The use of E-Signature technology is on the rise in the accounting and tax profession. An electronic signature is a reliable and quick solution for a paper-free tax-filing and accounting process. With e-signatures technology, the whole process can be conducted in the cloud seamlessly.
You can digitally send all essential documents to your clients and get them signed in a fraction of the time. There is no need to make hard copies. This evades headaches, paper, and wasted time. Moreover, accountants and tax pros can finalize the monthly financial close early.
e-Sign Genie offers a complete signature solution for tax experts and accountants. This ensures compliance, security, and transparency at every stage of the signing process. You can create signature in word quickly. Users can even track the document’s activity from the start until the end of the e-signature process.
Benefits of Electronic Signatures in Tax and Accounting
Tax and accounting firms conduct huge volumes of work that require sign-off. Documents often need review, approval, and transfer back to the right person. Electronic signature software is a great and legally binding option that offers tons of perks like:
- Speed Up Processes
With e-signature technology, there is no more wait for your clients to print PDFs, sign, and then send them using email or fax. It is because the signers can eSign documents remotely from any laptop, PC, tablet, or smartphone.
Moreover, users can get e-signed documents from their clients in less than seven minutes. This helps accountants and tax professionals to focus more on important business work rather than tracking documents.
- Increase Convenience
Surpassing client expectations is important in the digital world. Clients prefer to do business with the accountants and tax experts who use eSignature technology to conduct official transactions.
Electronic signatures help with numerous aspects of their daily activities. When blended with the smooth workflow system, e-Signatures can:
- Enhance efficiencies to create, share, and archive documentation
- Get rid of all physical boundaries
- Offer the best experience possible
- Allows You to Stay Complaint
The tax and accounting sector is all about saving money for the customers while adhering to the state and federal regulations. The International Financial Reporting System has set specific standards for accounting and finance. The main purpose is to ensure that:
- Accounting information is uniform and transparent.
- Accounting decisions are made cost-effectively.
With e-signatures, you can ensure that you and your clients adhere to the IRS regulations. eSign Genie allows accounting and tax experts to electronic signature software to process the following documents:
- Payroll processing forms
- W4 and blank W9 forms
- New client acceptance forms
- NDA (Non-Disclosure Agreement)
- Engagement letters
- Confidentiality agreements
- Asset purchase agreements
- Power of attorney agreements
- Audit representation letters
- Boost Data Security
Tax professionals and accountants deal with a massive amount of confidential client data. Today customers want to ensure the security of documents and signatures.
Any vulnerability to security can result in ransomware attacks and data breaches. E-signatures use cutting-edge multi-factor authentication and data encryption to identify signers like:
- Full name
- Email address
- SMS code
- Voicemail verification
- Fingerprint login verification
A highly secure cloud environment makes sure that no one can tamper the documents. The electronic signature solution also offers the option of long-term verification proof embedded into the document to prevent fraud. It includes trusted timestamps, IP addresses, and identity verification. E-signatures also maintain the audit trails of all signed agreements and consent forms.
Once a document is electronically signed using eSign Genie, eSign documents become tamper-proof to prevent modification in any way. It stores all the documents on the cloud with an index. This has the to reproduce copies of essential documents for archiving or electronic records.
- Save Time and Money
Handling plenty of paperwork during the busy tax season that may need multiple signatures is quite time-consuming. Accountants and tax-payers can drastically lower the preparation process with the use of electronic signing.
They can send and sign 8878 and 8879 IRS Forms electronically. This results in big savings of money and time due to the reduced time of emailing and printing or faxing forms back and forth.
- Improve Overall Workflow
During the hectic tax season, effective workflow is a must. One of the common challenges that tax professionals and preparers struggle with is the work organization. All the tax documents need to be kept in one location to prevent misplacement. Furthermore, the paper-based tax process results in the variation in data, thereby causing flaws. But you can facilitate internal accounting and tax operations using the best e-signature solution.
This technology creates a virtual workspace where all the documents can be organized quickly in a centralized location. The forms can be filled online, thereby cutting down the paper use.
Few electronic signature providers allow integrating third-party apps with the tax and accounting software on the same cloud. This triggers a streamlined workflow, thereby reducing the efforts of experts.
- Ensure Quick Backup and Recovery
Any loss of tax and accounting data can cause companies to lose business. Therefore, taking the backup of data is important. However, deploying a backup server at the facility leads to extra expenses. Moreover, since it exists in the same location, the server is not safe from fire or cyberattacks.
Few e-signature software companies allow seamless integration with cloud hosting providers. This allows accounting and tax experts to get an automatic backup at a particular time. Moreover, the backup is stored in redundant data centers to ensure quick recovery even if the whole center is inaccessible.
- More Time for Clients
With electronic signature templates, accounting and tax departments can save the time and cost of materials associated with the printing. When combined with the workflow and document management system, e-Signatures remove the risk of the agreement being overlooked or lost. This offers you more time to the clients by lowering your efforts on hardware-associated tasks.
Conclusion:
Eliminating the barrier of geographic distance is one of the biggest reasons why tax and accounting companies are adopting e-signatures.
When you use an appropriate electronic signature solution, it’s simpler and faster for you and your clients to view and eSign documents. It promotes efficiency, lowers burden, and keep sensitive documents fraud-free. Paper use is also dramatically reduced to a great extent.