And it Starts Again
Hopefully you and your staff are rested up following the recent holiday season. You certainly deserve breaks like that, but here we are again…with the beginning of another tax season. Clients are already lining up to get on your calendar, and questions surrounding the new tax law have even heightened your newly acquired title of “Most Important Person in the Universe”. You may ask, “Did we not just file our last corporate return yesterday?” But lets be real, while many of our clients think we are only busy during the months of January through April and September through December, we know this is not the case. Audit heavy businesses are always facing the “next” deadline.
Tax Work Stops and Starts, but Audits are Ongoing
For those in the auditing space, your work never really has a stopping point. There is always an entity that needs a loan, has a buyer, or simply wants to tighten their internal processes. Being that the “game” never really slows down, sometimes you must slow down to speed up, as the old saying goes. Audit reviews are a perfect area, where you can improve your game.
Football: Oh boy…here come the analogies
I am a football fan on both the college and pro level. Specifically an Atlanta Falcons fan. Season ticket holder since 2004. While I am not a professional analyst by any stretch, I have seen offenses achieve operational and strategical advantage, by incorporating what is known as the “no huddle” offense. The purpose of the “no huddle” offense, is when an offense obtains an advantage, they do not relinquish it. Perhaps the defense does not have the right unit on the field. If the offense benefits, personnel wise, they do not stop between plays to huddle up. They simply run plays with no delay, in succession. The defense, which is unable to alternate their formation or personnel must “hang on” and endure the offensive surge, as best they can. See the final quarter of Superbowl LI for examples of this strategy.
Take a time-out to assess how you can operate more efficiently
The analogy just given, can be related to your audit reviews. The defense is your audit team. The offense, performing the “no huddle”, represent current inefficient processes in your audit reviews. These inefficiencies leave you breathlessly moving from crisis to crisis, with little time to permanently correct them. However, by taking a “time-out” to regroup your audit team, and implement efficient processes, through a top to bottom audit review analysis, you and your audit team can go on offense for a change. Vince Lombardi had many great quotes, one of which was “Perfection is not attainable, but if we chase perfection we can catch excellence.” You too can follow this line of thought, by chasing better efficiencies in your audit reviews. Face it, there may not ever seem to be a perfect time to tighten up your audit reviews, but a small investment of time now, can easily result in a windfall of productivity later.
To learn the best ways to improve your audit reviews, download our new e-book 5 Ways To Improve Audit Reviews .