How Your Modern Accountant increased revenue margins by 40% and dropped AR by 70% with TaxDome

Founded in 2010, Your Modern Accountant is a Canadian firm with offices in Ontario and British Columbia. The firm offers a wide range of services to more than 1,300 clients, including tax filing, business consulting, payroll, and bookkeeping. The team consists of 4 full-time accountants and one administrative office manager, with 3–5 seasonal employees during peak seasons.

We sat down with Patrick Payne, Your Modern Accountant’s owner, to see how TaxDome has been working for them since implementing it in 2022. The results included incredible growth and improvements across the board:

Having TaxDome set up in the past two years has really helped me as the business owner ensure that my time is spent doing the things that help the business progress. Putting out fires, chasing down work, chasing down invoices, we don’t have to do any of that anymore.

Read on to find out how Your Modern Accountant was able to achieve all this with the help of TaxDome.

Your Modern Accountant’s goals

As Your Modern Accountant grew, Patrick realized that operational inefficiencies and inconsistent client communication were holding the firm back. To scale effectively, Patrick needed a solution that would help him manage his firm and create an unforgettable client experience. 

Create a better client experience

For Patrick, enhancing client communication and experience was a top priority. Before TaxDome, clients often had to rely on emails and follow-up calls to check the status of their tax returns or other work. This led to delays, frustration, and inefficiencies for the firm and its clients.

We wanted to make sure we were on top of our clients a lot more than we were before. Also, we were looking for solutions to keep them in the loop of the process of their work.

Patrick was looking for a solution to help him improve his relationship with his clients while providing them with complete transparency. To do this, he would need to offer a centralized experience where clients could easily access updates, share documents, and understand where their work stood. He envisioned a system that made every interaction efficient and transparent while reinforcing the firm’s reputation for professionalism and care. 

We were trying to be more proactive with our clients. We’re always trying to find ways to help inform them of any deadlines and new tax benefits that come down.

Improve operational efficiency 

Patrick also needed a solution that would provide him with a clear overview of all tasks and the ability to manage them more effectively across his team. Before adopting TaxDome, his firm faced challenges managing workloads and tracking progress, often losing valuable time while reorienting team members to different case files.

We were having a lot of trouble trying to figure out where work was in the process and who was doing what. That was our biggest problem, team management and workloads, knowing exactly what everyone’s working on and knowing how long they’ve been working on it. Especially if a team member gets sick or isn’t able to come to work.

The lack of insight and difficulty in reassigning tasks was costing the firm time and eating away at their efficiency goals. Patrick knew that having better visibility into tasks and workloads would eliminate these challenges and enable the team to function more smoothly, especially during peak seasons.

How TaxDome helped Your Modern Accountant Achieve its goals

To meet the firm’s goals of improving efficiency and enhancing client communication, Patrick and his team turned to TaxDome for the tools they needed to transform how they collaborated as a team to give their clients a better experience than they’d ever had before. 

Workflow management that works

TaxDome helped Patrick get a clear and comprehensive overview of the tasks his team was addressing. With TaxDome, he could track work in real time, ensuring that nothing was overlooked or delayed. This capability to know exactly where tasks were in the process and for how long transformed how the team managed their workloads.

TaxDome has helped in every aspect of our goals. The workflow management was incredible. Ensuring that work has been done, knowing exactly where it is in the process, how long it’s been there.

By automating workflows and centralizing information, Your Modern Accountant drastically reduced manual errors and increased task completion rates, leading to a significant boost in operational efficiency. This transformation had a direct financial impact, with the firm improving cash flow by reducing accounts receivable and increasing their bottom line.

We’ve gained an increase of about 20% to the bottom line compared to previous years that I would attribute directly to TaxDome.

This year, we have started using the invoicing system built into TaxDome and our accounts receivable has dropped by 70% just by using that.

A collaborative workspace that promotes unity across all firm departments

TaxDome’s platform provided Your Modern Accountant with a unified workspace, which allowed for seamless task reassignment and improved team collaboration. This level of organization meant that when one team member was unavailable, others could easily pick up the work without losing valuable time.

Now, using TaxDome, having the ability to reassign work from one team member to another, and still having all of that information, what’s been going on, the notes from the previous team member, the files that have been sent to the client, the chats with the client, all in one location for the new team member to absorb has been a huge time saver.

The result was a significant boost in team efficiency, enabling each member to take on a larger workload. This increase in productivity led to better revenue and improved margins.

It has increased our efficiency in work so much that each team member can handle more work than before. So the ability to take on larger workloads results in better revenue and better margins for us. This past tax season, we could see that our margins had increased 40 percent from the previous year that we started with TaxDome.

An easy-to-use communication ecosystem that keeps the firm and clients connected every step of the way

Another key benefit of TaxDome was the suite of communication tools that helped the firm stay connected with clients and streamline interactions. The built-in chat feature became a favorite for both team members and clients, reducing the reliance on email and allowing for faster, more efficient communication.

My team members specifically like the chat feature. And our clients, about 90% of them have said they really appreciate the chat feature as well.

With TaxDome, the firm’s team members could stay in one place — using the chat alongside their tax filing software — leading to a more focused and productive workflow. TaxDome’s automated messaging system also played a crucial role in keeping clients informed about the status of their returns, reducing the need for follow-up calls and emails.

Having those automated messages going out, informing that client, keeping them up to date of where their taxes are in the process saves us an immense amount of time. Our clients appreciate knowing where their return is, getting updates every couple of days. In some cases, every couple of hours.

Data collection through organizer forms and the client portal also made it easier to gather up-to-date client information and speed up the entire process — from onboarding to invoicing.

As a result, Your Modern Accountant’s clients are happier, thanks to the all-in-one solution that TaxDome offers. 

Our clients love using TaxDome… Having everything integrated into one system from onboarding to document sharing, signatures, and invoicing. I’d say our clients are very happy that we’re using TaxDome now compared to any other prior services.

The results

Since implementing TaxDome, Your Modern Accountant has seen significant improvements in their operations and overall performance:

• Improved efficiency: workflow automation and centralized task management helped streamline processes and reduce manual errors.
• Increased team collaboration: the ability to seamlessly reassign tasks and keep everyone on the same page improved productivity across the team.
• A superior client experience: with better communication tools and automated updates, clients are more informed and satisfied with the service they receive.

These improvements are what helped Your Modern Accountant achieve their amazing results.

Additionally, TaxDome has given Patrick more time to focus on growing the firm rather than managing day-to-day tasks.

Now that we’ve been with TaxDome for two years, the next two to five years are going to be exponential for us.

Success stories like Your Modern Accountant’s are exactly what we strive for at TaxDome. Everything we do is to help tax, bookkeeping, and accounting firms of all sizes create a better practice that’s equipped for long-term growth. We build TaxDome for you and your future.

Start your success story today!