Top 6 Tools and Technologies to Enhance your Tax Season

1. Cloud Computing

Cloud computing has gained a lot of attention in the business world because of the flexibility and feasibility it offers. During COVID-19 lockdown, we have all learned the hard way that we need to operate remotely. Millions of organizations were not ready for this shift, but still, they had to move anyway.

  • It is cost-effective as you don’t need to spend on in-house infrastructure. You can access the applications and data on internet-connected devices.
  • You can allow employees to work from a remote location securely. Everything is on the cloud, and your employees need to clear multi-factor authentication to access files and data.
  • Security of the cloud is advanced. With the resources cloud service providers have, they are always on top of security with antimalware, antivirus, intrusion detection, audit trails, etc.
  • Everything on the cloud is backed up regularly to secure your data. At the time of a disaster, you can easily recover your applications, data, and desktops in very little time.
  • The uptime offered by the cloud is 99.999%, which amounts to only a few hours in a year. Your business continuity is intact with the cloud.

2. Artificial Intelligence

Artificial intelligence (AI) gives your accounting process the power to take over labor-intensive, repetitive, and time-consuming tasks. You don’t need people for data entry. Just use AI and automation to capture data from various endpoints and apps automatically. Free the time of your tax professionals for more strategic roles.

3. Social Media

Social media has been around for a long time now. From children to the elderly, everyone uses social media to interact and connect with family and friends, as well as brands and businesses. Millions and millions of organizations have started their functioning on social media.

4. Blockchain

Similar to the cloud, blockchain is a secure way of keeping your data for the accounting industry. Due to the manner in which blockchain it developed, its records are immutable. No one can alter any transactions or remove any data. Once a transaction is stored in the blockchain, it stays there indefinitely.

5. Big Data

In the accounting and tax industry, data is the most crucial aspect. In fact, data keeps flowing in from every direction every hour, every day. There’s just so much data, but without big data analytics, what will you do with it? If you are not using this data, you are putting it to waste.

6. Intelligence of Things

The Intelligence of Things is nothing but a smart combination of the Internet of Things and artificial intelligence. While the internet of things connects devices, artificial intelligence offers these devices the ability to function without human support. The Intelligence of Things connects items and devices and allows them to communicate without human interpolation.

Conclusion

Small and medium enterprises can especially benefit from these above technologies. Take the cloud, for example. Using cloud computing, you can mitigate your budget optimization challenges, advance security architecture, and cater to customers in an enhanced manner.

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Bhavleen Kaur

Bhavleen Kaur

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I’m an avid reader and like to write about trends in technology. I have worked as a Digital Marketer at Ace Cloud Hosting. I am pursuing MBA from NMIMS, Mumbai