Tax season is approaching so we decided to ask some Accountants and CPAs what are the biggest pains associated with tax returns.
Unlike most polls, this one is completely unscientific – we simply grabbed a few CPAs and asked them the questions. Here’s what they told us when we asked what their biggest tax return pains were:
Bottlenecks: Bottlenecks occur when multiple people are involved in the tax prep process. The process halts when something is sitting in someone’s queue awaiting input or review. This is often exacerbated when the individual isn’t even aware people are waiting on him / her.
Redundant Paperwork: Interrelated forms often require the same or similar information. Nobody likes to fill out the client’s name and address on 12 different forms.
Missed Deadlines: Missed deadlines are more concerning because they can have a real impact on the firm and the relationship with the client. Missed deadlines due to bottlenecks or inadequate tracking were cited as particularly frustrating.
Compliance Risk: This is also an area that has consequences. The key issue here is compliance problems that are caused by missing, incomplete or inaccurate data.
Time / Task Tracking: What did you do and how much time did you spend on it? Tracking these important questions manually was identified as a pain.
So that’s the result of our unscientific poll. How does it stack up against what you face in your tax prep process?