As the tax deadlines have (mostly) passed for filing 2018 taxes, tax departments and firms have a big opportunity to capitalize on some down time. While most of us tax accountants spend this season drinking to forget the pain of busy season so we are willing to do it again come January, there are some other areas of our practices that we can focus on.
Here are six ideas for your consideration. I will be writing a series of articles in Tax Practice News to help with each of these areas over the next few weeks.
- Process.
Is your process still based on paper? If you answered yes, it is time to start planning for a transition to automated and computer-based processes.
- Technology.
There are many applications to stay on top of: tax preparation technology, document collection technology, communication technology, tax planning software, phone apps for our clients to use, etc. This is the season to consider alternatives, understand what’s on the market, and potentially upgrade or implement something new. Good applications can facilitate a transition away from paper processes.
- People.
Is your team ready for busy season? Do you have the correct number of people to handle the work that you need to get done? Start assessing any growth needs, now. Consider using part-time people remotely to help manage the tax preparation.
- Training.
Have you considered attending any in-person or online tax training events? This is the right time to familiarize yourself with tax law changes as well as level-up your talent.
- Marketing.
Tax firms grow the most in the beginning of the year, so now is a great time to get your name out there! Consider attending new networking events and utilizing social media to cheaply build your brand and drive traffic to your office or website.
- Pricing.
Off-season is the best time to evaluate your profit margins and discuss the need for pricing increases with clients. It is also a great way to filter out the clients that want too much service for very low prices.
It is always wise to spend time on your internal operations to build the best practice possible. Stay tuned for more in the next part of my series in Tax Practice News.
