Three Tips to Help You Survive the Busy Tax Season
The tax season brings a lot of things for tax accountants – long nights in the office, rushing papers to meet the deadlines and a temporary hiatus from their social life. It is considered as one of the busiest seasons in the accounting industry, with accountants running all over the place to make sure that everything has been complied with the right figures at the right time.
With all the craze during this time of the year, it is quite easy to get lost and even experience a meltdown in the midst of the season. To help you make everything more manageable, here are some tips to help you survive (and successfully manage) this busy accounting season.
1. Leverage the latest technology available
Tax offices in most countries around the world have modernized their filing and/or lodging systems. For example, the United States’ Internal Revenue Service (IRS) allows electronic filing for individuals, small businesses, and large businesses through approved and/or designated online channels.
On the other hand, leveraging features and add-ons to your accounting software and updating them to their latest versions will ensure that you are using these tools in their full capabilities, making things a bit easier for you to accomplish and identifying errors in the process.
2. Prepare the required documents beforehand
Working during the tax season will be a whole lot faster and more efficient if you already have the documents ready and if you have familiarized yourself with the proper compliance process for each of your clients. Minimizing the need for back-and-forth communication just to get requirements from your clients and the errors in following the compliance process will save both time and resources during the tax season.
3. Plan a schedule and stick to it.
Before the tax season kicks in, conduct assessment meetings with your clients to fully understand their requirements and get a grip on how much work they require. This gives you an idea of how you can work around and in between your clients, and schedule workloads appropriately.
Once you have set your schedule, the next thing that you should focus on is sticking with it. This may come in as a challenge due to unforeseen circumstances and other emergencies. That is why it is important to leave a space in your daily schedule to address these matters. Finally, using time tracking apps and project management tools will help you keep track of your activities and organize your activities.
BONUS TIP: Stay healthy and exercise!
Nothing can impair you more in the tax season than the flu or any other ailments that will keep you out of your zone. Eating healthy foods, getting enough sleep, and setting aside time for regular exercise will bring you to top shape, giving you more energy to focus on the busy tax season.
Do you still find yourself in need of extra hands to handle the tax preparations for your clients? Check out D&V Philippines! Discover how our accountants specializing in different markets and states can help you work this tax season more efficiently. Additionally, you can also download our Talent Sourcing whitepaper to find out how D&V Philippines can help reach the right professionals to help you with your tax and other accounting services. Click the button below to get your copy.