Not to belabor the point, but once again, with 1120C returns, we mostly see parity – or better – between the 2019 and 2020 return post-season filing pace. However, the widening gap year over year for returns not started could be of some concern. In the 07/15 update, the gap was 1.5%, while as of 08/30, the gap is 4%.
As with individual returns, I recommend the firm reach out to clients who have stalled in “not started,” determine why the client is in that status, and how the firm can assist. Prior to 07/15 deadline we could attribute a large percentage of “not started” with returns identified earlier in the process and extended. As we are well past the initial deadline, this is no longer the case.
In order to mitigate risk or possibly avoid future unforeseen pitfalls, consider how to engage these customers earlier in the process next season.
Concluding thoughts - Is your firm on track?
When looking at the national average, the 2020 filing pace looks to have caught up with the 2018 pace. But what if your firm pace is behind the national average, your firm’s prior year average, or both? How do you get back on track and focus on a successful Q4 and beyond?
The first step is to review the season and determine potential areas of improvement for next year, especially since virtual and remote work seems to be sticking around – and so does the coronavirus. Consider the success of your communication and client outreach programs, the effectiveness of your workflow solution, and staff productivity. Your workflow product, such as XCMworkflow, should be able to provide access to productivity data and other valuable insights to help you tackle any productivity challenges.
If your workflow solution isn’t providing you with what your firm needs to make data-driven decisions, or if you struggled through the 2020 tax season without a workflow and productivity solution, start looking now. Make sure that any workflow solution you consider provides a highly visual, fully interactive dashboard that allows you to:
- Benchmark your business performance by comparing business processes and key performance metrics to best practices, and to peer group comparative data.
- Gain a multi-dimensional view of your business process metrics including a historical and future-forward view of your business.
- Establish new KPIs to continually scale up your business.
As you enter extension season and begin to plan for the 2020 tax year, consider how your productivity platform is enabling you to understand your data and stay in front of the obstacles that might slow down your production cycle.
Until the 10/15 update, stay safe, stay healthy, and stay productive.