrally, tax schedules automatically update when adjustments are made so there’s no need anymore for last minute updates or corrections. You just have to touch the data once. It makes a big difference.
Also when tax rules change so does our platform - so firms can be confident that their processes are always up-to-date with current statutory guidance and that they don’t have to do anything to remain compliant. That’s our job.
Now it’s easy and fast for an accountant to create, and file, their clients’ corporation tax returns online all from within Silverfin. It will save them hours of work and number crunching. Plus the partners know that the same best practice approach (and accurate data) is being used by all their tax teams and for all their clients.
Our customers tell us Silverfin has made their lives a lot easier. It’s also freed their team members from endless manual processes and given them back precious time to spend with their tax clients offering valuable advice.
Corporation tax is available now in Belgium and in the UK from February 2021. So if you’d like to know more and see how it can help your firm sign up for our webinar or we’d love to talk. In the meantime, why not watch our short introductory video below.