5 Areas Top Accounting Firms Review After Tax Season and Why You Should Too
After a hectic tax season, many accounting firms will take a step back and review the previous year. Firms will evaluate what strategies worked, and which fell short of their expectations for the year.
Top accounting firms will then use the information they were able to gain from these evaluations to draft plans for changes that could be made moving forward. Firms will also use this data to propose new strategies based on areas that may have been lacking in the previous year, which can be implemented before the next tax season starts.
With the success that these review strategies, accounting firms, and other businesses stand to gain. Our research has led us to believe that these are the five best areas to review after tax season.
This review entails a standard review of all internal processes while primarily looking out for areas in which efficiency may be falling short. Doing a successful process review means being able to identify processes that can be better streamlined and where overall efficiency can be increased.
This often means being knowledgeable about which areas can benefit from investing in new technology, or other methods, that could help increase overall efficiency.
The value that increased efficiency can add to a company should never be underestimated. With more streamlined internal processes and a more efficient company overall, a business can drive down costs and increase total company value.
Ways to Increase Communication and Collaboration
Internal and external communications are significant factors for any business, large or small. Ask yourself: in the previous year, how effective were your businesses’ email, phone, and texting services? Were you able to achieve better collaboration internally, as well as uphold good client relationships? Look for improvement wherever possible.
Especially during a time when social distancing is crucial for safety and security. Being able to rely on a reputable online communication method is a necessity for businesses of all kinds
Many companies have begun using services like Microsoft Teams as a method for online and remote internal and external communication. In a similar thread, a few other useful communication services being utilized by IT and accounting firms are Mitel’s hosted telephone services, which allows phones to be answered remotely from any location. Perfect for customer service departments where employees may not have the luxury of being in-office to answer phones and can instead communicate with clients from home. Secure email and e-signing services like SignNow also allow for secure communication and document signing with clients or employees.
Being able to implement new communication methods or improve existing ones is the mark of an excellent company. Time and time again, it has proven to translate to success and increased productivity for any business.
When reviewing the topic of security, be sure to evaluate whether you or your clients experienced any security risks in the past year. These could be risks that could have or did disrupt business. Security breaches or hiccups can lead to long procedures to remedy them, and in the worst scenarios, can even mean legal issues or fees.
The IRS provides parameters for upholding their standard for security. Assessing these standards and ensuring that your business doesn’t have any trouble in meeting them should be a top priority for small businesses. Security breaches and the fees that accompany them can cause major problems, or at worst, business closure.
Investing in Growth and Talent Acquisition
Large accounting firms have been able to benefit from utilizing new remote work technology to allow for greater flexibility in their team’s dynamic. This provides the opportunity to incorporate untapped talent into the company that wouldn’t have been able to be there otherwise due to physical, time, or distance constraints.
Remote work optimization is a great way to open doors for more talent and can certainly help in growing a smaller business. Looking for opportunities to incorporate or improve a remote work system is a great practice to have in a year-end or tax season review.
Transitioning to Another Role
During the COVID pandemic, many companies have seen their roles shift. For example, accounting firms have begun diversifying their roles by providing advisory services. In such a volatile time, sound advice from an expert in a field is more valuable than ever.
It’s important to ask a question of your own company as well, regardless of whether your company is a small business, or a large Accounting Firm. How can you diversify your services to more accurately fulfill the needs of your clients during these turbulent times? Is there any way that you can adopt new technology or procedures to help you better achieve this?
Many businesses have begun to make transitions towards adding an advisory aspect to their services. Being able to assess if your company can make a transition to another role can do wonders in the realm of securing business and “future-proofing” your company.
About the Author: LammTech
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