Revolutionizing Tax Processes in Accounting
In today's fast-paced financial world, the combination of technology and savvy business operations is essential. As businesses face mounting pressures, a partnership between two industry leaders is poised to reshape how accounting firms manage their workload. Verito, known for its top-notch cloud hosting services, has joined forces with Filed, an innovative AI tax automation platform. Together, they aim to create what they’re calling Advisory-Ready Infrastructure.
The Need for Transformation
The accounting sector is grappling with a pressing challenge. A significant number of CPAs are approaching retirement, and firms face a glaring shortage of qualified professionals. This situation is exacerbated by time-consuming manual processes that consume precious hours—especially repetitive data entry tasks. By some estimates, nearly 40% of preparers’ time is spent on these low-value activities, leaving little room for offering advisory services that can significantly increase revenue.
Addressing the Staffing Shortage
With such a high percentage of time lost to data entry, firms are finding it increasingly difficult to hire their way to success. The Verito and Filed partnership serves to address this issue on multiple fronts. Filed's Intelligent Tax Workspace automates tedious processes such as document intake and data extraction, allowing accountants to work smarter. Instead of starting with blank forms, preparers can access a system ready with populated returns, enhancing efficiency.
Empowering Accounting Firms
This partnership isn’t merely about streamlining workflows; it's about reclaiming thousands of hours previously lost. With improved efficiency, firms can focus on strategic planning and advisory services, activities that are crucial for business growth.
Unmatched Performance
Verito has earned the prestigious #1 ranking in 18 G2 categories, covering usability and implementation benchmarks for cloud hosting and managed IT services. With a steadfast commitment to uptime—boasting 100% reliability since 2016—and excellent support response times, Verito provides a solid backbone for its partners. As Jatin Narang, CEO of Verito, emphasizes, the goal is to give firms the capacity to thrive and move beyond mere compliance.
The Vision for the Future
Under the newly formed agreement, Verito becomes the preferred cloud hosting provider for Filed users. This partnership brings numerous advantages:
- For Filed Users: Access to preferred pricing for Verito's hosting services, ensuring compliance with IRS and FTC regulations while enhancing security.
- For Verito Clients: Discounted access to Filed's AI-driven tax automation, which streamlines workflows without requiring firms to change their current systems.
- For Advisory-Driven Firms: A synergistic ecosystem where AI handles routine tasks, allowing preparers to concentrate on high-value activities that command greater fees.
Leroy Kerry, CEO of Filed, expresses excitement about this partnership, stating that it enables firms to adopt cutting-edge technology backed by robust infrastructure designed for their growth needs.
Building the Right Infrastructure
The infrastructure constructed through this partnership is designed to support modern accounting practices. By focusing on usability, performance, and compliance, Verito provides an environment where firms can innovate and expand their offerings without technological roadblocks.
For those ready to embrace this new transformative approach, information about building an Advisory-Ready Infrastructure is readily available, ensuring that firms can take the necessary steps to enhance their operations.
Frequently Asked Questions
What is the core objective of the Verito and Filed partnership?
The partnership aims to create Advisory-Ready Infrastructure that automates manual processes and enhances the efficiency of accounting firms.
How does automation benefit accounting firms?
Automation helps firms minimize time spent on data entry, allowing them to focus on higher-value advisory services, thereby driving revenue growth.
What type of support can accounting firms expect from Verito?
Verito provides consistent uptime, excellent customer support, and secure infrastructure tailored to support the unique operational needs of accounting firms.
What advantages does Filed bring to the table?
Filed offers AI-powered solutions that streamline tax return preparation, significantly reducing processing time and increasing the volume of returns that can be managed effectively.
How can firms learn more about these offerings?
Interested firms can explore more about the partnership and its offerings through Verito's website or contact their support team directly for details.
