5 reasons to automate your fee from refund process

Fee from refunds improve the client experience because they allow people to avoid paying an upfront fee for completing their tax return. An unintended consequence is the administrative burden of manually deducting your professional fee out of your client’s refund when it comes back from the ATO.

By automating the process through secure software, you can reclaim precious time and money for your practice while continuing to offer the convenience of fee from refunds to your clients. We spoke to Refund Manager CEO Steve Gibson about his top five reasons to automate the fee from refund process.

Remove chances of error

The traditional fee from refund process is prone to error because you need to manually input data, keep spreadsheets, and actively manage balances and settlements in trust accounts. Whereas Steve says you only need to import your client’s data one time when you sign up to Refund Manager, and the system takes care of the details thereafter.

“Once you’re on the system, you can securely process hundreds of refunds at the push of a button,” said Steve. It works by creating bulk payment files directly from the ATO’s EFT Reconciliation Report. 

Save time and money

Steve says Refund Manager clients have reduced their fee from refund processing time by up to 90 percent and saved on average $5,750 per annum by simplifying their process.

Rather than handling individual payments, you can manage all your fee from refund clients in just two minutes a day and it automatically issues receipts. Furthermore, Refund Manager is available as an affordable subscription service with unlimited returns, to help keep your overhead costs low.

“Our software evolved from the in-house system that we used at E-Lodge, so it was truly designed to make life easier for accountants,” said Steve. “It’s the only software in Australia that eliminates the hassle, high costs, and risks involved with fee from refunds.”

Control your trust accounts

The software works in conjunction with existing systems, so you don’t have to share access to your trust accounts. Reporting, unique IDs and reference codes allow you to instantly know where your client’s money is always.

“When we were developing an automated fee from refund solution, the most important thing was that it never requires you to give up control of your trust accounts,” said Steve. “Refund Manager simply gives you the power through software to manage and distribute funds more efficiently.”

Real time reporting

The Refund Manager user dashboard includes client refund status, fees paid and outstanding, and any differences between expected and actual reports.

“We know it’s important to keep up to date with what’s happening with your fee from refund clients during the busy months, so we provide real time reporting on all the key metrics,” said Steve.

Reduce audit season stress

With easy daily account reconciliation, audit time can be a breeze. Refund Manager also has a partnership with Audit Australia to ensure compliance, as well as providing a smoother process for accountants who choose to work with both companies.

“By partnering with a specialist trust account auditing firm, we demonstrate our commitment to compliance and our customers have access to a preferred online provider for effortless audits,” said Steve.

Hundreds of accountants are already using Refund Manager and more than $1.4 billion worth of refunds have been processed through the system. Start your free trial at www.refundmanager.com.au