Revenue Optimization & Essential Analytics for Tax Firms
Tax RMS: Actionable decision making, for informed business owners.
Tax RMS is a revenue management solution designed specifically for the retail tax preparation industry to increase revenue & production across the board.
At its most basic, Tax RMS provides daily detailed analytical reports that offer critical insight into the overall production of an individual tax preparer, an individual tax office and your entire business. These reports allow business owners to make the most informed business decisions within the extreme time crunch of the tax season; as opposed to waiting until after the tax season for the usual post-mortem analysis. Tax RMS can build upon, customized & expanded to implement a complete Point Of Sale (POS), Customer Relations Management (CRM), Client Engagement Agreement, Accounts payable/receivable, punch clock for hourly employees, intra/inter-office messaging and more.
Start your day with all the information you need to determine the health of your tax business with TaxRMS basic. Compatible with TaxRMS Tax Preparation Software & our current tax software partners, get daily analytical reports into all aspects of your business; sent automatically to you at the start of each day. Constantly updated current data, is continually compared to historical data, providing users with insight into individual tax preparer performance, branch office performance and all the way the way up to overall company performance.
Here is a sampling of the reports offered in TaxRMS Basic:
- Preparer 2 Year Comparison: A report showing the total final fee & client production of all tax preparers compared to the previous year. Know exactly how your revenue producers faired before your negotiations
- Lost-Client Analysis: Using historical data, immediately determine client retention & “loyalty factor” by office and/or by preparer. Who was the best office/preparer that lost the fewest amount of clients from previous year, to who was the worst office/preparer. Easily compare to company average; critical information especially if you plan on re-hiring a tax preparer.
- Mid-Point of Earnings: For the previous season, shows the mid-point of earnings date & fees generated for the company, compared to the the mid-point of earnings date & fees generated for branch offices. Gain insight into the busy and slow periods of your branch offices which allows for tailored business decisions on an office by office basis.
- Client Average Age: Determine the average age of your company’s clientele. Compare to the Average age of the clients of each branch office to quickly determine office rankings. Above average age offices tend to indicate a lack of new clients being generated.
- Daily Office Snapshot: A complete snapshot of your tax business by day separated by branch office. Total gross fees, new & repeat clients, balances due, balances paid & average fee charge by branch office. Compare to daily average to quickly ascertain office rankings for the day.
- Daily Total Fees By Preparer: A daily report listing all tax preparers and their overall billing for the day.
- Daily Preparer Cumulative Report: A daily report that shows the cumulative production of tax preparers, separated by branch office. Shows cumulative production for: Repeat Clients, new clients, total clients, total fees, balances due & more. A useful report to share with tax preparers to keep them appraised of their current production.
- Daily Office Cumulative Comparison: A daily report that shows the total cumulative company production separated by branch office, compared to 2 years historical data. Shows cumulative production for each branch office by fees/cash collected/average fee, change in total fees/cash collected/average fee, percentage of change of fees/cash collected/average fee. Easily compare to company average to determine who is performing, at, above or below company average.
- Daily Client Source Comparison & Rankings: A daily cumulative report giving you complete insight into the makeup of your company's clientele; broken down by branch office and compared to the previous year’s historical data. Shows total clients for previous year compared to total clients for current year, change in total clientele, and multiple categories of repeat & new clients. Office rankings shows the percentage make up of new, repeat & total clients compared to company average. Quickly ascertain where every office stands in every category of client.
- Preparer 2 Year Comparison: The same pre-season report as a daily cumulative report. It shows the fee & client production of all tax preparers compared to the same time the previous year. Know exactly where your revenue producers rank compared to last year.
- New/Repeat/Total Clients by Week: Daily cumulating bar graph report showing New/Repeat/Total clients generated by week compared to historical data. Prepare yourself and your team to deal with approximate client traffic. Know when you might need to hire extra staff or cut back on staff. Know at a glance if your business is on pace to be at, above or below your previous weekly production.
- Fee/Cash Collected Cumulative Comparison by Week: Overall company production of Fees/Cash Collected in a cumulative report, compared to historical data. Know exactly where your bottom line stands compared to last year. Get a snapshot of the week you are up against. See production of fees/cash collected on a daily basis compared date to date & day to day for that week.
- Preparer 2 Year Comparison: A final report showing the total fee & client production of all tax preparers for the current year compared to the previous year. Know exactly how your revenue producers faired & be prepared
- Lost-Client Analysis: Like the preseason report, a final report showing “loyalty factor” of each office and/or by preparer for the current season.
- Mid-Point of Earnings: For the current season shows the mid-point of earnings date & fees generated for the company, compared to the the mid-point of earnings date & fees generated for branch offices. Gain insight into the busy and slow periods of your branch offices which allows for tailored business decisions on an office by office basis.
- Client Average Age: Determine the average age of your company’s clientele for the current season. Compare to the Average age of the clients of each branch office to quickly determine office rankings. Above average age offices tend to indicate a lack of new clients being generated.