This year’s tax season may have come and gone in a flash, but that doesn’t mean accountants around the nation still don’t have their work cut out for them. After all, with some proper planning, the after tax season can be one of the most productive parts of your year, and can give you a serious leg up on the competition if you play your cards right.
A CPA’s work is never done
While some naïve or amateur CPAs may like to kick their feet up after April 15th has come and gone, it’s a simple matter of fact that a good CPA’s work is never done. There’s always year-round work that needs to be taken into consideration, whether it’s preparing for upcoming audits or wrapping up the last of your bookkeeping. 2018’s after tax season is no different, and while this year’s tax season may have been made all the bit more hectic thanks to the IRS tax day glitch that caused headaches around the nation, that’s no excuse to take some extra time off and let your potential go to waste.
For instance, many of your old clients may no longer be demanding large chunks of your time in the after tax season, which present you with a myriad of opportunities to expand your business and build new, lucrative relationships. Many CPAs who find themselves with extra time on their hands in the after tax season explore the possibility of becoming a financial planner, an incredibly sound opportunity for accountants who have done all of their homework. This is because CPAs and financial planning go hand in hand, and much of the free time that you now have on your hands can be spent making some extra cash to fill your personal coffers.
Of course, not everything in the after tax season should revolve around work. Given that it’s now a well-known factor of the modern workplace that rested employees are more efficient and happy than employees who are constantly forced to work nonstop, it stands to reason that you can view the after tax season as an opportunity to take a brief vacation in order to recharge. If you really want to make the best use of your after tax season, however, don’t let your vacation drag on for too long; while everyone needs a chance to relax every once in a while, you don’t want to get carried away and waste valuable time that could otherwise be spent building professional relationships or bolstering your existing income.
Most seasoned accountants take a little bit of time off right in the immediate after tax season, but then get right back to work the minute their batteries are recharged. This is because many of your less-disciplined competitors will find themselves taking this opportunity to unwind for as long as possible, meaning the after tax season is the ideal time to gain a leg up on the competition when their guard is down. Exceptional accountants will know that they should treat themselves to some well-deserved rest and relaxation every now and then, but that they can’t spend too much time away from the hustle without sacrificing some career progress.
Foraying from your comfort zone
Savvy accountants will understand that the after tax season offers them a series of lucrative opportunities to foray from their comfort zone and try new lines of work that are related to their existing occupation. Retirement planning, for instance, is in many ways similar to the day to day work that many CPAs currently find themselves doing, and unlike filings taxes, your clients will essentially be preparing for their retirement all year round. If you’ve never delved into the world of retirement planning as an accountant, consider checking out some professional guides on how to get involved in it while you have some extra time on your hands.Of course, you don’t want to stray too far from your existing boundaries, especially if you have picky clients who demand your attention constantly. The after tax season shouldn’t be viewed as an opportunity to shelve your existing responsibilities, but rather as an opportunity to stay in touch with clients 24/7 to prove to them you’re sincerely invested in their financial wellbeing. This could mean investing in a good VPN so you can access the internet anywhere, such as using a NordVPN coupon to get this for cheap. Take this time to ensure your clients are up to date on their portfolios, and they’ll be less likely to ditch you for another CPA when tax season rolls around again.
Finally, we’d be remiss if we didn’t cover learning about the exciting new technologies reshaping the field of accounting. This may be the only free time you have in a while, so brush up on automating technologies that could cost you your job if you’re not familiar with them. Don’t study too hard, however; after all, even the most committed CPA should take a little bit of a break in the after tax season.
Gary Eastwood is a CPA licensed senior accountant from Seattle, Washington. He received his CPA license from the Washington State Board of Accountancy in 2001 before relocating to Onawa, Iowa in 2008. Over more than 15 years of accounting experience, Gary has worked with multinational health service providers and independent CPA firms. He has a proven ability in dealing with business clients from a variety of backgrounds as well as leading companies to greater efficiency and profitability. He is familiar with both US GAAP and China GAAP.