The accounting profession has changed dramatically in just a few years, and it has never been more important to be ready for what’s ahead. The 2023 busy season will be a critical time for firms to set the tone for a successful year. Complete these steps to ensure your firm doesn’t fall behind.
Address your staffing needs
More than half of firms have reported that they plan to grow by adding or updating their technology. To ensure your firm can handle the increased workloads of busy season:
- Purchase software licenses for new or seasonal staff. Lock in this year’s rates by adding licenses before year-end.
- Set up e-signatures to securely collect electronic signatures for engagement letters, From 8879 and other documents.
- Support in-house staff during busy season by outsourcing transactional work.
Increase your expertise
Provide your staff with resources to become more knowledgeable. Nearly 80% of firms reported that technology has helped them improve employee skillsets. Consider these tips for maximizing expertise:
- Think about training options for new and experienced staff and complete year-end CPE requirements.
- Get staff ready to excel by attending a Tax Update webinar.
- Gain bandwidth and improve accuracy by using scanning software to organize source documents and populate tax returns automatically.
Focus on productivity
With 79% of firms reporting that technology helped reduce the number of hours worked per return, it’s clear that streamlining processes is a key busy season strategy. Achieve quick ROI with these time-saving technologies:
- Create structured processes with workflow automation to achieve the next level of productivity and gain control over chaos.
- Evaluate your digital storage needs and purchase additional storage and/or portals if needed. Or upgrade your client experience with a digital collaboration hub.
- Measure and track key performance indicators with integrated business intelligence.
Minimize and manage complexity
Sixty percent of firms reported that they plan to grow by adding new business clients. To ensure your firm has the right software to support these more complex clients:
- Simplify business tax returns using an integrated trial balance system to connect client data and easily prepare balances that populate in the tax software.
- Deliver greater insights with data analytics and leverage data extraction tools that integrate with Microsoft Excel.
- Create additional engagement and revenue opportunities with predictive intelligence technology.