Amelio

Game Of Tax: Winter Is Coming!

tax-season-is-coming

 

 

Game of Thrones fans get the reference. For those who have not seen the HBO hit, the phrase, usually accompanied by ominous music, is the motto of House Stark – one of the ruling families in the series. They use it as a reminder that hard days are coming and you must prepare.

As you think about your upcoming tax season is there ominous music playing in the background? Will it be a walk in the park or more like the Red Wedding episode of GoT?

To help answer that question, and to get you better prepared for tax season, the House of Amelio makes the following suggestions:

Assess your workflow: If you have a workflow solution, learn a little more about what it actually does for you. The hard truth is many solutions that claim to offer workflow really only allow you to create a list of tasks to be completed for each process. There is no flow – no business logic. Here’s a simple example: you likely want to treat the engagement acceptance for a new client differently than existing one. A good workflow solution will manage that automatically rather than forcing the user to make the decision.

If you don’t have a workflow solution, start looking. The ROI is to your advantage and can be significant.

Take action on integration: Most CPAs have multiple systems on multiple platforms involved in the tax process. This creates data redundancy, data accuracy and compliance risks. It also drains the productivity of your team. Take a look at your systems and try to integrate where possible.

If you’re not sure how to start, here’s a good place.