Survival Tips for Accounting Firms During Tax Season

Tax season is crunch time for accounting professionals and firms as everyone wants to get their taxes done. They have to work long hours to meet tax deadlines which becomes overwhelming. So, let’s check out the top tips for accounting firms to survive, shared by industry experts during tax season.

1.

Have a solid plan in place — Know which employees will be working on what tasks, and have a clear timeline for when each task needs to be completed. This will help avoid last-minute scrambling and ensure that your firm is organized and efficient.

Use technology to your advantage — Make the most of the technologies available to you.

Take care of your employees — This is a demanding time of year, and your staff will likely be working long hours. Try to provide some flexibility in their schedules.

Don’t forget to market your firm — Tax season is an excellent time to reach out to potential clients and remind them of your services. Make sure your website is up-to-date, send out e-newsletters, and post on social media. A little marketing can go a long way in attracting new business during tax season.

Kev Tilley, Managing Director

2. Check your systems double, even triple

Check your systems before tax season. This includes any automated systems you use as well as employees or firms you outsource to. Ensure that everyone knows their role, is familiar with their task, and knows exactly who or where to report to when they need help or when their task is completed. Many issues that appear during tax time can be sorted through secure systems and prevent major disruptions in your firm.

Gabrielle M. Luoma, CPA, CGMA CEO & Founder of ModVenturesLLC

3. Maintain communication with your staff to avoid employee burnout

It is pretty simple to get preoccupied with day-to-day activities during a busy time of year and, as a result, neglect to check in with your staff. On the other hand, to avoid employee burnout and attrition, you need to have an effective plan for job satisfaction. Carry out checks to make sure that no one individual is being overburdened with work while another one is languishing in a state of complete inactivity.

The significance of redistributing labor responsibilities early on in the season should be emphasized. The earlier we start to adjust the duties, the more stress we can avoid later.

Having clear expectations will help reduce the stress of the last minute.

Accountants are aware that owners of small businesses often underestimate the difficulty of filing their tax returns and wait an excessive amount of time before getting started. There is nothing more frustrating for an accountant than when most of their clientele waits until the very last minute to begin filing their taxes, only to discover that they are missing critical information.

It might make a world of difference if you spoke with your customers as soon as possible to inform them of their tax duties. This would give them adequate time to prepare for their seasonal times and meet with you to discuss deductible possibilities they would have missed otherwise.

Jeff Mains, CEO

4.

Embrace standardization

In this age of ‘the customer is always right,’ it almost seems as if everyone insists on getting exactly what the client wants. Obviously, I am not suggesting that you treat your customers badly, but it’s important to recognize when a client isn’t a good fit for your company model. Trying to fit a square peg into a round hole is a waste of time for anyone. I believe you should not allow the customer to choose what is best for your team. Instead, determine what works best for your team and standardize it. The more processes you can standardize, the more consistent your results will be. Your information will be more consistent when you onboard everyone in the same method.

I advise my clients to become as digital as feasible. Most small business owners are unaware of how complicated payroll may be, how many tax returns they’ll have to complete, and so on. I believe it is the most secure method of ensuring that everything is correct and organized.

Reduce last-minute stress by establishing goals

Early communication with your clients to remind them of their tax obligations can make all the difference, giving them plenty of time to prepare for tax season and meet with you to explore deduction opportunities they might otherwise overlook.

Many small business owners may also underestimate how far ahead of time they should begin planning for tax season and how time-consuming filing taxes can be.

Robert Johansson, CEO & Tech Expert at imgkits

5. Breaks in the schedule

Yes, it’s crunch time, but you won’t be as productive if you’re exhausted. Taking pauses has been found to boost focus and knowledge retention. According to studies, taking a break every 50 to 90 minutes is the most efficient. During the hectic season, the mental energy you consume might be physically tiring. So schedule some time during the day to exercise, even if it’s only a quick stroll around the block to clear your mind and get your blood flowing. Similarly, during peak season, don’t be afraid to take a weekend or two off. You’ll feel rejuvenated when you return to the office on Monday.

Preparing for the tax season crunch necessitates a combination of well-thought-out strategies, ranging from professional development to physical and emotional well-being. Spending time now, ahead of the pressure, preparing for tax season will help you stay focused and productive during tax season, which will benefit both you and your clients.

Joseph Harisson, Co-Founder

Conclusion — Tax season is far more demanding than the rest of the year. The above-listed tips will help you to survive the bustling tax season. Preparing your tax season is not only time-consuming; however, it becomes overwhelmed for accounting firms due to the high workload. Hiring tax preparation outsourcing services will reduce the burden and help meet the deadlines. I hope it makes surviving next tax season even easier!