Act now to make tax season a breeze
Life as an accounting professional is demanding: from managing multiple clients, ever-looming deadlines to ensuring you’re regulatory compliant: then accountants also have to survive each tax season.
We looked in closer detail at suggested ways accountants can reduce stress by making their workload that bit easier in tax season.
Examine your processes
Examine every step of your tax season and document where you are seeing bottlenecks internally. Is it always at a certain stage or task? What changes and tweaks can be made to simplify the ways things are normally done to free up time, resources and make things more efficient across the business?
Look at technology that reduces the administrative burden for accountants so members of your team can improve their processes and get back to higher-value activities. Their time is money after all, and off-the-shelf solutions exist that can be up and running in a day for all the business to use.
Embrace outsourcing
There are many ways to streamline your workload and reduce time spent on tasks you can entrust to a third-party to complete in a fraction of the time. Everyone has manual tedious tasks that take up too much time, often third-party solutions can complete them quickly as they can work at scale and are audited and assessed to produce the highest standard of work.
Processes for compliance can be a good place to start with and they also mean you are reducing that margin of error in your AML compliance, while preventing fraud at source.
For example, ID-Pal can simplify identity and address verification as part of AML compliance for accountants, by verifying documents in real-time and providing a robust audit trail. Meaning businesses can get back to tax season and work that will directly impact their bottom line.
Use trusted third-party solutions to automate processes like reminders, document gathering and compliance, jobs that typically take up time over several days or weeks. This will lead to long-term back-office efficiencies too.
Chartered Accountants Ireland Members: get 1 month free on any business account.
For more information, contact Peter Davitt on 087 700 7584 or email Peter.Davitt@id-pal.com. *T&Cs apply.
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Contact us today for a live demo of how the ID-Pal service can be easily integrated with your business.
