According to Economia, almost 76% of accountants are having their day affected by a bad night’s sleep! In fact, a massive 90% of respondents admitted their emotions were affected by stress-related sleep disorder!
With the tax season fast approaching, things could get more stressful for you and your team. So what can you do to remedy the sleepless nights?
1. Invest in your accounting staff's future
With millennials now being the largest generation in the workforce, accounting practice partners need to be mindful of what their staff wants and adjust their work processes accordingly.
Today’s accountants want to move away from their traditional role into a more profitable business adviser position. They may be aces at accounting, but their time could be used for building more profitable relationships with your clients.
When Accountancy Age, questioned accountants in their survey last year, “What are you most looking forward to in the next five years,” the majority answered “Retirement”!
It’s important to not to overwork staff like this. Take a moment to assess whether you can use external support to complement your in-house staff during the busy season.
2. Use the right technology to get back some time
Even if you are a modern accountancy practice, you might have clients who still deal in paper receipts. This can become a nightmare, especially when you are trying to sort their tax returns in December and January.
One solution could be to automate everything you can. Use a data extraction app like Receipt Bank as it takes data from the invoice and outputs it straight into a spreadsheet or a cloud accounting software, allowing you to begin preparing returns straightaway.
3. Check practice capacity
It’s important to check your practice's capacity to deal with the workload. If you are expecting a higher number of tax returns this year, ensure you have sufficient resources. And if you aren’t too sure, have a back-up plan in place. This could include:
- Having access to a scalable team of tax experts in an outsourcing company (at half the cost) to help manage the overflow tax return work.
With outsourcing, there is no need to worry about hiring overheads as the outsourcing provider deploys a team of trained and experienced tax experts to process your clients' tax returns..
A 2-partner firm in Southampton (NDA protected) has this to say about our tax outsourcing services, “During the tax season, we work 15-16 hours a day but with QXAS’ quick turnaround of 24-48 hours, we save considerable money and also breeze through the rush.”
The January tax season is infamous for putting extra pressure on your practice. The worry of the tax return work can cause anyone sleepless nights, especially as we get closer to the Christmas holiday rush.
But it doesn’t have to be this way. With the right support, you can significantly reduce the stress. Every year, we help practices of all sizes regain control of their compliance workload, especially during their busiest times.
Click on the link below to find out more about how QXAS can make the tax season more productive and profitable.