With tax season looming, accountants all over the country are gearing themselves up for the onslaught. With a predicted surge in client requests and an anticipated increase in workload, they know that if they don’t start planning for tax season now, they will almost certainly face repercussions when deadlines are missed, and dissatisfied clients start taking their business elsewhere.
Proactive measures can help alleviate the stress of tax season, that for many smaller firms in particular, feels almost inevitable. Fortunately, one of those proactive measures is easy to take, and involves the use of outsourced tax preparation services.
Here are some other proactive measures to help your accounting firm glide through tax season with ease:
Get client documents organized early on
By encouraging your clients to submit the necessary documents early on, and providing them with a checklist to ensure nothing is missed, you can be much more organized in advance of filing deadlines.
Use technology to enhance efficiency
From tax software and cloud-based systems, to tools powered by AI, technology can be a transformative power for tax professionals, and it pays to invest in it where possible.
Alternatively, you can choose to outsource some of your tasks and benefit from the advanced technology that company are already using.
Strive for optimized workflows
To make your team more efficient, and therefore make tax season a whole lot more efficient, try to optimize their workflows by clearly prioritizing tasks, defining their roles to avoid confusion and duplication, and check in with them on a regular basis to address any challenges they may be facing, and keep abreast of any updates.
Use outsourcing for non-core activities
Helping struggling accounting firms free up valuable time while still providing clients with an outstanding level of service, outsourcing can be particularly beneficial during tax season. Partnering with a reputable outsourcing firm can give you the chance to pursue other areas of your business that may be more profitable, such as advisory services, while they expertly handle all of the mundane, but essential routine tasks.
Design a timeline and create milestones
With the setting of weekly goals and the creation of clear timelines – in which tasks are broken down into milestones that are manageable – you can help your team hit their targets and never miss another deadline again.
Remain in constant communication with your clients
From sending deadline reminders, to sharing articles or webinars about changes to tax laws, there are plenty of ways you can keep in touch with your clients that won’t count as harassment! With communication between account and client paramount for a successful tax season, it’s wise not to underestimate this simple tip.
Offer clients new services
Although you might think that tax season is the last time of year during which to offer new services to clients, it can actually be one of the best. Why not show them how they can save even more money on their taxes, or make better investments with their money, with your advisory services? Note that without outsourcing some of your regular accounting and bookkeeping tasks, this might not be feasible.
Tax season is often stressful for accounting and bookkeeping firms, but by taking some of the proactive measures mentioned above, such as tax preparation outsourcing, you can do your level best to help the season pass by smoothly. And, when you do outsource some of your tax preparation requirements, you just might find that your new stress-free persona has rubbed off on your clients, and that next tax season, things might go even smoother!
