You must have heard the saying “money never sleeps”. Well, in today’s ultra busy and super competitive world, this could not be truer. For a moment, we thought the pandemic gave people time to reflect back on what they were doing, and where they were headed.
Turns out, that was also a very short lived phase. As soon as the global economies have reopened, we are witnessing a global mayhem in business activities, trade and commerce. So much so, international commodity prices have skyrocketed due to very high demand.
However, having done all the hard work all year round, there also comes a time when we all have to sit back, gather, consolidate, and streamline our financial matters. As responsible citizens, we share a good part of our earnings with the Government in the form of taxes.
This enables Governments to extend civic facilities and amenities to their millions of citizens, and the process goes on and on. This whole exercise of managing one’s financials is for one major end goal, filing our tax returns accurately, and in time.
The Traditional Approach to Filing Tax Returns
Most of us would be familiar of the practice of saving loads of paperwork, agreements, hard copies of financial transactions and documents, all for the one big day, when we carefully used to hand down all these “precious” papers to our tax consultant.
Needless to say that our woes did not end there, rather this initiated another vicious cycle of constantly getting in touch with our tax consultant about how our annual returns were looking like, and how much taxes would we be ending up paying to the Government.
Then, there used be a never ending chain of meetings with our tax consultant, where we would discuss the discrepancies, anomalies and legal ways of minimizing our tax liabilities. In short, this was a very painstaking and cumbersome process.
Say Hello to Cloud Computing Tax Platforms
Even before the global Covid-19 pandemic, we had started seeing a major shift in the preference of consumers to go for online, cloud based taxation tools and platforms. These proved a game changer for both tax filers and tax preparers alike.
In this post, we will discuss how Cloud Computing based Do It Yourself (DIY) taxation tools are revolutionizing this whole process of filing tax returns accurately, in time, and in a hassle free manner.
Easy Upload of Documents
With cloud based taxation tools, tax filers no longer have to submit loads of hard copies of financial documents and transaction records. They can simply login to their signed up cloud account with their tax consultant, and upload all the documents in a secure manner.
These documents become instantly visible to the tax preparer, who can review, download, analyze and dispose of them in the manner prescribed by the applicable tax laws of the land. This whole process is quick and hassle free, involving no physical contact.
Ease of Collaboration and Consultation
Preparing and filing tax returns is getting complicated with every passing day. Tax laws keep changing in a matter of days and weeks, to accommodate new financial scenarios and transactions. Then, there is also a fast track digitalization of the financial sector.
A lot of financial transactions are now taking place digitally, which means their record in hard form rarely exists, but they still need to be properly intimated to tax authorities. Cloud based taxation tools make the process of consultation a seamless affair.
Over the Cloud, the taxpayer and tax consultant can connect virtually, eliminating the need for either of them to spare the time and travel all the way physically to the other person. All queries, concerns or scenarios can easily be discussed and resolved on virtual meetings.
Efficient and Cost Saving
Cloud based taxation tools are proving a huge cost saver for both taxpayers and tax consultants alike. With these tools, tax consultants now barely need a physical office space, and the loads of overheads associated with physical offices.
Secondly, tax consultants now have much more time, as they no longer have to commute to their offices, or hold in-person meetings with their clients. By doing so, a single tax consultant can now cater to the needs of even more tax filers.
Cloud based tools are also a cost efficient option for tax filers. They no longer have to commute to their tax consultant, send hard copies of documents via some courier service, or meet their tax consultant in person.
Easy On-Boarding during Peak Demand
Tax consultants are most busy around the closing times of Fiscal Years, when everyone is eager to file their tax returns on time. To that effect, taxation is a sub-area of Finance which experiences a fair degree of seasonality.
This is yet another area where the instant scalability of Cloud Computing based taxation platforms enables tax consultants to quickly on-board subject matter experts, and get the work done from them on a contract or project basis.
As soon as the extra burden is laid off, the de-provisioning of the additionally acquired cloud resources is equally easy. By doing so, tax consultants are able to cater to high demand, by adding up only a temporary component of their costs, instead of fixed costs.
Like many industries across the globe, Cloud Computing is really revolutionizing the Taxation industry as well. With cloud based tools, tax consultants are now able to serve a much larger customer base, at much reduced costs.
Contact dinCloud, an ATSG company, for Cloud Hosted Virtual Desktop and Virtual Server solutions that can easily be configured to perform specialized financial workloads like bookkeeping, finance and taxation.