Tax planning

Why do accountants need tax planning software?

Tax Calculation and Projection

Tax planning software can calculate and project tax liabilities based on user-provided financial data. It considers various tax rules, rates, and thresholds to estimate the amount of tax owed or refunded, allowing users to plan their finances accordingly.

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Scenario Analysis

Users can simulate different financial scenarios within the software to evaluate their tax implications. This allows for strategic decision-making by assessing the potential impact of various financial choices on their tax positions, such as investments, retirement contributions, or business decisions.

Data Organization and Storage

Tax planning software provides a centralised platform for organising and storing tax-related information.

 

Tax Law Compliance

Tax planning software keeps track of tax laws and regulations, ensuring compliance with the latest requirements. It incorporates changes in tax legislation to accurately reflect the current tax environment and help users meet their obligations.

Strategy Selection/Optimization

The software identifies and suggests available deductions, exemptions, and offsets to help users maximise their tax savings.

 

Integration with Accounting Systems

This enables the financial data to be seamlessly imported (this eliminates manual data entry and ensures accuracy and consistency).

 

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Reporting

The software generates reports that detail the tax savings generated from implementing the selected tax strategies, and the step-by-step process to legally and effectively implement each strategy.

 

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Excel vs our tax planning software

Excel is ideal for one-off, custom tax planning, but for firms managing multiple clients, TaxFitness delivers faster, more professional, and scalable results.

With instant access to compliant strategies, automated updates, and polished client reports, TaxFitness saves time, reduces risk, and enhances advisory credibility, making it the smarter choice for growth-focused practices.

Feature/factor Excel TaxFitness software
Customisation Full control over design and formulas Structured templates (with some customisation)
Cost One-off purchase or free (Google Sheets) Ongoing subscription (annual or monthly)
Offline access Yes Internet access usually required
Speed for one client Fast if simple; slow if complex Extremely fast (prebuilt strategies + automation)
Handling many clients Cumbersome; manual tracking Efficient dashboard and client management
Professionalism of reports Depends on user skill Always polished, branded, and consistent
Audit trail / compliance Manual setup needed Built-in documentation and referencing
Updating for tax law changes Manual, error-prone updates required Automatic updates (e.g., tax rates, thresholds)
Benchmarking and advisory tools Not built-in Integrated into system
Scalability across a firm Difficult (version control issues) Easy (multi-user access, team workflows)