Tax season is over - hurrah ! We hope it was productive, profitable and exciting for you. Now it's time to sit back and reflect upon the months gone by and prepare for what's to come in the new tax year. At QXAS Inc, it is our endeavor to keep you equipped with knowledge necessaryto grow an accounting business.
Here are five things to do post-tax revenue:
1) Attend seminars and workshops
Upgrade your servers and employ a strong infrastructure with multiple layers of back-up and a recovery strategy. Take a look at how much internet data was used by your CPA firm during the tax season and bump up the bracket accordingly so that your day-to-day operations don’t get disrupted.
Continuing your education is vital to career success for a CPA. Use the free time to participate in conferences that not only help you in getting better at your job but also enable you to earn Continuing Professional Education (CPE) credits.
Alternatively, turn to training if desired. Give a class on QuickBooks or Excel or lead a webinar on financial planning. Guest lecture at a local college.
2) Learn about professional ethics
Just as law and other legal updates are important to CPAs, staying current with professional rules of conduct is equally necessary. Check out Professional Education Services (PES) that offers a wide range of state and non-state-specific professional conduct courses. Identify the ethics courses you are required to take and the number of credits needed to register for each course.
3) Do financial planning for next year
As a CPA, your job is to help organizations and individuals plan and execute their financial goals. From budgeting and tax planning to managing payroll and bookkeeping, you offer end-to-end support. Therefore, start planning finances of your clients for the next year right after the tax season. When a CPA works around the year, tax season becomes less frustrating.
4) Evaluate your client list
Touch base with your clients to learn about their experience with you during the tax season. Don’t just get a feeler, jump into technical details and list down jobs your CPA firm could have done better. If you want your firm to grow, it has to listen to its customers and make changes accordingly.
5) Fix your outsourcing partner
If you were in a pickle during the tax season due to staff shortage, then you should outsource. Outsourcing companies often offer engagement models depending upon the client’s business contents, nature of the project and size. This solution will ensure you the peace of mind that the compliance side of your CPA firm is in safe hands.
We are currently working on a checklist to help you get kickstarted with new projects this tax year. So watch out this space for more.