December 16, 2019
LEHI, Utah--(BUSINESS WIRE)--More than ever Americans will use DIY software to file their taxes in 2019 than tax accountants, according to a new study conducted by Canopy, the leading cloud-based software helping tax and accounting professionals streamline their practice. Focused on what pushes consumers towards tax-prep DIY software technology solutions, the study of more than 500 taxpayers across the U.S. found that taxpayers are over two times as likely to use DIY software but they generally lack satisfaction with the technology. Exposing the top reasons for these results, there is a profound opportunity for accounting professionals to out-service technology by offering greater professional services.
The study also uncovered 55% of accountant clients surveyed cited the following top reasons for switching to a DIY software solution, based on priority:
- Cost savings
- Time savings
- Tax situation became less complex
- More deductions found
- Better accuracy
Meanwhile, 51% of DIY software users made the switch from self service to hiring an accountant, due to:
- Tax situation became more complex
- More personalized service
- Better accuracy
- More deductions found
- Time savings
“The truth is, no one can escape taxes, and increasingly, we’re seeing digital automation impacting all facets of the accounting industry. More Americans will use DIY software to file their taxes than tax accountants, but taxpayers have also shared powerful insights on how accounting professionals can come out ahead of technology,” shares Jordan Ray, Chief Revenue Officer, Canopy.
Top ways accountants can win DIY software users:
- Provide tax legal advice
- Have a deep understanding of personal tax situation
- Free or discounted services if audited
- Help with investment advice
- Partners with additional service providers: attorneys, financial advisors, insurance agents etc.
Read more about this industry report here https://www.canopytax.com/ebook/tax-prep-tipping-point.
Methodology
Canopy Tax commissioned an independent study surveying nearly 500 taxpayers on what tips them towards tax-prep tech, or towards tax prep accountants. The study was conducted online with a random sample of US taxpayers who had been verified to have personally worked on their taxes within the past 12 months.
About Canopy
Canopy provides a cloud-based practice management and tax resolution software to thousands of accounting professionals nationwide. The modern, easy-to-use software cuts out tax practice busywork, improves the client experience, and brings all the different tools a practitioner needs under one roof. Canopy is also known for its 2-minute IRS Transcripts Tool.
Learn more at www.getcanopy.com and @CanopyTax.
Contacts
mPR for Canopy
Jenny Olson, 310-773-2568
jenny@mpublicrelations.com
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