Tax season is one of the most critical times of the year for accounting teams. With tight deadlines, changing regulations, and the pressure to ensure accuracy, preparing is important for a smooth and successful process. Whether you’re a small business or a larger corporation, having a strategy can help your accounting team handle the demands of tax season efficiently. Here’s how to ensure your team is fully prepared.
Start Early with a Tax Calendar
Create a tax calendar as the first step in your preparation. A well-organized calendar will help your team track key tax deadlines, such as federal, state, and local filing dates, estimated tax payments, annual reports, and payroll tax filings. Make sure the calendar is accessible to everyone on the team so everyone is on the same page.
Organize Your Financial Records
Ensure your financial records are well-organized. Missing or incomplete records cause delays and lead to tax filing errors. Review company financial data, including revenue, expenses, and payroll, to ensure accurate and up-to-date documents.
Get Up to Speed on Tax Law Changes
Tax laws can change frequently, and staying on top of the latest regulations will help you avoid compliance penalties. It’s a good idea to assign someone on your accounting team the responsibility of monitoring tax law changes and communicating any updates to the rest of the team.
Review Last Year’s Filing
One of the best ways to avoid errors is to look back at last year’s tax filing. This due diligence can help your team identify any challenges or mistakes that occurred and how they were resolved. Reviewing past filings can also help identify deductions or credits your business might be eligible for again. Create a checklist based on last year’s filing that your team can use as a reference.
Optimize Your Accounting Software
The right accounting software can make all the difference when preparing for tax season. If your current tools don’t provide the necessary features, consider upgrading to tax-specific software. Ensure your team is familiar with the software’s capabilities, such as automated tax form generation, expense tracking, and financial reporting. Automating tasks like data entry, report generation, and form filing can save your team valuable time and reduce human error.
Seek Additional Help
Did you know that 82% of accountants experience burnout symptoms during tax season? Consider additional help to support your existing teams and cut down their stress. ADD STAFF helps companies increase staff during periods of high volume. We also operate as full-service recruiters to supplement your existing HR teams. Contact us today to discover how we can be a resource for you and your accounting team.
