Two people discussing financial plans for their practice.
Running a business

Tax season is done, now what?

For most financial professionals, the end of the tax season marks the beginning of vacation season and a chance to recover from an exceptionally busy few months. The last thing accountants/bookkeepers want to think about is ledgers, returns or anything related to their client’s financials.

However, before you escape to something distracting that will take your mind completely away from the long hours and impacted hours you have endured, you may want to consider the following:

  1. What worked well this tax season? All financial professionals have different procedures they have already implemented to streamline their client interaction and how efficiently they can process information. With that being said, it is always a good idea to evaluate those practices to decide if they achieved their objective, or if there are possible changes that could make them even more productive for next year.
  2. What didn’t work well this tax season? Were there any processes that actually caused your team to duplicate work, or otherwise be less efficient? Are there some changes in those processes you can implement for next year that will alleviate those issues, providing enhanced efficiency?
  3. What can be done to improve client participation? Did your clients provide you with their financial information on a timely basis? If an appointment was needed, were they responsive in your attempts to schedule an appointment? For next year, what can be done to more effectively solicit the necessary financial information on a timely basis and proactively schedule an appointment? If necessary, did they have a simple way to request an extension request be filed?

Of course, it is expected that everyone in your office will be ready for a break once the tax deadline has come and gone. By spending a short amount of time to “debrief” before the immediate experience has left their minds, you will potentially create some invaluable processes for next year.

Once that is done, by all means TAKE A VACATION, or do something you enjoy. After all, you survived another tax season and you deserve it.

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