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Case Study

How to Transition from Monthly Accounting to Advisory With Tax Planning Software for Accountants

Goals Goals

  • Tax plan with greater efficiency
  • Find more tax savings for clients
  • Enable staff to work on tax plans

Key Benefits Experienced Key Benefits Experienced

  • Software has enabled tax plans to be created at record speed
  • Tax plans for clients have more strategies incorporated
  • Firm has drastically grown revenue

The tax planning process before and after the software is night and day. I used to look at four or five strategies; now we have a menu of strategies. This translates into about 30% more savings on average for the client.”

TELMA LANDHORIAN, CPA

Telma Landhorian, CPA, is the founder of Elite Consulting, P.C., where she helps identify opportunities for business owners to reinvest in their companies, save for retirement, and structure their tax burdens appropriately. She specializes in helping real estate industry clients save tens of thousands of dollars on their taxes. Here is her experience using Corvee Tax Planning software.

The Transition From Monthly Accounting to Tax Planning

Ms. Landhorian launched her own firm in 2016, initially concentrating on accounting services. She would clean up a client’s books and begin monthly bookkeeping service, but after two or three months, many clients would find someone to do the work for $10 an hour because everything was easy to maintain.

As Ms. Landhorian described it, “I felt like we were in a catch and release type business, we brought them on but we couldn’t keep them for a long time.”

For this reason, she began to make the big transition from doing mainly accounting work to doing tax planning in 2018.

I knew that tax planning was a high ticket item that we could turn around quickly without too much overhead,” Ms. Landhorian explained.

She began tax planning for clients, primarily focusing on four or five core strategies. Her process would be to get a client’s tax return and build a summary of what they did the year prior. For example, she looked at the return for whether a client had rental properties, a C corp, a schedule C etc. to get an idea of how she could help them. Then, she’d do an onboarding call with the client to go through and confirm what she saw was correct, and then she could begin building the tax plan before finalizing it in a PDF that she would create herself.

Without tax planning software for accountants, this tax planning process took 8-10 hours.

Introducing Tax Planning Software for Accountants

While Ms. Landhorian experienced some success with tax planning, she knew her processes could improve. Before having tax planning software for accountants, Ms. Landhorian didn’t have as much confidence in the final numbers. Looking back at her prior experience, she said:

The tax planning process before and after the software is night and day. I used to look at four or five strategies, now we have a menu of strategies. This translates into about 30% more savings on average for the client.”

Her favorite feature of Corvee Tax Planning for accountants is the ability to change a tax plan on the spot and rerun the entire plan. For example, she had a call recently with a client and he said, “No, that’s not actually our revenue. Our revenue is this.” Ms. Landhorian replied, “Okay, let me change it.” She was able to quickly produce a new tax plan simply by plugging in a new number and clicking a button.   

As she explained, “I love how you can go back and change these plans really quickly, so you don’t feel like what you’re delivering is static. If you input any incorrect information, it’s easy to change because it automatically syncs and updates all the other numbers.”

In other words, you don’t have to start over if you realize an input was wrong.

Another thing Ms. Landhorian likes about Corvee software is that it’s a good learning tool to discover new tax saving strategies. In addition, she also appreciates the ability to develop tax plans that include Biden’s tax policies. “Our clients love to see the numbers being updated with the Biden information. This way they know our tax plan will not be obsolete any time soon.” 

As far as daily use, she said that this tax planning software for accountants is so intuitive she now even has her staff enter clients’ information and create the plans while she oversees them.

How has the software helped her monthly revenue? “After we do a tax plan, we can upsell on the backend with accounting work, cost segregation and compliance work.”

What would she tell someone thinking about investing in tax planning software for accountants?

I recommend it 100%. Using tax planning software gives you more confidence doing tax plans and greater efficiency. It’s much better to have technology on your side than figuring it out on your own.

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