With the April 15th deadline for income tax returns looming, accountants must ensure that they've dotted all the I's and crossed all the T's.
In this article, we will offer helpful tips for accountants to make the last few days of tax season run more smoothly.
Do not Overwork Yourself
Accountants often allow tax season to feel intimidating. Often, this is due to procrastination and work overload. But more often than not, accountants just have a heavy workload as April 15th approaches. This is sometimes unavoidable. However, learning to relax and not overwork yourself during the busiest season of the year is paramount to your success. Make sure you take care of yourself first. Take breaks, reward yourself when a task is completed, and make sure to step away from the work at frequent intervals.
Delegate Tasks
No matter how competent a tax professional you are, you are not required to do everything on your own. Even if you can handle all your tasks by yourself, it takes a lot out of you. Working nonstop during the tax season can have adverse effects on your health.
A helping hand as April 15th looms can be a lifesaver. Try to reach out for help if you are not able to handle all the tasks by yourself. You can pass on some of the “less critical” tasks to your subordinates, which will give you some time to focus on more pressing matters.
Make Use of Technology
Technology has become essential for any accounting process, especially during tax season. Taking advantage of the proper technology will greatly lighten your workload.
Tax software solutions are abundantly available for accountants, tools that not only help you save time but also help reduce some of the stress of the tax season.
During tax season, accountants encounter numerous challenges that technology alleviates, such as:
- Time-consuming manual data entry
- Tax law updates
- Ineffective communication channels
- Data security
- Workload management
While any last-minute client can add to the stress already present during the busy season, you can make your life a little easier by taking advantage of cloud-based software. The cloud simplifies things because it allows clients to upload their documents anytime, anywhere, as long as they use an internet-connected device. Provide each client with a checklist of items they need to submit and have them check off each one as they go.
These checklists save time because clients and your firm know which documents still need to be submitted at any given time. Clients know what's expected of them, which will make it easier and less stressful to bring them on board at the last minute.
By implementing the correct technologies, accountants can streamline operations, freeing up more of your time that accountants can use to create the most value possible for your clients.
Be Proactive About Unexpected Delays
Part of accounting that is unavoidable is understanding that there will always be clients who rush in at the last minute, expecting their accountant to get their taxes done on time. Make sure that last-minute clients know about deadlines for submitting their information before you take them on. Also, be clear about what will happen if they fail to meet deadlines. Let them know you will do your best to get everything out in time, but there are no guarantees, and an extension may be needed.
It also helps to emphasize the benefits of submitting information as early as possible. Communicate to clients about how providing information early enables your team to spend more time offering strategic advice rather than trying to rush through their work. Don't take on more clients if it's going to impact your team negatively. Your team is your firm's most valuable asset. With that in mind, in the event you do take on new clients after the final date you set, consider charging them an additional fee to compensate for the increase in an already bloated schedule.
Taxes are something clients tend to either get done early or wait until the last minute to send to their accountant. If you are struggling due to the procrastination of these individuals or businesses, using the tips above can make the tax season move along more smoothly.
Setting boundaries, having deadlines, and using the right cloud-based systems can mean the difference between feeling overworked and overwhelmed and feeling content at the end of each workday and the end of the busy season.
Relieve Yourself From All Other Tasks
During the demanding tax season, accountants must prioritize their core responsibilities by relieving themselves of non-essential tasks. Streamline your focus on tax preparation and compliance by delegating routine administrative duties. This not only enhances efficiency but also ensures that critical financial matters receive the attention they deserve.
Identify tasks that can be outsourced or automated, such as data entry, appointment scheduling, or document organization. Leverage technology to your advantage, allowing you to concentrate on the intricacies of tax regulations and client-specific needs.
By relieving yourself from ancillary tasks, you not only reduce the risk of burnout but also improve the overall quality of your work. Embrace the mantra of ‘work smarter, not harder’ to navigate the tax season with a clear and focused mind, delivering optimal results for both you and your clients.
Communication is Key
Good communication goes a long way to keeping things running smoothly during tax season. When your clients know what's expected of them and you make sending over their tax documents easy and convenient, their lives will be easier and so will yours.
- Start communicating with clients early. Come up with a schedule that requires clients to get you their tax documents in plenty of time. Give your clients a timeline and let them know that if they don’t send their tax documents as directed, they may have to go on an extension.
- Use your technology. Everyone works with technology differently these days so it's best to try and connect through a variety of methods. Use email, text, and newsletters to get the word out in different formats so everyone is on the same page.
- Try a tax organizer. Use a tax organizer to make sure you get all of the information you need from each client in one place. Create a tax organizer as a fillable PDF and customize it to your firm’s needs. Then post it on your website and use your email newsletter to send a reminder along with a link to the organizer. Then all your clients have to do is download it, fill it out, and send it back to you with their documentation.
Consider Firing Certain Clients
Every firm has those clients that show up at the very last minute with their tax documents and expect their accountant to drop everything and instantly prepare their return. If you have clients who demanded last-minute service and stressed out your team last year, it may be time to cut them loose. Firing an accounting client may not sound fun, but if what they’re paying you is not worth the time you spend on them, what’s the point? After all, you’re not in the game to do favors, you’re here to do business. That means, if the numbers don’t make sense, the client should go.
Conclusion
Preparing for the busy accounting season demands strategic planning. Set a detailed timeline and organize client categories. Encourage early submissions for a smoother workflow. Prioritize tasks efficiently, embracing automation for streamlined processes. Stay updated on tax news for accuracy. Adopt a smart approach—automate routine tasks to enhance efficiency.
By implementing these steps, accountants can navigate the busy season confidently, delivering high-quality services while maintaining a healthy work-life balance.
Strategic preparation is the key to success during this intense period. Plan, execute, and achieve excellence in the accounting busy season.
Sources
- https://www.acecloudhosting.com/blog/tax-season-tips-busy-accountant/
- https://www.impactmybiz.com/blog/it-for-accountants-5-ways-to-make-the-next-tax-season-easier/
- https://www.journalofaccountancy.com/issues/2019/sep/dealing-with-last-minute-clients.html
- https://www.accountingtoday.com/list/5-ways-to-prepare-for-last-minute-tax-clients
- https://www.buildyourfirm.com/articles/tax-season-survival-tips-for-accountants
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