How tech is revolutionizing accounting: The tax practitioner
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Professional Insights

How tech is revolutionizing accounting: The tax practitioner

20 days ago · 2 min read

New software is providing opportunities for CPAs to provide optimized advice to their clients.

Tax services: Uncovering optimal strategies

As an immigrant, Kenneth Omoruyi, CPA, is grateful for the opportunity to create value through the use of technology as the managing partner of CKO CPAs and Advisors, a small firm in Sugar Land, Texas.

Omoruyi grew up in Nigeria, where his access to technology was limited, and he earned his undergraduate degree without the use of a laptop. In 2010, he moved to the United States, and he earned his master’s degree in business taxation at the University of Southern California some years later.

Now, at his CPA firm, technology is the cornerstone of everything he does for his individual and small business tax clients.“Being exposed to this technology, it’s like a life saver for me,” he said.

Omoruyi’s firm employs fewer than 10 people, but that doesn’t prevent him from making the most of technology. He performs almost all of his tax, accounting and bookkeeping services through cloud-based platforms that help the firm and its clients work together in a paperless environment.A practice management tool optimizes the workflow of tax returns and other documents through the firm and distributes them to the various people who need to look at them. Meanwhile, he is beta testing a tax planning software that he said is going to make a big difference for his tax clients.

Like many CPAs who prepare tax returns for clients, Omoruyi also provides tax advisory services to help clients reduce their tax liabilities. The new software he is testing analyzes a client’s tax return and suggests planning strategies that they might use in the next year to save on their tax bills.The software refers to the previous year’s tax return and provides a dollar amount for how much the client would have saved by implementing a given strategy. “It is going to be a big game changer,” Omoruyi said.

Meanwhile, the accounting and bookkeeping software that Omoruyi sets up for clients gives them the ability to:

  • Take a photo of their receipts and automatically submit them for expense reimbursement.

  • Track the mileage they drive for work purposes using GPS data through an app on their smartphones.

  • Invoice customers through a QR code that can be sent through a text message or email link.

All of this results in time savings. “These things used to take time to get done,” Omoruyi said. “Now in a split second you are able to accomplish these things.”

For the accounting professional, the software provides an opportunity to spend more time providing advice to clients that helps them run their businesses or manage their finances more effectively.

Omoruyi now has more time to explain to clients why, professionally, certain strategies and planning opportunities make sense. “It’s not just about the numbers these technologies are helping us produce,” he said. “The aim is to provide our clients with value by educating them to understand the drivers behind their numbers.”

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