Does Your Firm Have a Continuous Tax Process Or Are You Managing Individual Tax Deadlines?

continuous improvement

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, October 3rd isn’t the best time to come to this realization! With the obvious stated, within a week after October 15th is a perfect time to look back, assess and address where your current workflow is lacking. Plus it gives you time to make some changes prior to the start of the 2017 Tax Season.

Below are some key questions you and you staff should answer and reflect upon:

  1. What worked well?
  2. What did not work well?
  3. Did our technology help or hinder our effectiveness and tax process?
  4. Does our workflow manage all tax deadlines throughout the year?
  5. What improvement(s) would you make if you had the opportunity to do so?