Business Tax Return Challenges

Business tax return challenges are many. When considering, three (3) big challenges come to mind.

  1. Challenge #1 – Efficient management of trial balances.
  2. Challenge #2 – Dynamic computations vs. static data entry.
  3. Challenge #3 – Comprehensive diagnostics

If you are not worried about maximizing the efficiency of your business tax returns to be able to overcome such challenges, that is good news for your competition! Your competition stays focused on beating you. Your strategy to beat them? Think about what 5 minutes can do for you.

The Power of Five (5) Minutes

Say your firm employs five (5) people and completes 1,000 engagements every year at $125 per hour – tax, audit or otherwise. Considering just business tax returns alone, if each return takes about 10 hours to complete, and you saved only 5 minutes from each one, you would gain over 80 hours to focus on new revenue opportunities for your firm.

1,000 Returns x 5 Minutes Saved per Return = 5,000 Minutes Saved
5,000 Minutes = More Than 83 Hours Saved Per Year
83 Hours Saved at $125 an Hour = More Than $10,400

It Gets Better!

Firms like yours are improving their efficiency for both tax and audit engagements by learning from colleagues and industry leaders, and considering what technology is available to best help meet their firm’s needs. Is improving your efficiency to overcome your business tax return challenges important to your firm too? I would certainly think so!

Check out this infographic to learn more about the power of five (5) minutes. Then read the Future of Tax whitepaper that you can access from that same page. Overcoming even the three (3) big business tax return challenges is possible with the help of solutions like CCH ProSystem fx Engagement. It is time you learn more!

AUTHOR

Wendy Cable

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Wendy Cable