Post Tax Season Opportunities for SMBs

Post Tax Season Opportunities for SMBs 2560 1707 Balance Point Team

Hopefully, tax season wasn’t too stressful — for your organization and your CPA. You might have even been pleasantly surprised by your credits and deductions, and got to keep some of your hard-earned revenue! Well done!

Now behind us (phew!), it’s time to give you the same advice we gave our friends in the CPA community: reflect and evaluate!

Tax season is a big ol’ can of worms, and can bring to surface some deep-sea monsters you didn’t even know to watch for. After tax-season, your attention immediately turns to the next big issue, while those issues continue to lurk. Fortunately, your CPA has experienced tax season with you, and can likely shed some light in those tough-to-see areas needing improvement.

Meet Your New Consultant: Your CPA

Jaws Chief Brody and Ben GardnerOh, you’ve met already? Wonderful!

Consider your CPA the Ben Gardner to your Chief Brody. They’re there to tell you how to approach and attack those issues – the big sharks, while you keep order and navigate the vessel.

Too often, CPAs get lumped into a container of numbers and figures. Often, they’re involved in many of your organization’s processes and can offer a unique insider/outsider’s perspective. With one foot in and one foot out, they have enough input to care, and enough separation to point out issues.

You don’t need a bigger boat; you just need to hammer down some nails on the one you’ve got!

…and your CPA can be an excellent source to locate potential issues.

Develop a Strategy

What did you notice during tax season that could be improved?

Jot down a list, it doesn’t have to be fancy. If you didn’t notice anything amiss, take a moment to speak with your managers about their experiences during tax season.

Once you’ve collected responses, go through them and give them some order. Which are most pressing?

Which aren’t much of a concern right now?

Having a tangible reference makes it much easier to take action and know what type of solution to look for.

Discuss Areas of Improvement

Your CPA might work with some larger clients – what do they have in place that your small business is missing?

True, they have the luxury of affording the best sonar and gadgets to streamline every process – but there are solutions available for small businesses, too.

And if you dodged the IRS’s harpoon this year, you’re in a unique position to benefit from an technology update.

Ask how their tax season experience was in comparison to yours. Are they using software that could benefit your organization? Do they have a standardized process for collecting business records?

The steps you take now allow you to focus elsewhere next tax season. Why focus on the approaching fin when you could be casting out for more clients?

Implement Changes

Post Tax Season Opportunities for SMBsThere’s work that comes with adopting new technology, no doubt. A great software team will guide you through the onboarding phase – while the tool itself should be simple enough to handle without long, arduous training processes.

Your shipmates – er, team – should find a smooth transition to a new platform. A very good solution makes the transition smooth and frees up time throughout their days for more pressing tasks.

No scrambling necessary.

In fact, solutions like HCM platforms streamline multiple facets of your organization. So instead of scouting the seas for multiple products, which is counter-productive to your goals, find a solution that checks off all your boxes.

Leverage Your CPA

Your CPA plays a core role in your organization 365 days a year. Gaining perspective from their experiences with you, as a client, will help you find issues that could have a simple resolution.

Your CPA is available to assist you where they can. Utilizing the individual expertise of your team will identify new ways of solving problems, locating solutions, and put you in better position to swim with those big fish.

So get to know the issues as your CPA and managers see them, find, and integrate solutions. Then it’s time to get in the shark cage, dip into the water, look those big fish right in the eyes, and say “Smile, you…”

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