The busiest season of the year for any taxation firm is the Tax filing! But that isn’t the single most time-consuming thing! Being a CPA firm, the most critical preparations are before the actual taxation starts! Your services vary from a wide range of offerings; be it bookkeeping or filing returns before the deadlines, but none of this will function properly if your homework isn’t up to the mark!
So how can you be at the top of your game? Here is a list of our hand-picked tips!
1) It is never too early:
If you are wondering whether you can start the process say a month or two before the actual crunch season, well, you are wrong! You need to start preparing immediately! The reason we are saying this is that no matter even if your preparations are early, it is always better to be prepared beforehand than face the disarray near deadlines!
Start by putting a system in place right when you start looking at your client’s finances! This will act as your roadmap when you are preparing to file his returns! Here is a small list of things that you need to start looking at right away:
a) Bank reconciliation statements must be updated.
b) Payroll management as per the recruitment law of the state.
c) Maintaining entire data on the cloud or easily accessible platforms.
d) Bookkeeping and recording all transactions.
e) Keeping all tax information readily available.
2) Be updated:
Taxation laws and compliances undergo continuous reforms; therefore, you need to stay updated with all the amendments. Because a single deviation from non-compliance can jeopardize your client on a very big level. You need to follow all tax-related news and be a regular participant in major and reputed online platforms! You will also need a strong network of lawyers and other related people to help you out with this as being updated with every single bit is a super difficult task!
3) Get your team ready:
Your staff is your true strength! Before every season, it is very necessary to get your army ready for the battle! Your team has to be very efficient to handle all the rush. Try a few of the below things to prep them up –
a) Seminars are the best way to educate your team.
b) Hire expert consultants part-time to overlook the work and guide your team.
c) Educate the employees timely with basic training.
d) Organize quizzes and competitions to check their knowledge and keep all of it interesting.
4) Taxation Softwares:
Be on the top of technology! New and updated taxation software will help to reduce your work by half. Not only that but once all your employees are well trained with the latest software, it will increase their efficiency too. This will in-turn reduce the margin of human errors involved.
It doesn’t matter if you go over all the details a thousand times. Every time you recheck your work, do investigate minor detailing! You may be able to notice small but important flaws with every recheck! However, avoid overindulging in it.
We hope these tips will help you to be better prepared in the coming year! Boston Financial is here to be your partner in this ascending New Year!
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