So, the October 15 deadline has passed. Tax returns are filed. It’s finally time to take a breather, kick back and enjoy Fall. Isn’t it? Absolutely! But what equally important is to prepare for the tax season 2019 that is set to commence sometime from January.
I know, I know. The busy period is three months away, and you have time, I get it! But what if I tell you that you don’t have a big window to prepare for the tax season! Do your calculations.
We are already on October 16. Before you would know it, November will whizz by. And December always gives massive “Christmassy vibes” which means you are probably going to be busy spending the holiday season with friends and family.
Therefore, “now” is the time to make all preparations, do whatever you have to do to ensure your New Year gets an excellent start. Convinced, are you? Check out this listicle to begin:
1. Read, update yourself, get a consult
The most important part of your job is to make sure your clients save money. And the only way perhaps to ensure the same is to stay updated of all changes to tax laws, forms, and publications. I know it is a pretty clichéd advice but what’ important has to be said out loud!
Therefore, read as much as you can. All accounts outsourcing services providers offer legislation support, and if you work with one, you should immediately have a one-to-one conversation to discuss the implications of specific tax laws that have changed in the year.
Once you know of the changes, you can plan your tax season accordingly, speak to your clients and get all the right resources in place.
2. Evaluate your client list and upset
Touch base with your clients to know about any new developments that may have taken place within a specific timeframe. Don’t involve yourself in technical details at this point; only gather necessary information about any investments or acquisitions your clients may have partaken in.
The reason such details are helpful during the tax season is that you will be better prepared to deal with any changes or additions in your client’s work and not stress too much about it.
Once you have clarity about your clients, try to convince them of any add-on services that your CPA firm can offer apart from the job you are already doing for them. In the language of sales, this is called upselling, and it can be quite helpful to you to scale your business.
Accounts outsourcing services providers are prepared to scale work so if you are able to upsell successfully, don’t worry about hiring extra staff. Your outsourcing partner will take care.
3. Upgrade your tech and infrastructure if need be
Most fast-growing CPA firms don’t have the monetary resources to invest in upgrading tech and infrastructure continuously. And that’s okay. But a nip-n-tuck of your ware before the tax season is always a good idea.
Even it is replacing your old scanner with a new gizmo or buying a new tax filing software, get it done right. All accounts outsourcing services providers are equipped with the best of technologies and infrastructure, and if you are working with one, you will have access to that.
4. Outsourcing is a wonderful option
It is, and I am saying with experience. In the last few years, I have worked with many CPAs and have helped them benefit from our accounting outsourcing services. They have achieved massive heights only because they got the right support to grow without worrying about finishing off low margin and time-consuming accounting jobs on time.
For instance, filing sales tax returns – 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 all accounts outsourcing services providers like us enter the picture. I understand questions are raised on “security” and “reliability” of accounting outsourcing services. It’s natural, but with QXAS US, you can be assured of reliable professional accounting services.
Want to get a FREE consultation on how outsourcing works and how it can be beneficial to you during the tax season? Fill out the form, and I will connect with you at the earliest.
Over to you
So, what are you waiting for? Pull up your socks and plan your next 12 weeks properly. This way you are going to be more relaxed during the holiday season, and better prepared when you enter 2019. Am I right?
Looking for the right outsourcing partner to tackle the tax season in a sea of accounts outsourcing services providers? Don’t worry. If you have read the post this far, I am sure you are interested in having a quick chat with me. Fill out the form, and I will connect with you at the earliest.