David Zemann, Business Development and Channels Manager (APAC)
As the end of the financial year looms closer, the sound of paper receipts being dug out of drawers can be heard across the country. Tax time can be taxing enough when you only have to prepare and file a single return, though it's nothing compared to accountants who have to prepare returns and assessments for many clients simultaneously.
Fortunately for accountants, there are ways to make the end of the financial year feel a lot less like the end of your tether. Here are our top three software and workflow tax time tips.
1. Bundle client files before sending them out
Have you ever emailed a client all their files only for them to get lost or separated? Document bundling software is the best and easiest way to assemble multiple documents and send them to clients as a single, secure file.
Collate an accounting invoice, annual return, and payment bill or, combine a tax return with financial accounts.
pdfDocs can make it easier for accountants to organize files for each client or account. Multiple files can be loaded or dragged-and-dropped into a dedicated workspace called an Organizer Project, where they can be finalized and sent out in one go rather than as multiple attachments. This way, related files won’t get separated before they leave the firm or after they hit the clients’ inbox.
pdfDocs Binder is a more powerful bundling tool, ideal for enterprise-wide use. It automatically generates a Table of Contents while adding headers/footers, page numbering, bookmarks, and more.
2. Use reliable redaction
The technology available today means there is no excuse for redacting text by covering it with a black box.
Redaction tools – like the one in pdfDocs – can completely erase classified or sensitive information from documents. Use the Pattern Search function to search a whole document for a phrase, credit card number, Social Security Number, or other string of numbers and redact all instances with a single click. This also makes it easier to redact personal information in documents requested as part of an audit or data subject access request under the GDPR.
3. Make all your files text-searchable for easier redaction
When Workpapers, receipts, and invoices are scanned into a practice management system or local desktop, they are image documents lacking the text layer needed to make them searchable.
Optical character recognition (OCR) technology, which is built into pdfDocs, makes image files searchable by adding the text layer. Once it has been added, you can search the whole document for a word, phrase, or set of numbers for quick, easy, and failsafe redaction.
Integrating the right tools and applications into your workflow can mean less late nights and a lot more Zen at tax time.