Change How Your Firm Operates This Tax Season

Your busy season is rapidly approaching. Would you like to make this year’s tax season run more smoothly and more profitably than last year’s? As a Pennsylvania CPA or accountant, it’s time to look at what changes you can make that can improve efficiency, more positively impact your clients, and provide greater revenue for your firm.

Doing things “the way you’ve always done them” doesn’t work anymore in this ever-changing business world. Whether you have business clients or individual clients, both are looking for a financial partner who can provide high-level financial services and tax preparation quickly, conveniently, and accurately.

Review the tasks you and other team members perform and determine if time is being used most efficiently. Could some of your tasks be delegated to another team member with less expertise than you so that you can focus on the items that truly require your skills? Can you adjust tasks for your other team members to ensure each is performing tasks within their skills and interests?

Review the reports that are being generated for business clients. Are they all still necessary? Would different reports be more beneficial for your clients?

What are your niches? In which areas do you and your team produce the best work, make the most profit, and enjoy the work the most? These are the areas you should focus on in this tax season and plan to increase in the new year.

Would your practice benefit from some part-time help in the peak seasons? There is some good talent available who work temporarily or part-time, but are nonetheless fully qualified to support your team.

Are your procedures standardized, or are there inefficiencies that could be improved by clearly defined procedures or templates? Is it time to upgrade to a project management or practice management system?

A 2022 industry study found that accounting firms with above-average revenue per employee implemented productivity tools 61% more than those with lower revenue per employee. There are many separate technological tools that can improve workflow, client interface, and project management. A practice management system usually combines many of these into a single integrated solution. Some of these different tasks that can be (and probably should be) automated include:

• Customer Relationship Management (CRM) software: A robust CRM for client and prospect management and communication can track your prospects right through to clients, and can aid in efficiently onboarding your new clients for greatest customer satisfaction and retention.

• Client portal: It is critical today to have a secure, encrypted portal for your clients to share documents, e-sign, and engage in secure communication. PSTAP offers our members a free membership to Verifyle Pro Account, a powerful client interface tool that provides these services.

• Customer communication tool:  Often included in a CRM, a communication tool keeps all client-firm communication in one convenient location, connected with the client’s account, rather than each of your team members sending separate emails.

•  Internal communication tool: Team members communicate about business exclusively through this tool, tracking all communications, ensuring efficiency, and avoiding miscommunication

• Project management: This is almost indispensable if you have more than one person in your firm. With a project management tool designed especially for accounting firms, you and your team can track what parts of projects are being performed by whom, their progress, and any bottlenecks that may be developing. This tool will dramatically improve your efficiency.

There is one caveat with the increase in technology, and that is a tendency toward dehumanization. No matter how efficient you are, if you don’t have human-to-human interaction with your clients, you will not retain them. They will go elsewhere seeking both good accounting and personal interaction.

Everyone needs to feel like they are important, especially to the individuals who are handling their very personal and private information. Tools such as CRM and communication platforms should be used to help you reach out personally and more often.

Talking to clients regularly helps you understand their needs, finding out where their frustrations lie and how you can help them. This not only strengthens your business relationship but can also lead to additional work for your firm.

Start this busy season by reaching out personally to your best clients and those in the niches you would like to build. Implement a few of the changes recommended above, and plan a few more upgrades in the new year. Not only will this year run more smoothly and profitably, but next year will, too.