“Being a CPA during tax season is easy. It’s like riding a bike. Except the bike is on fire and you’re on fire and everything’s on fire and you’re in hell.”
April 15th is a lot like Christmas. Every year they both fall on the same calendar day and every year the vast majority is scrambling up until the final moments before the big day. With the tax deadline looming overhead (and getting closer and closer every day), how many of your clients are still in the “not ready” stage?
Most CPAs, regardless of whether they work in-house or at a tax firm, run into the same issues during busy tax season; from not meeting deliverables or time management expectations to not receiving accurate supporting schedules or details from clients, to having clients fail to provide sufficient explanations to inquiries.
If there were a way to help your team cut down on time allocated toward tax preparation and save your clients money, would you take the opportunity to find out more?
If you haven’t thought about how collaborating with outside accounting and finance experts could benefit your clients, this tax season may be the best time to start.
Partnering with a team of accounting and finance experts will make your job easier by providing the information you need when you need it. Not only can collaborating help establish an efficient close process, but partnering with an experienced team of professionals can assist with:
Reconciling balance sheet accounts
Teaming up with experts can help the CPA with examining general ledger (GL) balances and reconciling (or foot) the amount to independent documentation such as a bank or loan statement to ensure completeness and accuracy as of the specified period end date.
Updating fixed asset schedule
Many companies rely on their tax accountants to produce a fixed asset schedule at year end. Partnering with experts can help reconcile fixed asset additions, retirements, and depreciation on a monthly basis to ensure proper classification and expense recognition.
Address open balances
Our team will help ensure that the beginning amount for an account is correct and match prior year reporting before testing the activity of the account.
Physical inventory count
Proper measurement of inventory is a critical element for businesses being able to interpret and understand their profit margins. Partnering with accounting and finance experts who can conduct a physical inventory count to establish an accurate inventory quantity and value. In addition, they can establish monthly inventory procedures which will enable the company to internally maintain accurate inventory amounts each month which will eliminate significant adjustments at period ends that can skew profit margin analysis.
But that’s not all that we can do. Here are some other areas we can assist in data collection:
- Vacation, PTO, accrual for bonus
- More extensive cut-off testing – accrual expenses / deferred revenues
- Warranty/Returns Allowances/Reserves
- Reconciling changes in Equity
- Review of agreements and amendments to leases, debt and operating documents
- Review of capitalization policy
- Review of related party transactions
- Summarize accounting methodologies, changes to policies and business operation
Partnering with a team of accounting and finance experts will accelerate your ability to complete the work and ensure critical errors caused by rushing to meet the deadline can be avoided.
Signature Analytics’ can partner with your firm to support and enable them to get the job done this tax season and beyond.
Contact us today to find out how our services can help CPAs focus on getting more done, in less time.