Should you’re a pacesetter in a tax and accounting agency, you already know the ache that disconnected groups, lack of visibility, and inefficient workflows can deliver. You additionally might have heard of APIs; nonetheless, many accountants are not sure of what they’re and the way they may help simplify workflow and increase profitability.

So, let’s begin with the fundamentals.  

What are APIs?

Utility Programming Interfaces (APIs) are software program code that enable two unrelated techniques to entry and use one another’s options or information. Primarily, an API acts as a facilitator that permits two completely different and separate functions to speak to one another. 

How do APIs assist accounting corporations?

APIs can enhance effectivity and cut back redundancy by enabling disconnected techniques to work collectively to check information units. This helps accountants automate duties that bathroom down productiveness.   

Some examples of an API for a tax utility embody retrieving a consumer listing, submitting an E-File, retrieving an E-File acknowledgement, and far more.  

Normally, APIs allow accountants to:

• Automate key processes and cut back hours spent on non-billable work 
• Keep away from coming into information manually to cut back the danger of errors 
• Enhance visibility of consumer wants with related options 
• Join in any other case disconnected third-party techniques 
• Achieve insights for evaluation and determination assist 

As well as, APIs can assist succession planning and enterprise continuity as a result of the ensuing automation just isn’t reliant on the information of a single particular person.   

As your agency will get comfy with APIs, you can begin increasing their use and enabling interplay between a number of merchandise. This transforms the workflow of your agency and enriches your employees’s work life by permitting them to concentrate on extra significant, value-added work.  

How can I implement automated APIs in my agency?

The way in which during which your accounting agency can make the most of APIs is particular to your workflow.  

In case your agency makes use of Microsoft, they now provide Energy Automate, a set of connectors that enable customers to create automation between functions. Not too long ago, Thomson Reuters partnered with Microsoft to launch a GoFileRoom connector inside the Microsoft Energy Automate ecosystem.  

Which means that GoFileRoom customers can now automate greater than 45 guide processes utilizing Microsoft Energy Automate. By combining these actions collectively, you’ll be able to create an automatic workflow custom-made to your agency’s particular processes. 

Fortunately, you do not want programming experience to implement APIs. They are often put to work proper out of the field. In fact, for extra advanced tax workflows, Thomson Reuters presents the capability to customise an API answer that most closely fits your corporation. 

Benefiting from APIs and automation

Let’s think about a couple of situations to grasp how APIs can automate your day-to-day duties and remodel your workflow.  

• To streamline new employees onboarding, merely import a Microsoft Excel spreadsheet to create new GoFileRoom customers. 
• To avoid wasting time, create a PowerApp which allows you to take an image of a doc that’s then robotically added as a PDF to GoFileRoom.  
• To spice up productiveness, retrieve a doc again from e-signature functions after which have it robotically saved to GoFileRoom. 
• To extend effectivity, create a PowerApp which permits including and eradicating customers to group permissions primarily based on recordsdata saved in GoFileRoom.  

One other beauty of the Microsoft Energy Automate ecosystem is the sense of neighborhood. Concepts and options are simply shared and utilized by different neighborhood members. If there are widespread duties which contain a Thomson Reuters connector, they are often made out there as a “Energy Automate Template” which might then be utilized by different corporations. 

As new concepts emerge by way of the usage of these connectors within the Microsoft Energy Automate ecosystem, Thomson Reuters will launch further templates and energy apps for our clients’ profit. In case you are a present GoFileRoom buyer, attain out to your gross sales consultant for extra info and coaching on Microsoft PowerApps. 

How do I get began with APIs?

To get began in your API journey, take a while to mirror on the inefficiencies that hindered your productiveness this tax season. Chances are high you’ve skilled many ache factors just like different massive corporations.  

In our white paper, How APIs may help remodel your follow, we’ve taken a deep dive into the various advantages of APIs and the way they will enhance your agency’s profitability.  

Once you’re prepared, be a part of the neighborhood of accountants who’re revamping outdated processes and utilizing APIs to their benefit.

Go to tax.tr.com/us/en/cs-professional-suite/gofileroom to be taught extra.