The tax season is a hectic period for CPA firms every year, for the consecutive year, the Covid-19 effects have made things worse. There are last-minute regulatory and tax compliance changes to comply with. Clients need more information and clarity from CPAs. There is only one way for your CPA firm to win the battle, effective planning.
Here are a few proven strategies that can help your CPA firm in the busy tax season.
Pre-Planning: Familiarize yourself with Tax Changes
The IRS has issued several covid-19 related tax changes that affect both individuals and businesses. Get your team hands-on practice with these changes. Explore expected questions from your clients and get the required information first hand.
The tax 2021 will not be a usual one with several tax season changes.
Keep the delayed tax season dates in mind, although there is no official news on April, 15 tax season deadline.
Evaluate the tax impacts of the CARES act. Including the PPP loan and Employee Retention Benefits programs. Businesses can now benefit from both tax provisions until they satisfy certain terms and conditions.
Individuals had the provision of Retirement Plan withdrawals. Evaluate the impact on tax returns, say, if the filer plans to repay the full withdrawal in the next three years as stated by the IRS.
The IRS has allowed special provisions on Paid sick leave, charitable contributions, and unemployment compensation plans for this year as well.
Get the Right Tools for a Busy Season
Get the most powerful technology for the busiest time of the year. Enable your team with the right tools to deal with the rush. If you haven’t yet, get the cloud accounting system for your CPA firm as soon as possible. If you are too late for that transformation this season, you can collaborate with trusted partners (more on it below).
The best use of Cloud Accounting Solutions is the accessibility and collaboration. It will enable your team to access the records and share them from anywhere. It makes things easier for the clients as well.
Get the latest hardware technology for your firm. Upgrade to the latest versions of printers and desktops to avoid any lapse in performance. The investment in technology will always payback.
Reach out to the Wider Client Base
Many CPA firms are still reluctant to get a website. Create one for your business now if you haven’t already.
Maximize your potential of getting to a wider audience through an online presence. Creating a website, social media marketing plan, and paid promotions can help you reach the right clients. It will also help you to find the right clients that add value to business revenue, not just the workload.
Create a Digital Marketing Plan
The world has embraced digital transformation. You can become part of it through a comprehensive digital marketing plan.
Creating web presence and social media profiles cannot yield effective results. You’ll need to follow an aggressive marketing strategy in today’s competitive business world.
At Pransform, we have created a dedicated digital marketing platform Plethora I.T. to help our CPA firms and accounting partners.
The digital marketing strategy covers all the basis such as web development, social media marketing, email marketing, cross-platform synchronization, and customer behavior reporting. We can offer the expertise through a dedicated platform to get things going for you in a busy tax season.
Partner with reliable Friends
One way of handling the workload in a busy tax season is to partner with like-minded firms. Your clients are always looking for similar services like digital marketing, web development, IT, cybersecurity issues, and recruitment.
You can ask for referrals and recommendations from these firms to expand your client base. Conversely, it will also help you serve your clients in a better way. It can strengthen your existing partnerships and help you build new ones.
This collaborative approach can create a win-win situation for you and your newly formed partnerships. The best thing, it will create formidable bonds with your clients.
Outsource the “Routine Work”
If you have followed the steps above or created an effective pre-tax season strategy, you’ll likely face overburden. You wouldn’t want to spend time on routine accounting tasks such as bookkeeping and record reconciliation at this of the year.
Outsourcing such “routine work” of bookkeeping or accounting can reduce your workload. You can join hands with a reliable partner that is equipped with the right tools to share your workload.
At Pransform, we can help you with all types of accounting, bookkeeping, payroll, and taxation outsourced works. With our dedicated newly launched Plethora IT, we can help you create the digital footprint as well.