4 Tips for Preparing Yourself for Next Tax Season
It’s the middle of summer, which might seem like the last moment that accountants want to be thinking about tax season. But the truth is, this is the time you have the mental and emotional space to think clearly about how to make this coming season even more of a success than the last. So, give yourself a little summer vacation, but come back ready to get to work so you can set yourself up for success moving forward.
Tackling tax season is not just about knowing all the regulations and being a technically good accountant. Your accounting firm will succeed based upon your ability to manage the business of accounting during tax season. Here are 4 things you need to work on right now in order to conquer tax season next spring!
Document Your Processes
When business is busy, and you’re having trouble seeing through all of the work, healthy systems are what will determine your success or failure. Everyone on your team should know exactly what your expectations are. If you want taxes filed in a specific manner, data stored and labeled in a specific way, or billing to occur in a specific timing you have to make that clear. Clear documentation will make our break your accounting firm during tax season. Take advantage of the slower moments this summer to formalize your processes before life gets hectic again.
Learn to Delegate
You know the saying, “if you want something done well, do it yourself?” Logic like that is the reason your drowning in work. Your job as a business owner is to delegate as much work as you can to the people around you. Are you spending all of tax season processing simple tax returns? That’s a waste of your time. Take note of all of the tasks you do in a day, and start passing off your responsibilities, one at a time, so you can get back to the business of building your accounting empire.
Invest in the Best Tools
By now you’ve heard us talk about Quickbooks Online. It’s an incredible tool and it makes our jobs easier. QuickBooks is just one of several digital tools we use that make our business run more smoothly (especially in the midst of this global pandemic. Online tools cost money, but they’ll save you time which is the greatest resource of all. Feel free to reach out if you’re interested in learning more about our accounting tools.
Take Care of Yourself
Honestly, this should be number 1 on this list. If you don’t make time to care for yourself you’ll never be as successful as you can be. When work is going full tilt it’s time to put your self-care into overdrive. And I don’t mean bubble baths and a glass of wine when I say self-care (though those things are fun). During these busy times its more important than ever to prioritize sleep, eating healthy, drinking plenty of water, and minimizing your stress with rest and meditation.
Let’s be honest, tax season is like the accounting Olympics. It’s the thing that we train for, and in order to get the most out of it we have to go into it prepared to win. For more information about taking on tax season, contact us anytime.