Yes, tax season is moved back a month. But that hasn’t made things any easier for your business or accounting firm.
In fact, if you’re like many tax and accounting firms out there, you’re probably at your wit’s end trying to find enough talent to help with your enormous workload. Even businesses that aren’t tax-related are feeling the pinch this time of year – probably a good indication your company could use a strengthened in-house accounting team. And not just during this always-stressful time.
Both accounting firms and non-tax businesses would benefit year-round from employing top-performing talent in the field.
Why Do Non-Tax-Related Businesses Need to Improve their In-House Accounting Teams?
When taxes are out of sight, which is most of the year, they’re usually out of mind. Many companies fall into something of a tax lull. Then comes the last-minute scramble to ensure all your documents are in order and submitted before the tax deadline.
If this sounds familiar, you’re probably doing yourself a disservice by not digging deeper.
For instance, did you know about the R&D tax credit called the “Credit for Increasing Research Activities?” The credit is available for startups and small businesses, no matter their industry. Moreover, you don’t need a research and development department to qualify, like you would with other credits.
By leveraging the R&D credit, you could receive funding to cover staffing wages, consulting fees, prototyping, tools, surveys, etc.
Sadly, many businesses don’t take advantage of this opportunity because they don’t know it exists.
This is one example of how you can make a more robust in-house tax teamwork for you. Top-performing in-house accounting talent knows where to find these advantages. Not just for tax credits, but for all the best practices for bookkeeping and accounting throughout the rest of the year.
When you don’t have an expert accounting team, you’re relying on underqualified people. They don’t know how to find those hidden opportunities that can save you money or earn you big credits.
What About Tax Service Companies?
Leadership at tax service companies knows the ins and outs of accounting. They could probably file a tax return for a business – or person – in their sleep (not that you would).
Unfortunately, when the work starts piling up, your area of expertise starts meaning less and less if you don’t have enough people staffed.
When you’re overworked, you get burned out. That’s when mistakes are made. It’s a story as old as time. Suddenly, work that was once second nature starts seeming like the most complex loophole since the Jackie O. Trust.
By making sure you have enough top-performing talent, you’re taking a crucial step to positively impact the performance of your firm. Not only will you be freed to do your best work, but you’ll have peace of mind.
Every client will get the attention and expertise they deserve because the workload will be shared by a group of accomplished tax and accounting professionals.
Throughout the year – and not just during tax time – quality accounting talent that offers expert guidance is always valuable. If your business needs high-level accounting talent for tax season and beyond, US Tech Solutions has access to a top-performing pool of candidates. Contact us today to find out more.