How tax legislation can be a growth opportunity
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When tax legislation is concerned, change is a constant. While many accounting firms find a shifting regulatory environment to be a significant challenge, forward-looking firms are harnessing the latest technology to give their firm a competitive advantage.
But how do you know where to start? The best business insights can come from your clients. Let’s take a look at how.
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Embrace change, don’t fight it
One undeniable truth in the tax world is that new laws, regulations, and guidelines are rolled out with increasing frequency, and firms that view these changes as disruptions may struggle to keep pace. However, by reframing how your firm approaches legislative updates, these changes can become opportunities for growth rather than roadblocks.
When clients turn to you with questions about how the latest tax law affects their business, this is an opportunity to build trust, offer proactive advice, and ultimately strengthen your relationship with them. This is why many forward-thinking companies are moving away from traditional tax compliance and into an advisory business model. Changing tax legislation is a great opportunity to make the switch. This is particularly important for accountants who find themselves unknowingly giving away tax advice for free by answering one-off questions on a regular basis.
Capitalize on the advisory opportunity
With changing tax legislation comes uncertainty for businesses and individuals. Accounting firms can expand their services to include advisory roles, rather than just filing returns. Instead of simply filing returns, firms can offer strategic advice on how to prepare for and thrive under these new regulations.
The key, however, is communicating the full value of advisory services, building a brand around them, and pricing them in a way that ensures your firm is being fairly compensated for the value it provides to its clients.
That’s where a program like Practice Forward can help. Accounting firms have traditionally operated on a transactional model, focusing primarily on reporting and compliance requirements. However, the rise of AI-powered tax technology and increasing client demands have prompted accountants to move beyond compliance into value-added services that address clients’ broader needs year-round, including guidance on changing tax legislation.
By taking the time to truly understand your clients’ unique circumstances and goals, your firm can tailor its services to meet each individual client’s needs. This personalized approach enhances the client’s experience, but also builds loyalty and trust, leading to stronger long-term relationships. In addition, satisfied clients are more likely to recommend the firm to others, resulting in increased organic growth and revenue opportunities.
Harness the power of AI-enabled technology
In today’s digital age, accounting firms are leveraging advanced software, automation, and AI-powered solutions to streamline processes, improve efficiency, and deliver better outcomes for clients.
However, many firms hesitate to proactively address changing tax legislation with their clients because staff members are not adequately trained on how to conduct proper tax research or simply lack the necessary experience. Due to how fast and frequently tax policy changes, senior colleagues may struggle to find the time to offer proper guidance.
Enter Checkpoint Edge with CoCounsel, an industry-specific, professional-grade, generative AI tax research assistant built specifically for tax and accounting professionals. You can ask a question, and receive an answer in everyday language with citations and primary sources. This information can then be copied and pasted to communicate with clients or colleagues. In today’s highly competitive business environment, accountants are responsible for much more than just preparing tax returns and financial statements. It’s all about how to differentiate your firm, and there’s no better method than to take advantage of legislative changes to better serve your clientele. By embracing changing legislation and providing guidance on how your clients can prepare for and take advantage of tax law changes, your firm can become an indispensable partner in a complex legislative landscape.
To ensure you are having the right conversations with your clients about how you can help them navigate the legislative changes that impact them, view our latest webcast on-demand.
