Stress and frustration are two words that have become synonymous with the annual tax season and CPAs. There are even professionals tips providing CPAs with tips on how to stay fit during the tax season. While these tips may provide some tax season help from a health perspective, it still leaves the crux of the matter untouched. Clients may not have a correct view of the CPA’s frustrations during this period but these two reasons highlight a CPA’s pain points.
Unrealistic client expectations
Government action may cause glitches in the regular routine as it did in 2013 during the Government Shutdown. According to Peter Griffin, President of CBS Tax in Cincinnati, Ohio, “… everyone wants to come in at the same time, and no matter how you staff, someone will probably have to wait.”
Firm Preparation
Many CPAs have to train and retrain after updating IT systems and probably hiring new staff to ensure adequate tax season help for handling increased work volumes.
Easing the CPA’s Pain Points
One of the most pragmatic methods of dealing with the issues raised above is the use of bookkeeping professionals to manage that specific function of the CPA’s work. In a 2006 study of 228 global CFOs, seventy-three of them indicated a willingness to outsource processes that are ‘not core’. Looking from a CPA’s viewpoint, outsourcing bookkeeping functions will ease the tax season workload and enable the CPA to focus on the more strategic issue that demands critical attention. The following are immediate benefits of outsourcing bookkeeping functions. The following benefits accrue to the CPA in the short term.
1. Increased profitability: Limited resources can be better managed while core business functions receive adequate attention for enhanced profitability.
2. Deepen Client Relationships: The CPA can leverage the time gained to develop and deepen client relationships that typically suffer during these tense periods. This is accomplished without a reduction in quality of work delivered.
3. Reduced Costs: The costs of hiring specialized accounting staff is removed as the outsource partner shoulders that burden at a percentage of the costs.
Getting tax season help is as pragmatic as engaging a bookkeeping professional to shoulder the burden and costs of providing the best results while delivering value to the client’s shareholders and bottom line. For more information on how we can help elevate your Tax season stress click here.
