More and more accountants are saying that there is no longer a “Busy Season”. Instead there is always work to do, however there are specific deadlines throughout the year that create peaks. April 15th is definitely a top contender on the list of important dates. Equally as important is October 15th. Once October 15th comes and goes, there isn’t a 2nd extension deadline you can push out to. If you miss this deadline, as you already well know, your clients will be subject to IRS penalties and interest. And your firm will stand to lose clients and future referrals. No pressure at all, right?!?!
If you have the right workflow, the answer is no – no pressure at all. If your workflow isn’t adequate at tracking due dates and deliverables or adapting to the realities of a CPA firm, the answer is inevitably yes.
Unfortunately, September 17th isn’t the best time to come to this realization! With the obvious stated, and roughly a month to go until October 15th is upon us, set a reminder, within a week after October 15th , so you make the time to look back and assess where your current workflow is lacking. This way you can accurately address your firm’s concerns while you still have time to make some changes prior to the start of the 2019 Tax Season.
Below are some key questions you and your staff should answer and reflect upon:
- What worked well?
- What did not work well?
- Did our technology help or hinder our effectiveness and tax process?
- Does our workflow manage all tax deadlines throughout the year?
- What improvement(s) would you make if you had the opportunity to do so?