This is the second part of a two part blog post, if you haven’t read part one yet then do so before reading this blog.
In part one we discussed what steps your tax business should take at the end of tax season. We covered how to reassess your tax office and its performance. In this blog we will continue with the steps your tax business should be taking to improve and grow before the next tax season.
Streamline Technology:
In part one we covered technology as one of the areas your tax business should assess in order to improve before the next tax season. The modern tax office is almost entirely paperless, if bulky files and the constant shredding of documents is a daily struggle for your tax business then employing some digital tools should be the first step you take to streamline your workflow. In order to increase your office efficiency consider if you are currently using, or need to be using, any of the following:
- Website: A well designed website is the most important tool in your tool belt. Not only does a website make it easier for potential clients to find your business, used in conjunction with lead capture forms and new client intake forms it can automate vital areas of your business.
- Collaboration Tools: Remote work is here to stay so make sure your tax office is equipped with remote collaboration tools. Being able to seamlessly communicate and collaborate on returns or other projects is an absolute necessity for the modern tax office.
- Document Management: As a tax business you are tasked with gathering and storing a wide range of sensitive documents. Paper documents take up space, can be hard to locate, and must be disposed of safely, or else risk clients’ data falling into the wrong hands. With a document management solution you can scan and upload documents into a digital space that only you, and your team, can access.
- E-File Software: This one is a no brainer, IRS authorized e-file software is a necessity if you plan to run a tax business. We highly recommend SFP Works which can be purchased from here. If you like our content then you will love our software.
Tax Education:
Continued education is what separates good tax professionals from great tax professionals. Tax laws change often and it’s important to stay updated on the latest changes and how they may affect your clients and their tax returns. Some helpful resources for staying up-to-date are:
Internal Revenue Service: The IRS is a great resource for the latest tax changes. Sign up for their email alerts so you can receive notifications whenever they publish a new article.
American Institute of CPAs: The AICPA provides a newsletter that contains the latest tax law changes and other related topics.
Tax Service Bureaus: If you haven’t partnered with a Tax Service Bureau then now is the perfect time to consider it. Not only will they provide you with e-file software and a variety of resources to streamline your tax office but they also provide helpful articles to keep you updated on the latest tax law changes and more. If you’ve been enjoying this article then consider partnering with Swift Financial Partners.
Clients:
We have discussed multiple steps you can take to improve your tax office after the tax season, however we can’t ignore the most vital element for a successful tax business, the clients. Making sure your clients are ready for the next tax season is just as important as ensuring your business is ready for the next tax season. Ensure your clients are prepared by encouraging them to organize the following information, before the next tax season:
- Personal Information: Make sure you have your client’s SSN, date of birth, dependent information, marital status, and a copy of last year’s tax return.
- Income: Your client needs to provide you with forms related to any income they may have earned in the year. This can consist of W2s, 1099s, alimony, rental properties , gambling winnings, ect.
- Deductions: If your clients are planning on taking some deductions then they will need to provide you with all the necessary receipts as evidence for their deductions.
- Taxes Paid: This can include state and local income taxes, real estate tax, vehicle license fees, ect.
You’re Ready:
With all this information and a carefully throughout plan to implement it all you and your tax office will be more than ready to handle the next tax season and any problems that may arise during. Thank you for taking the time to read this article. If you are interested in reading more from us, sign-up below to receive email alerts when we publish a new blog. You can also reach out and chat with our team when you click here.
