Marketing Small Business

Three Things Accountants Should Do Right Now

Now that tax season is over, what should accountants and CPA firms do?

The tax season is over (hurray!), which means that the flurry of documents, number-crunching, and filing has died down. It’s commonly believed that accountants spend the rest of the year lazing by the poolside at some exotic resort – and you should undoubtedly take a break after all the hard work.

However, as you know, there’s plenty to be done even after the tax season. For one thing, your clients need bookkeeping and financial planning support all year round. Additionally, the relatively low-stress levels after tax season make it the perfect time for you to catch up on activities that help you grow as an accountant.

So, if you’re wondering how to utilize your time after you’re back from that vacation, here are three things that are worth investing effort in.

1) Catch up with your learning

There’s never a bad time to learn something new, and with the event season about to commence, getting certified won’t be a problem. Consider signing up for relevant events offering worthwhile workshops that boost your skill set and help you accomplish your long-term career goals.

For instance, if you are looking to diversify your skill set and expand horizontally into new roles such as forensic accounting or risk analysis, a CPE certification could fit the bill.

On the other hand, if you are looking to shift into a more global role, the Certified Management Accountant (CMA) could be worth exploring. And the good news is you can study online.

Alternatively, consider signing up for a mentorship program where you can work with industry veterans who can share their expertise in the world of finance and accounting.

2) Consulting and advising

The services of an accountant come in handy all year round. From general bookkeeping and payroll management to non-profit accounting and strategic planning, companies are always looking for someone to crunch the numbers for them.

Consider offering your services to these companies on a consultancy basis so that you aren’t tied to just one company and still have enough work to keep you busy.

In particular, startups and small businesses often look for accountants who can help them figure out new ways to make profits or save costs, manage daily accounts, or understand current trends in the economy.

You could consider mentoring one or more of these small businesses and teaching them the ropes of corporate finance.

3) Familiarize yourself with new technology

The days of paper-based accounting are almost entirely behind us, and very soon, automation will take over many of the repetitive tasks that accountants commonly do.

Given that, it’s crucial for you to adapt to the digital landscape and harness its power so that you can offer advisory services that are relevant and necessary in a digital world.

Use this opportunity to master technology that gives you control over numbers and other data – that way, you can leverage the data to predict trends and plan out growth-oriented strategies for companies, thus making you a valuable asset for any organization.

One last tip: Attend events!

That’s right! Events offer an excellent platform for accountants and CPA firms to not only learn and get more certifications but also network with peers and meet with potential vendors or clients.

As you walk around the aisles, you could find bookkeeping software you have never even heard of, meet with potential outsourcing partners, or see what your competitors are up to.

An event offers a fantastic hands-on experience, and as an accountant, there is nothing better than that.

Laurence is a manager at QX Accounting Services & Founder of Accounting Leaders. QX Accounting offers outsourced accounting services, tax return preparation, bookkeeping and payroll compliance for small to medium sized accounting firms. Laurence focuses on freeing up small practitioners in order to get them to focus on growing their practice.

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