Tax Season is Over: Take Steps Now to Advance Your Firm During Extension Season

The individual filing deadline is behind us. Tax professionals are now using this time to reflect on what went right and what went wrong during tax season.  They’re thinking about what they have to do to improve their tax workflow processes. And they’re also looking for new ways to ensure staff is maximizing their time and billable hours.

The next three months provide a valuable opportunity for firms to either test drive or implement new software solutions. Now is also a good time to train staff, offer tax planning services to clients, and consider their staffing resource needs moving forward.

4 Steps to Success

Here are a few things to keep in mind:

  • Take Advantage of a True End-to-End Digital Tax Workflow. Portals, online tax organizers, source document data import software, document management systems, workflow tracking software, and other digital tax workflow tools are time-tested and ready to implement.  The profession is changing. Firms that want to stay ahead need to look at their processes and improve their tool set.  A more Digital Tax Workflow can help you do that.
  • Use This Opportunity to Train Staff. There’s no better time to get your staff up-and-running on new software, or discovering new ways to save time via integrated solutions that work together.  Consider the many benefits of software training and maximize your software — and staff — ROI.
  • Add New Revenue Streams via Tax Planning Services. Clients want to know how the Tax Cuts and Jobs Act of 2017 – the first major “tax reform” law enacted since 1986 – will affect them.  Find time to answer their inquiries and potentially add more billable hours to their portfolio.
  • Address Staffing Issues via Outsourcing. Tax preparation outsourcing can help you cut costs by up to 60 percent because it supplements and streamlines your in-house tax return processing operation with highly trained onshore and offshore tax professionals.  It also allows you to re-direct staff to focus on higher-value client engagements.

It’s in your best interests to take advantage of lessons learned from this past tax season and spend time thinking about how you can be more successful and profitable through the rest of the year – and beyond.


Jack Gallagher

All stories by: Jack Gallagher