Managing a High Volume of Tax Returns: 10 Proven Strategies for CPA firms to Crush the Competition

As a CPA or an accounting firm owner, you know firsthand the challenges of managing a high volume of tax returns. Not only is it time-consuming, but it also requires a great deal of organization and attention to detail. However, with the right strategies, like tax preparation outsourcing services, you can efficiently handle a large volume of tax returns and provide excellent service to your clients.

Managing a high volume of tax returns requires careful planning and organization to ensure that everything is completed accurately and efficiently. It is critical to devise strategies to handle a high volume of tax returns and keep clients happy.

First and foremost, it is important to set up a system for tracking and prioritizing tax returns. It could include creating a schedule or calendar to ensure that returns are completed on time. It is also helpful to use technology to streamline the process, such as tax preparation software or apps that can automate data entry and calculations.

If the volume of tax returns is too much for the current staff, it may be necessary to hire additional help. That could include temporary workers or interns who can assist during the busy season. Delegating tasks to staff members and setting clear expectations with clients can also help manage the workload and prevent delays.

Proper organization and record-keeping are also crucial for managing a high volume of tax returns. It includes keeping all necessary documents and information organized and easily accessible and double-checking for accuracy and completeness. Managing a high volume of tax returns thus requires careful planning and a team effort. By implementing the strategies outlined above, CPAs and accounting firms can ensure that they can handle the workload and deliver excellent service to their clients.

Read on to explore some key strategies that CPA firms can use to effectively manage a high volume of tax returns. 

1. IMPLEMENT A SYSTEM FOR PRIORITIZING AND ORGANIZING TAX RETURNS

It is important to plan to prioritize tax returns based on deadlines, complexity, and client needs. This can help ensure that the most important returns are completed first while less urgent returns are handled promptly. One way to organize returns is to create a list or spreadsheet that includes the client’s name, the type of return, the due date, and the assigned team member. This can help ensure that all returns are accounted for, and that team members know which returns they are responsible for completing.

2. USE TAX PREPARATION SOFTWARE TO STREAMLINE THE PROCESS

Tax preparation software can greatly speed up the process of preparing tax returns by automating calculations and reducing the need for manual data entry. It can also help improve accuracy by ensuring that all calculations are done correctly, and that all necessary forms are included. Some popular tax preparation software options include TurboTax, H&R Block, and TaxAct.

3. TRAIN TEAM MEMBERS ON THE LATEST TAX LAWS AND REGULATIONS

All members must be up-to-date on the latest tax laws and regulations to ensure compliance and accuracy. You can achieve this step through regular training sessions and by subscribing to newsletters or other resources that provide updates on changes in the tax code.

4. ESTABLISH CLEAR COMMUNICATION CHANNELS WITH CLIENTS

Clients often have questions or concerns about their tax returns, so it is important to establish clear communication channels to address these issues. This can include setting up regular meetings or phone calls to discuss progress and answer questions and providing regular updates via email or other methods.

5. UTILIZE ELECTRONIC FILING METHODS

E-filing methods, such as e-filing, can greatly reduce the amount of paper handling involved in preparing tax returns. It can also help improve efficiency and reduce the risk of errors or lost documents. Many tax preparation software programs offer e-filing capabilities, making it easy for firms to submit returns electronically.

6. MONITOR WORKLOADS TO ENSURE TEAM MEMBERS ARE NOT OVERBURDENED

It is important to ensure they can handle the tax returns. That can be achieved through regular check-ins and communication with team members to ensure they can complete their work promptly and accurately.

7. SWITCH TO TAX PREPARATION OUTSOURCING SERVICES

Outsourcing tax preparation to an expert offshore staffing provider can free up time for more complex tasks and allow team members to focus on their areas of expertise. That can be especially useful during busy seasons when there is a high volume of tax returns.

8. USE PROJECT MANAGEMENT TOOLS

Project management tools like Trello can help firms keep track of progress and assign tasks to team members. These tools can help ensure that all returns are completed on time and that team member clearly understand what is expected of them.

9. REGULARLY REVIEW PROCESSES AND MAKE IMPROVEMENTS

It is important to periodically review and make necessary improvements to ensure efficiency and productivity. Doing so can include identifying bottlenecks or areas where errors occur and implementing changes to address these issues.

10. TAKE BREAKS AND ENCOURAGE TEAM MEMBERS TO DO THE SAME

Team members must take breaks and maintain a healthy work-life balance to avoid burnout. Encourage team members to take regular intervals and step away from work to recharge and refocus.

WRAPPING UP

As a CPA, it’s crucial to have effective strategies to manage a high volume of tax returns. Not only does it help you stay organized and on top of deadlines, but it also allows you to provide top-notch service to your clients. One strategy that has proven successful for many CPA firms is outsourcing tax preparation tasks. That can free up time and resources to concentrate on other critical aspects of the business and help during peak periods or when faced with a large influx of tax returns.

Automating processes, implementing project management tools, and training your team to be efficient and productive are other strategies that can help your CPA firm effectively manage a high volume of tax returns.

CPAs and accounting firms are in high demand during tax season because they are experts in preparing and filing tax returns. Many people and businesses rely on CPAs to ensure that their tax returns are accurate and complete and to take advantage of any tax credits or deductions they may be eligible for. Because the deadline for filing tax returns is usually in April, CPAs are often very busy, especially close to deadlines, as they work to prepare and file tax returns for their clients. Additionally, some people and businesses may wait until the last minute to seek the help of a CPA, which can also contribute to the busyness during tax season. Don’t let the workload overwhelm you; sign up for the best tax preparation outsourcing services.

MUST READ: Tax Preparation Outsourcing 101: The Ultimate Guide for CPA firms

QXAS: THE MOST TRUSTED OUTSOURCING PARTNER FOR TOP ACCOUNTING FIRMS IN THE USA

When you partner with QXAS, you can confidently and successfully handle any volume of tax returns that come your way. As a leading expert in outsourced tax preparation in the United States, QXAS has helped accounting firms save up to $99,000 with our top-notch services. We have over a decade of experience assisting CPAs, accountants, and EAs with managing their clients’ tax preparation needs. Our offshore tax preparers have extensive knowledge of US tax legislation, and they stay updated with the constant changes.

Outsource your stress to QXAS and stay ahead of tax season with the assurance that your clients’ taxes are in the hands of the best preparers using the most secure tools.

THE QXAS DIFFERENCE

Partner with us to experience the benefits of expert tax preparation and managed FTE solutions. From flexible engagement models and customized pricing to quicker turnaround times, our services can help your firm achieve substantial cost savings and greater profitability. Plus, our commitment to data protection and compliance ensures the highest quality and security for your business.