Tax season tips with profile

Transcription

1 Tax season tips with profile Susan Watkin, President, 12/6/17 WiFi: QBConnect Password: Connect2017

2 CPD Process In order to receive CPD credit Be sure to sign in or scan your badge for this session You must stay in the session for the duration of the training This session is eligible for 1 hour of CPD credit CPD certificates are ed directly to you within 4 weeks of the conference date to the same address you used to register CPD credit administered in coordination with 2

3 Take a few moments to Connect with your neighbor

4 Today s speaker Susan Watkin President & Accounting Principal 4

5 About today s speaker Susan Watkin President & Accounting Principal A little about me and my firm s tax journey Full service accounting firm Offices in Cobourg ON & Greenwood NS 5 th year of offering tax services Dedicated tax person in our firm Handle ALL types of tax returns We use Intuit ProFile for all our filings It hasn t always been easy we improve every year! 5

6 An organized tax season is a happy tax season Let s Get Organized A Few More Decisions Compliance Calm Get the Team Onboard Done Now What?! Register E-Filer Client documents Advertising Who are you targeting? Know how many returns you can handle Pricing strategy Personal, Corporate, Small Business, Trust or ALL? Start small, grow in time Consider specializing How much prep will you do? Pricing strategy CRA, what s new? Income tax act Income tax publication Updated tax forms Tax reviews & training CRA deadlines Discussions with client Gathering information Who will do the work in your firm? Client reviews Support throughout the year Create best practices for your team Stay current on tax laws Continuing education Software training Webinars, YouTube Video tax news 6

7 Get Organized & Plan

8 A little planning goes a long way Managing the tax workflow throughout the year In-Depth Serious evaluation of what you can take on Consider starting small, then add on rather the overwhelm Understand how to price a tax return Understanding obligations & liabilities Are you adding to your tax services, how will this impact workflow and your business? New employees, students, interns Collaboration with other accounting professionals How many returns can you handle? General Client information forms Document collection Secure document sharing Setting deadlines Hiring & training staff Advertising Service Planning (will you do onsite or drop off) Scheduling Who will do the work in your office? Plan for software renewal & review of new features 8

9 Tax services & software T1-General, T2-Corporation, T3-Trust, T2125-Statement of Business Activities, T2042-Statement of Farm Activities Assess your clients, what are their tax needs? Can you provide what they need? Do they have employees you can service? With a client s permission, it is a nice service to offer their employees, some companies might even cover the cost Will you open to the general public or stay only with your current business clients? Start with who you have first and determine if you even want more than that; it is a big change to your business Consider specializing in one type based on your client base Plan your tax packages and what they will include; will you offer discounts on spousal or dependant returns? 9

10 Planning for your tax season Getting Your Firm Ready for the Tax Year Sept/Oct Nov/Dec January February March April Review Services Prepare Client Packages Training & Education Upgrading Send Client Packages Review New Year Deadlines Software renewal, review of changes, train Early collection of documents Collect confirmation of tax work Expanding? Time to advertise T Form Deadlines, Don t Start Taxes Yet! Plan for March schedule T3 Deadline Client documents should be in by now Follow up with last minute clients Can we take walk-ins? Start Planning for T2125 returns, deadline June 15 Hire new staff, if needed 10

11 QuickBooks & Profile QuickBooks Online Accounting Workpapers OR QuickBooks Online Desktop 11

12 HUB (noun) Definition: a centre around which other things revolve or from which they radiate Hub The centre of YOUR tax practice Carry forward last year s clients Add new clients Track documents Make comments Manage your tax workflow KEY TAKEAWAY: Tax season is stressful enough use what your software offers you to make it easier! 12

13 How Do We Better Manage the Work?

14 Get LINK ed to your tax clients Connect in a way that will redefine your tax practice management Link The connection to YOUR tax clients Connect to the client Create and collect client information (instead of old manual forms) Ask the often forgotten questions Automatic reminders for information (like your own personal assistant!) KEY TAKEAWAY: Connect in a more efficient way with your tax clients everything in one place. 14

15 A little planning goes a long way Managing the tax workflow throughout the year In-Depth Serious evaluation of what you can take on Consider starting small, then add on rather the overwhelm Understand how to price a tax return Understanding obligations & liabilities Are you adding to your tax services, how will this impact workflow and your business? New employees, students, interns Collaboration with other accounting professionals How many returns can you handle? General Client information forms Document collection Secure document sharing Setting deadlines Hiring & training staff Advertising Service Planning (will you do onsite or drop off) Scheduling Who will do the work in your office? Plan for software renewal & review of new features 15

16 16

17 17

18 CRA Compliant & Connected

19 CRA compliant & connected What you MUST do every year CRA expectations Do you have an EFILER number? Don t forget this renews annually Know the forms you need signed by the client T1013, RC59, T183 Ensure you get all your client s T forms Take advantage of CRA webinars on Canada.ca or YouTube Understand what taxes you are allowed to complete & remit on behalf of a client Know your deadlines! T1s, T2s, T3s, T2125s, all have different due dates, know them! KEY TAKEAWAY: Take your obligations seriously or you will lose your EFILER rights! 19

20 Best Practices for Your Firm

21 Firm Processes & Best Practices Managing the tax workflow throughout the year Before Review client information forms; add any new requirements based on legislative changes Customize & send out tax packages to last year s clients Coordinate tax staff; hire new, bring on intern if required Determine new offerings (we added T3s in 2016) Prep digital and physical paperwork Transfer previous year s return into opening balance in software During Schedule initial tax meetings, if required by client or team Collect & track all incoming tax packages and documents; assist clients in completion as needed Ensure all necessary forms are signed before work begins Track outstanding tax packages Assign tax returns as they arrive to appropriate team member Accept new tax clients based on time and scope of work After Schedule tax review meetings Collect payment & T183s before filing Provide digital copies of all filed documents Team review meeting on processes, improvements or changes for next year Create work plan for ongoing clients based on new tax needs or goals 21

22 Firm Processes & Best Practices Managing the tax workflow throughout the year Before Review client information forms; add any new requirements based on legislative changes Customize & send out tax packages to last year s clients Coordinate tax staff; hire new, bring on intern if required Determine new offerings (we added T3s in 2016) Prep digital and physical paperwork Transfer previous year s return into opening balance in software During Schedule initial tax meetings, if required by client or team Collect & track all incoming tax packages and documents; assist clients in completion as needed Ensure all necessary forms are signed before work begins Track outstanding tax packages Assign tax returns as they arrive to appropriate team member Accept new tax clients based on time and scope of work After Schedule tax review meetings Collect payment & T183s before filing Provide digital copies of all filed documents Team review meeting on processes, improvements or changes for next year Create work plan for ongoing clients based on new tax needs or goals 22

23 Tax Season is Done Now What?

24 What happens when tax season ends? Keeping your skills sharp and providing services after the tax return is filed Get resources for your firm & be resources for your clients Tax legislation specific training; General tax courses to improve understand of tax practices Software specific online training; CRA List-Serv, tax publications, You-Tube channels Work doesn t end after taxes are filed; client support based on tax situations for entire year 24

25 Key is to take it slow; start small, grow with purpose and control. - Susan Watkin

26 Questions?

27