share the excitement that keeps you in this field.
by ed mendlowitz
tax season opportunity guide
tax season presents exciting opportunities for accounting firms and their staff.
more: 5 ways to build teamwork | creating a cross-selling culture | 5 ways to build teamwork | when time-based pricing works | start marketing now for next season | the clients that got away | 4 reasons not to let staff go after tax season | cross-selling beyond your comfort zone |
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every moment should be enjoyed and appreciated.
here’s how:
1. tax season is profitable and accounting is a business where we try to maximize our earnings. sure, there is a great concentration of work in a short period with occasional pressure, but if handled properly, the work can be managed sensibly with tensions at reasonable levels. i also believe much of the pressure is self-induced by poor scheduling, inadequate quality control, and the lack of uniform systems that are followed by everyone in the firm, particularly the partners.
2. the sharp concentration of work creates the need for innovation and quick training to lessen the time and workload. this presents opportunities for staff to be trained, grow and attain the responsibility. it also has led firms to be innovative in using their resources and has placed accounting firms among the earliest users of pcs and laser printers to generate complete tax returns in-house and to use “cloud” software to have continuously updated tax programs that could be accessed anywhere a pc can get a signal. cpas also were among the earliest adopters of email, high-speed scanners, second monitors, portals, and secure internet transmission. in some respects, the smaller firms led the profession in this area as they were able to make the quick acquisition decisions that tax season demanded.
3. the tax preparation portion of our practices is a separate business and needs continuous product development, work efficiency improvement, and service program upgrades. it is a mini idea factory for our firms with continuous efficiency and quality control initiatives.
4. the concentration of work makes the staff well-rounded and tax knowledgeable. further, there are myriad opportunities for lower-level staff to speak to clients. with most business clients, the only people dealing directly with clients are the managers and partners. for individual tax preparation work, it is not unusual for low-level staff people to call clients to get additional data, convey information, and also be the first person the client addresses questions to or expresses a financial issue that is on their mind.
5. the tax laws change on a fairly regular basis, creating a level playing field for knowledge of the new tax information. the least experienced staff member can know as much about the new laws as the most experienced.
6. when you meet people who possibly can become clients, or hear you are a cpa, they usually ask a tax question. very few ask about a fasb or ifrs application. working on tax returns arms staff with that ammunition.
7. taxes lead you to the best opportunities to get new clients. this can be proven by tracing the family tree of your largest clients. many trace back to 1040.
8. tax season is a relationship builder. it is not unusual for a staff person to interact with a couple of dozen clients during tax season. in a professional services firm, relationships are currency.
9. staff working late get “free” dinners.
10. staff going home late do not have congested traffic to deal with.
11. everyone knows about tax season, so you can get out of going to third birthday parties of your spouse’s cousins’ in-laws’ kids.
12. it is fun! many firms expend great energy hiring and adding staff and then make no effort to excite them and make them feel part of the firm afterward. working at this takes almost no effort and yields extremely high results. tax season is a perfect time to foster this feeling. instead of assigning a “list of returns” to a staff person, show them the personal benefits of working on individual tax returns and the value created for clients. for the partners, we all love the work. those who stay in the profession past the initial few years are happy campers rarely regretting their career decision and path. transmit those feelings!