How Chartered Professional Accountants Use The Post-Tax Season

 Once the very busy tax season is over, there are many things Chartered Professional Accountants (CPAs) can do to both prepare for the next season and the grow the firm. During the month of May, accounting firm will double check the files, making sure all supporting documentation are in good order, as they are always subject to CPA license review.

Firms may also be handling any post season tasks such as companies who were granted extensions for filing their taxes or helping other companies who did not file their tax returns in previous years. Firms can also use this time to collect client feedback on how the tax season went, what went well and what can be improved for the following season. This should be done soon after the end of tax season so that the client’s interaction with the employees is still fresh in their mind to allow them to give their most honest feedback. This information helps to make informed decisions and can also help measure the firm’s improvement and success rate over time.

With regards to growing the firm some accountants will use this slow time in the tax world to update their processes and technologies which can help streamline the tax process for the following year, providing more opportunities for services that add value to their clients. Some firms may also decide to focus their time on firm marketing and promotion of services offered to increase clients for the following tax season.

Another way to use this time is to continue their education and grow their career. This can include training or partaking in lectures for Continuing Professional Education, which is required for all CPAs to maintain the professional competence in the field. By following the Professional Development Education CPAs are able to keep up with new CRA rules and regulations as well as with CPA rules of professional conduct. Post-tax season is the ideal time to earn your CPE credits to make sure your up to date on your professional competence and skills. While it may be an easy thing to brush off for another time, getting your annual CPE credits checked off early allows you to take any learnings from your courses and apply them to your firm operations or ways of working.

On the other hand, some CPAs also use their vacation time or schedule work retreats for team bonding as a way to wind down and recuperative after a very intense work period during tax season. This much needed break is important for the mental, emotional, and physical health of the professional accountants and allows them to recharge and prepare for the upcoming tax season.

A few ways accountants and their employees can take a break without using their vacation time is through, taking an afternoon off, spending your lunch breaks and after work time outside, spending time with family and loved ones and to also mediate or practice exercises that can recharge you mentally.