Tax software on the high-performance cloud means using the same traditional tool for tax preparation but without actually installing the software on local systems. The cloud service provider manages the maintenance, resource management, scaling, availability, backup, and security.
Ideally, every CPA or tax firm harbors multiple business-client relationships, which needs improved collaboration and a better experience. Migrating your tax software to a high-performance cloud can strengthen this interaction and help you focus on tax-related solutions.
Simply put, with the cloud, you can improve your relationships with the client. Let’s see how that is possible.
1. Reduced Latency
As a tax professional, you must already know that the time difference between a user request and response matters a lot. This is dependent on how quickly you are able to access your tax software and cater to the client’s requirements.
One concept related to this time is latency. It means the time between the request to the application and response from it. For tax professionals, offering real-time advice and data to users depend on it. This latency can plague your business and make your customers leave because of slow execution and responses.
Think about the latency during the tax season. A lot of your team members may be using the same software, which may clog your network. This can complicate your position in front of the customer.
If you have the right tax software hosting provider, you can reduce latency. However, here, you need to be careful, as not every cloud provider is the same. The reduction in latency depends on whether the provider deploys a High-Performance Computing (HPC) environment that facilitates parallel processing.
Therefore, look for a provider that has tuned hardware and infrastructure, which will help you reduce latency and cater to your customers in real-time, even during the peak season.
A few years ago, the cloud raised a few concerns about the security and performance of the tax software. When hosting applications to the cloud, the IT department was particularly skeptical about putting data on a server that never stops and was shared by other businesses. Therefore, this implementation was considered risky.
Today, the situation has changed. Right now, the cloud is the most secure option for CPA firms and tax professionals.
When you are managing your tax software from a service, you need to keep finding vulnerabilities and keep fixing these issues. Your in-house team is always burdened with so many other tasks that they can’t fix and patch everything almost immediately. They need time during which your data is exposed to risks.
In a high-performance cloud server, these patches and services are available in time because they have a team to look after this. The cloud service provider’s sole motive is to serve customers, secure their data and apps, and offer maximum uptime. As a result, cloud provider monitors network traffic, suspicious activities, installs intrusion detection system, antivirus, antimalware, etc. Every vulnerability on the server is flagged and removed quickly.
For a tax professional, mitigating all the known and unknown risk factors can be costly if not for the cloud vendor. Their cost of security is distributed and divided into various customers, which results in lower costs.
Cloud service providers also offer secure encryption, improved infrastructure, fast networks, and follow security standards to rule out incidents of a cyberattack.
3. Uninterrupted Collaboration
Even if two people are working on the same file, they can end up creating multiple updated versions of the same file. This will lead to duplication, redundancy, and outdated data, and that causes confusion and errors. You may end up referring to an old file because you have no idea that your team member has already updated the file once. These multiple attachments can create chaos. The cloud saves you from this trouble.
Better communication and uninterrupted collaboration are important to every tax professional. On the cloud, you get central storage for your data. You can store everything related to your business in one place and complete the required authentication to access it.
This means that you don’t need to wait for one person to complete their work so that you can finally access the tax software installed on a PC. You can use your own connection to check data files even when another colleague is already viewing these files. Without the cloud, it is hard to keep track of the updated data when multiple people are working on it.
Other than the ability to store data in one place, the high-performance cloud also helps you access data remotely. When you have to collaborate with a client immediately to discuss how their tax filings have been affected by a changed regulation on a Sunday, what can you do? In a normal scenario, you would rush to the office, open their files stored in a device, and communicate.
This device-specific execution keeps you from achieving better. You can access your tax software data from anywhere. Your tax data is always available. You just need a stable internet connection.
This means that nothing can restrict you from accessing your data and processing it, be it your device, connection, location, and time.
The high-performance cloud is truly a tipping point for tax professionals. It enables you to prepare taxes online, share information, and overall reduce the time spent on these tasks. You can cater to customer requirements almost immediately if you have a stable internet connection.
So, what are you waiting for? Utilize these advanced benefits of the cloud and enter the modern era of computing; make your work simpler and tax preparation efficient.