Less than ten years ago, few tax consultants had heard about the use of automation in taxation. Since then, the world of tax consultants has undergone a technology storm. Modern-day tax consultants aren’t just aware of automation. Many use it in their day-to-day activities.
According to a recent report from the ICAEW, COVID19 was the leading driver of automation adoption among tax consultants. During the pandemic, tax authorities and consultants’ adaptability was questioned. Many consultants had to embrace remote working.
Thanks to automation, many tax consultants could come out in better shape than before the pandemic. These professionals automated several critical aspects of their jobs with the help of advanced tools.
Invoice automation, in particular, helped tax consultants expand their scope of work. Switching away from tedious and manual invoice management processes means more time to complete other human tasks.
Technologies like invoice automation are changing the role of modern-day tax consultants. In addition to tax compliance and litigation, these professionals now have the time to help clients make strategic decisions.
Here’s how invoice automation practices boost the productivity of tax consultants. But first, let us understand the basics of invoice automation.
Invoice automation is the process of using software to streamline the process of managing a tax consultancy or company’s buyer/supplier invoices. An invoice automation software will automatically extract all invoice data entering a company’s business management or ERP system.
Then, it will seamlessly enter the data into the company’s accounts payable system. They can automatically pay supplier invoices within minutes and keep all invoice-related details in a business/client management system up-to-date.
From the tax consultant’s perspective, they can manage invoices efficiently and improve productivity by saving time and effort.
Some of the key advantages for tax consultants include
An invoice automation software can automate the following tasks in a company’s invoice management processes –
Such automation tools can completely streamline a company’s accounts payable processes. They also have the potential to help tax consultants cut costs. Effective invoice management also becomes much easier when using these intelligent automation solutions.
Tax consultants can “cut to the chase” with their clients with automated invoicing. Modern invoice management software can scan invoices using mobile apps. Whenever tax consultants receive invoices, their automation tools can scan and feed the data into their digital accounting systems.
As you can see, automated invoice processing software can potentially restructure how tax consultants serve their clients. Much like Microsoft Word in the 1990s, many tax consultants view invoice automation software as an essential tool for progress.
In the post-pandemic era, stakeholders of tax technology across the world are keen on automating and digitizing tax functions. The goal is to make the tax function 100% digital. Here are some successful global examples of countries adopting and implementing “tax technology”-
It’s clear from these developments that the recent technology spurt in the global taxation domain isn’t a one-off event. Tax consultants who use the latest invoice automation software tools are likely to adapt better to these changes.
See the benefits of automated invoice management:
Better overview. Less accounting work. More time for your ideas.