The Self-Assessment Season: A Marathon, Not a Sprint!
The self-assessment season can feel like a daunting marathon for accountants and firms. The workload can be overwhelming, but with proper planning and smart strategies, it can be a smooth and successful period. Here are our top tips to help you conquer the self-assessment season.
1. Plan Your Resources 👩🏽💻
Before the season kicks into high gear, you need a solid plan for your resources. Capacity planning is key. Consider whether you have enough in-house staff to handle the expected workload. If not, explore options to supplement your team. You can hire onshore or offshore staff on a temporary basis or consider outsourcing a portion of your self-assessment work. This allows you to manage the increased volume without overstretching your permanent team.
2. Prepare a List of Pending Self-Assessments 📝
Get a clear picture of what's on your plate. Create a comprehensive list of all your clients with pending self-assessments. Update this list weekly to track progress and monitor your team's capacity. This provides a clear overview of your workload and helps you identify potential bottlenecks early on. A well-maintained list is your roadmap to a successful season.
3. Streamline Information Collection 📥
The most common delay in completing self-assessments is waiting for information from clients. You need the most efficient way to collect information. This can include using client portals, secure document-sharing platforms, or automated forms that guide clients through the required information. The easier you make it for clients to provide their details, the faster you can get to work. TGP has unique system to collect information so get in touch with us to know more.
4. Build Up Capacity for Last-Minute Clients 📈
New clients often approach firms at the eleventh hour, looking for help with their late or complex tax returns. You can capitalize on this demand by building a buffer in your capacity to accommodate these last-minute additions. This might involve setting aside specific resources or having a streamlined onboarding process for new clients. This not only increases your revenue but also demonstrates your firm's agility and reliability.
5. Communicate Additional Charges for Late Filers 🗣️
Many clients wait until the last minute, leading to a scramble for your team. To manage this and encourage timely submissions, communicate your policy on additional charges for late filers well in advance. Clearly state that returns received after a certain date will incur a higher fee. This encourages clients to provide their information promptly and fairly compensates your team for the extra pressure of a tight deadline.