As the 2013 tax season fast approaches, tax professionals across the United States are looking for ways to increase their client base.
One of the main challenges many tax professionals face is the need to collect their preparation fees. The use of bank products can be a win-win for tax professionals and their clients.
If clients cannot pay up front, tax preparers have to rely on the client to return to their office and pay when they receive their refund. Not only is this a risky proposition for preparers if the client is new, but preparers will lose hours invoicing and contacting clients to receive payment for services rendered. Many tax professionals prefer to use bank products when e-filing clients’ tax returns for this reason. When a tax preparer uses a bank product, it gives them the convenience to collect their preparation fees through the bank that processes the clients refund. This means they are guaranteed to receive their preparation fees and the client does not have to pay upfront.
The clients also benefit from the bank product beyond not having to pay their preparation fees upfront. They receive their refund quicker as they do not have to wait for the check to arrive in the mail from the IRS. They also have a choice in how they receive their refund. If clients do not have a checking account, they can have their entire refund loaded onto a VISA debit card. Many working families can really benefit from having their tax preparer use a bank product.
Sigma Tax Pro provides a full range of essential services for professional tax preparers. This includes industry leading software solutions as well as technical support, tax preparation support and client retention strategies. All of Sigma’s software solutions are compatible with bank products and many of their clients have leveraged them to attract new clients.