One of the main concerns in the financial industry is regulatory compliance, but that is not all there is to worry about – tax and financial professionals are also members of the business world, with clients that expect quality service. Managing day to day projects, meeting strict deadlines and trying to keep up with the latest regulatory changes (while making sure your customers are happy on top of all of that) can be a lot to take on. Fortunately, there is technology available to help professionals with each of these tasks. In this article we will take look at three types of automation solutions, task management, customer relationship management (CRM), and compliance software, that all financial professionals should know about and utilize to manage their daily projects and activities. These systems are currently being used by top tax and finance professionals to not only ensure compliance with regulations, but also to enhance the satisfaction of their customers.
Task Management Software
As a professional in the financial industry, you’re likely responsible for various projects for different accounts from day to day, which can be complicated to manage and prioritize in a productive manner. That is where task management software steps in and organizes all of your projects and portfolios during their life cycle so that you are able to keep yourself and your team members on task and on time. This type of software can help you track accounts and decisions, organize data and documents, and record project activities in a streamlined workflow that facilitates collaboration among various operations. Chesapeake System Solutionsand Genius Insideare two examples of task management software that offer systems specifically designed for the financial industry by helping you increase productivity while complying with various regulations.
Customer Relationship Management (CRM)
Behind each of those accounts is a customer who expects transparency, communication, timely results and an exceptional experience. CRM software helps you develop powerful and lasting relationships with each of your customers by organizing their data, understanding their business and dedicating more time to working with them. CRM software allows you to compile customer data, preferences and history in one centralized system for all of your team members to access, develop targeted offers and automate tasks to get specialized messages to the appropriate customer, and minimize administrative tasks so more time can be dedicated to customer interaction. Oracle and Microsoft Dynamicsoffer CRM systems specialized for financial services, so that you can develop a reputation for top-of-the-line customer services and gain a competitive advantage in the market.
While managing your time, projects and customers is key to success in the business world, none of that will matter if you aren’t complying with the various regulations that impact the financial industry. Keeping up with the constant regulatory changes and applying them to your large volume of customer accounts can be a difficult task. Fortunately, Convey has developed Taxport Compass, a compliance resource l that allows you to easily research the relevant information reporting regulations and understand their implications. If carrying out the actual reporting processes is something your organization is struggling with, Convey also offers Taxport, a software solution that handles the complete compliance process of information reporting. By utilizing these platforms, you will be able to dedicate more of your time and resources to managing projects and interacting with customers.
If your organization has not yet implemented at least one (or all of) these solutions, they need to start looking into the options available, as they are vital to the control and compliance of your organization in the hectic financial industry. By organizing your projects and accounts, while ensuring regulatory compliance, you will be able to better serve your clients and create a service environment that sets you apart from the competition.