According to the 16th Annual CPA Trendlines Busy Season Barometer, the new tax code and the “crippled IRS” are the major reasons of worry for the tax professionals this year.
While 63% of respondents expect an increase in clients this year, and 78% expect higher revenues this tax season, the anxiety levels are also at an all-time high.
And when that happens, sleepless nights become a norm with things becoming more stressful than usual. Here’s how you can keep your anxiety in check and sleep fitfully at nights:
1) Analyze staff shortage and find a remedy for it
Staff shortage is one of the biggest challenges that any CPA firm has to face during the tax season. In case you are expecting a higher number of tax returns this year, then prep accordingly.
Gain access to a scalable team of tax experts in an accounting business process outsourcing company to help you manage the overflow tax return work.
2) Upgrade your technology to smoothen processes
Even though you are a modern CPA firm, you may have a few clients that still deal with paper receipts. That is a nightmare for accountants, and unless there is a proper process in place, you can find yourself swirling in a sea of receipts.
Therefore, automate everything you possibly can. If that’s not feasible, then opt for accounting business process outsourcing. At least that way, you won’t have to worry about preparing tax returns at all!
3) Seek external support to reduce your staff’s workload
Accountants should be mindful of what their staff wants and make adjustments to work processes accordingly. Today, there is a greater need to move from traditional roles to have the position of an advisor.
Therefore, don’t overwork your staff. Don’t make them do time-consuming functions like tax prep, bookkeeping or payroll that can be easily outsourced at affordable rates.
That’s what accounting outsourcing for accounting firms is for.
Sleep right, sleep easy
The tax season is infamous for putting extra pressure on CPAs and accountants. Try not to let that bother you. With the right external support (read: accounting business process outsourcing), you can reduce your anxiety and get a good night’s sleep knowing the workload has been adequately distributed.
Are you ready to try outsourcing this year? You know how to contact us!