If your practice is providing a tax refund to your individual clients in need by offering same day refund or tax refund in 1 hour, then you certainly need a robust software that can manage this. With the recent popularity of Buy Now Pay Later (BNPL) concept, clients have been more open to this concept and hence asking for this option more and more.
TrustEasy create .aba files in bulk and allows for a standard disbursement along with your fees to provide such a service. KYC is extremely important for this cohort of clients and hence TrustEasy can take care of POI for KYC to avail this service.
Standard Authority letter template that come with the subscription include generic terms to incorporate debt collection in case the firm receives the ATO refund lower than the fee and that can be modified if necessary. Although the refund reconciliation for this use case is a little different and the practice will have to manage it with the workarounds manually.
Instead of making client payments manually one by one, it’s much easier if a software can generate .aba files for all the payments in one go. TrustEasy smartly creates .aba files for the net refund for your clients and at the same time .aba file for your fees. It keeps a history of all the previous payments made using .aba file and also gives users an ability to undo the creation of .aba file for any client’s refund if a mistake was made. Where other applications either don’t allow for the “Undo” option for a single client out of the lot once the .aba file is created or require users to create an .aba file for the entire lot which can be time consuming. If you provide same day refund or tax refund in an hour type of service, this feature can come handy.
If you would like TrustEasy to connect with the Payday finance providers or any other financial provider to provide this service, please reach out to us and our dev team can certainly look into that for you. So, fast tax refund service is certainly a possibility with the help of robust software like TrustEasy where you can manage same day tax refund service using TrustEasy.
Integrate TrustEasy software with Access Accountant Cloud built on salesforce or request for other integrations