The Season Offers Challenges, But Also Big Rewards

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• January-March 2008 Issue
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For tax-focused practices, whether run by experienced CPAs, EAs or other professionals, the coming few months are obviously the most important time of year, with much of their revenue coming from providing tax compliance services to individuals. But the 1040 season can be critical even for practices that offer a broad array of services, from write-up to retirement planning, payroll, business consulting and compliance services for all taxable entities.

In addition to the primary tasks involved with client tax preparation clients at this time of year, full-service accounting firms also have the opportunity to strengthen their client relationships by recommending other services, especially tax planning, that can provide options to help mitigate some of their tax burden. Strategizing investments, charitable giving and generational wealth transfer services also fit nicely into a client’s tax-focused state of mind.

Of course, time is often a limited asset during this time of year, so schedule these engagements well into the future. This helps bring clients into your office when they are a little more level-headed and perhaps receptive to additional services that can help them financially or with their businesses.

But back to the task at hand: Tax Season. It will get busy, and it will probably get hectic. You will probably work late and may see less of your family for the next few months. But keep in mind what you’re working for: A successful practice that helps individuals and business owners, and that helps you enjoy your life away from work with your family and friends.

The technology you use during the year, both to directly provide service to clients and to manage your practice, are essential to your productivity. So during this tax season, make a list of things you wish could be better, easier, faster, etc. Just jot things down as you go about your work, and at the end of the season (and after your well-deserved post-April 15 vacations), use this list to determine the sore points your firm encountered. This will be your starting point to making the next tax year more productive and profitable.

Several of our recently profiled Productivity in Practice professionals have offered a few tips and suggestions you might want to consider. To learn more about the free Productivity Survey, visit (www.CPATechAdvisor.com/productivity). Tax season tips from some of the professionals recently
profiled in our Productivity in Practice series:

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Ryan McCowan, CPA.CITP
Partner, Green & McCowan CPAs
www.gmccpa.com
London, Kentucky
Productivity Score: 430

• E-file. Not much is said about the efficiencies and workflow productivity that can be gained by changing to all e-filed returns. We e-file every eligible return, and the processing efficiencies are tremendous. You can eliminate numerous processes in the tax return workflow by e-filing.
• Go paperless. Ahhh, the world of paperless. Need I say more?
• Change 10 processes in your workflow. In other words kick SALY (same as last year) out the door. I adapt new processes or change existing processes every single year.
• Go home. Tax season is busy, and I work as hard as anyone … but tax season is not my life. With today’s technologies, there is absolutely no reason why professional team members and partners shouldn’t go home at reasonable hours and work from home during the busy season. Last year, I left at 5:00 and finished up working at home after I enjoyed dinner with my family. I feel more relaxed at home and, thus, more productive.

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Tim Miller, EA, JD