Nathan, a dedicated tax professional, used to face significant challenges during the peak tax season from July to September. He spent nearly two hours every day managing fee from refunds (FFR) manually, which was a tedious and time-consuming task. However, everything changed when he integrated TrustEasy into his workflow, revolutionizing his fee from refund process and enhancing overall efficiency.
Here’s how TrustEasy transformed Nathan’s fee from refund management, making it a seamless and stress-free experience:
1. Streamlined Client Interaction: With TrustEasy, Nathan’s receptionist swiftly generates Authority letters for clients to sign, allowing them to authorize the deduction of fees from their tax refunds. This simple yet effective process saves valuable time, reducing the overall wait time for clients and ensuring a smooth transition to their consultation with Nathan.
2. Effortless KYC and Document Verification: TrustEasy simplifies Nathan’s KYC (Know Your Customer) procedures by enabling the receptionist to swiftly upload and verify clients’ proof of identity (POI) documents, such as driver’s licenses, Medicare cards, TFN, and bank details. This automated process significantly reduces administrative burden, ensuring accurate and secure data storage.
3. Seamless Integration with HandiTax: Nathan utilizes TrustEasy’s template to import client list from HandITax. By running a client report in HandiTax in excel, Nathan effortlessly synchronizes client data between both platforms, eliminating the need for manual data entry.
4. Real-time ATO Refund Updates: TrustEasy ensures Nathan stays up-to-date with the ATO’s processing of tax returns. He receives daily updates through the EFT Reconciliation Report, which can be downloaded directly from HandiTax. This report is then imported in TrustEasy. This real-time information empowers Nathan to provide timely assistance to his clients, enhancing their overall experience.
5. Efficient Refund Processing: TrustEasy simplifies Nathan’s fee from refund processing by seamlessly importing the daily ATO EFT Reconciliation refund report that was downloaded in HandiTax. As client data was already uploaded into TrustEasy, Nathan can swiftly process refunds in bulk or individually, while automatically generating the necessary .aba files for net refunds and fees. This intelligent feature saves him valuable time and ensures accurate fee calculations and timely payment of fees.
6. Secure and Streamlined Banking: TrustEasy empowers Nathan to efficiently process refunds by generating .aba files for both net refunds and fees simultaneously. With a few clicks, he can upload these files to his internet banking platform, ensuring a secure and seamless transfer of funds. The software also allows him to send instant receipts to clients, enhancing transparency and client satisfaction.
7. Simplified Bank Reconciliation: TrustEasy further streamlines Nathan’s financial management by automatically importing bank transactions and providing intelligent suggestions for bulk bank reconciliation. This feature saves him significant time, enabling him to reconcile transactions efficiently and accurately.
8. Comprehensive End-of-Month Reports: TrustEasy empowers Nathan to generate comprehensive end-of-month reports effortlessly. Within minutes, he can produce a monthly cashbook with all transactions and their bank reconciliation status, trial balance, client statements, and a monthly bank reconciliation report. This automated reporting saves Nathan approximately three hours each month, allowing him to focus more on providing exceptional client service.
By integrating TrustEasy into his workflow, Nathan has transformed his fee from refund management from a time-consuming and cumbersome process into a streamlined and efficient experience. With enhanced client KYC, simplified ATO EFT reconciliation report import and automated refund processing and bank feeds, TrustEasy has empowered Nathan to provide superior service, save valuable time, and focus on what truly matters – serving his clients with utmost professionalism and care.