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How to assess your current tax workflow: A new quiz gives you a clear picture and a tailored path forward

Thomson Reuters Tax & Accounting  

· 5 minute read

Thomson Reuters Tax & Accounting  

· 5 minute read

One of the most important considerations when building a comprehensive practice management solution is ensuring that your systems can communicate with one another. That allows you to gain 360-degree visibility and context into which operational practices aren’t running optimally.

How Baker Newman Noyes automated their tax workflow

Baker Newman Noyes (BNN), a U.S. Top 100-ranked tax, assurance, and advisory firm, knows this. That’s why, when looking to increase operational efficiencies through automation, the firm first focused on creating visibility for information coming out of GoFileRoom and FirmFlow.

“We really needed to have some visibility that allowed us to measure each step of the workflow and also the distribution of work,” says Travis Hersom, BNN’s Chief Information Officer.

To create that visibility, BNN used an application programming interface (API) to pull the necessary data from GoFileRoom and FirmFlow into Power BI, giving the firm increased flexibility in surfacing data using visualizations. Once the data was made visible, the firm was able to identify specific areas that required more time for overall process improvement. Using the same API approach, BNN was also able to increase the interoperability of the other systems in their workflow.

The benefit of APIs

Providers that embrace other companies’ tech and create APIs that allow disparate systems to work together bring another level of value to accounting firms.

“The fact that we can pull this data out of GoFileRoom and FirmFlow and put it into a visualization really gives us the ability to understand the distribution of work in a way that you can’t get from Excel or doing extracts, or even some of the dashboards that are available today,” Hersom says. “We had just moved to a new practice management platform that has more of this open architecture and leverages APIs. And now with GoFileRoom, we can have these two systems talking together and reducing a lot of waste within our processes. The API made it very easy for us to start to stitch these systems together. We no longer need to do duplicate entry in multiple, different systems. We can pass information from system to system, which allows us to get a single source of truth. Those are just a couple quick wins that we’ve been able to get out of this engagement.”

Now, BNN is taking a data-driven approach to optimizing workflows, helping the firm meet client expectations now and in the future. Because the firm can see all data in context, it is able to consistently adjust as client and employee demands change, setting the firm up for greater growth in the future.

That’s what Thomson Reuters calls future-proofing the firm.

How future-proof is your firm?

Is your firm thinking as BNN was—about the best way to future-proof your firm? Are you wondering if your processes are efficient enough to retain employees and clients while helping you grow your business?

It’s natural to ask these questions; after all, the impact inefficiencies and unreliable data can have on stunting your firm’s success is well known. To help you answer this essential question—and take the first steps toward addressing any shortcomings in your future-proofing efforts—Thomson Reuters recently released an interactive quiz: Is your tax and accounting business future-proof?

Tax workflow assessment quiz

The quiz will help you discover your personalized paths to:

  • Informed tax solutions that provide up-to-date insights on regulations and other crucial information
  • Operational excellence through efficiency
  • Enhanced client engagement
  • Streamlined processes

The quiz is just eight multiple-choice questions. As you explore your distinctive pain points, primary practice areas, and critical priorities, you’ll get a tailored Future-Proof Report crafted to align with your firm’s needs. This report goes beyond standard recommendations; it offers personalized solutions from Thomson Reuters to complement your tech stack and guide you forward.

Prepare to face the future with unwavering confidence as you embark on a guided journey with a personalized solution roadmap.

Unlock your personalized results with insights and resources now.

For a holistic look at how the changing landscape in tax and accounting is impacting our future, download the Thomson Reuters Future of Professionals Report.

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