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Converting a stressful tax season into a profitable one

Converting a stressful tax season into a profitable one

Posted by  on 28 November, 2018   2 minute read

The tax season is the busiest time of the year for every CPA. A lot of work needs to be wrapped up in a short span of time. Obviously, like every other profession, a bunch of issues crop up for CPAs and accounting firms - ranging from searching for missing receipts or organizing a ledger filled with miscataloged overheads.

However, this should not demotivate any CPA or accounting firm owner to complete the job; and instead see these as opportunities to further grow the practice. Here’s how:

1. Persuade clients to add more services to your scope of work

In the language of sales, this is called “upselling”. An accounting firm can grow its business by taking on more work from the clients by charging them an amount that doesn’t burn a hole in their pocket, yet gives the firm the financial flexibility to grow. If your firm isn't doing it, now is the right time to start.

2. Cloud accounting to the rescue

We belong to a time where almost everything relies on cloud technology. The profession of accounting too embraced this technology and how. Yes – due to this, it is easier to add more services because all tasks are automated and ensure that very little or no time is wasted.

For instance, payroll can be an added service as CPAs and accounting firms would already be looking over client expenses and liabilities. With the help of cloud accounting technology, one can provide payroll services at a marginal cost and yet earn more.

3. Outsourcing is also an option

This term is often met by animosity or ignorance as most people don’t understand how it actually works. Questions are raised on “security” and “reliability” of outsourcing services. It’s natural but with companies such as QXAS Inc, you can be assured of reliable professional accounting services.

For instance, bookkeeping – an extremely tedious accounting task – can be outsourced. Even though it a more time intensive activity than payroll, hiring personnel just for this can burn a hole in the pocket. This is where outsourcing comes into the picture.

4. Keep a clear communication strategy

All CPAs should have a proactive and transparent conversation with their clients. Even if the talk lasts for not more than 10 minutes, it is worth it. Because this way, the clients have been notified about the status of their accounts. It’s a CPA’s job to assess their needs and come up with ways to resolve their problems.

The key is to leverage technology as much as possible for completion of tasks. If you keep a holistic approach towards helping your client, he or she will have one less accounting headache to worry about each month.