Today's Technology for Tomorrow's Firm.
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14 April 2015 • www.CPAPracticeAdvisor.com A YEAR IN THE LIFE: PAYROLL ACCOUNTANT You may not be able to go on an extended hibernation, but a shorter one is just what the doctor ordered. Once you a nd you r c l ient s h ave f inished f i ling and prov iding any follow-up documents that the IR S may have requested, take some time to recharge your bateries. Take a week or t wo, v isit a rela x ing place and take your mind of f a l l things payroll and taxes. During the vaca- tion, make sure to detach from work to allow your energ y stockpiles to restore themselves. Working while on break from work can lead to even more burnout. Encourage your staf to take a break, as well. O n c e y o u ' v e r e t u r n e d f r o m vacat ion, hopef u l ly you r head is clearer and you're ready to atack the day-to-day task s. First on the agenda? Geting organized. If you fell behind during fling, now's the t i me to get back on t rack . Orga- nizing fles from this year's returns w ill ensure that you and your cli- ents are ready to go for next year's t a x sea son . It w i l l a l so help you prov ide q u a l it y s e r v ic e to you r c l ie nt s . A n or g a n i z e d d a t a b a s e al lows you to easily f nd your cli- ents' fles when they call you w ith questions or concerns. Files that are in place and easy to access make it easier for you to have meaning f u l communication w ith you r c l ient s . You w i l l be able to quickly pinpoint any clients that you need to follow up with regarding tax i s s ue s . I n add it ion , you c a n a sk pointed questions regarding their payroll and make relevant sugges- t ions to i mprove t hei r processes. Look through your fles for clues for talking points. For example, if you helped i mplement a new pay rol l system this year, check to make sure ever y t h i ng is r u n n i ng smoot h ly. Find out if clients or their employees have any payroll related questions or need to ma ke a ny c ha nges to benef its, w ithholdings, etc. Many times, a good organizational system can make the dif ference bet ween practitioners that intimately know their clients and practitioners that lose their clients. A fer tax time is also a good time to reassess your resources. You may have ramped up staf at the begin- n i n g of t he s e a s on , b ut m ay no longer need the extra manpower. It's also possible that the normal busi- ness load has picked up and your frm needs the extra staf. Evaluate t he issues t hat were encountered during fling. A re there any issues that could have been prevented if your frm was properly prepared? If there are any areas to improve your staf 's knowledge and training, now is the time to identif y them. Create training programs that will ensure your staf has the k nowledge they need for the next tax season. Lastly, identif y any potential new re venue s t re a m s . A re t he re a ny additional pay roll ser v ices that you aren't currently prov iding to clients that could bring in extra revenue? Perhaps, there are clients that you cur rently prov ide consu lting ser- v ices to that you can bring into your pay roll clientele. Upgrading ser v ice packages that you ofer to ex isting cl ient s is a g reat way to br i ng i n extra revenue. Ta x s e a s o n m a y b e o v e r, b u t your pay roll business is not. Take some time to rejuvenate a fer the bu s y sea son, t hen i nvest back i n your f rm. Relax. Refresh. Reset. T ax season is ending which means that it's fnally time to unwind and put the stress of the busy season behind you. W hile it would be nice to hibernate on an island until next tax season, payroll still needs to be run during the ofseason. It may seem like there's no break in sight, but there are things you can do to relax, refresh and reset your butons afer tax season. Navigating Payroll at the End of Tax Season By Taija Jenkins