Having survived tax season, thousands of CPAs flock to beach resorts for 11 months of relaxation, cocktails and resting on their laurels. OK, not quite.
Nevertheless, that seems to be the general assumption. In reality, accountants have plenty to do throughout the year, whether it is tax time or not. Days are filled with audits for some organizations and financial planning for various individuals or companies. Bookkeeping is always ongoing, just as other year-round tasks are dealt with. So what does a CPA do after April 30th? Read on to find out.
Financial advising and consulting
CPAs have many skills that you might not normally think of. They are cost efficiency analysts pointing out ways where organizations can lower costs or increase profits. They have their eye on investment and trends in the economy. Some accountants focus on specific areas such as contracts, non-profit concerns, strategic corporate planning or forensic accounting. Skills such as these are in demand year-round.
Companies often have their CPA do general accounting, bookkeeping, payroll, and periodic findings. When an accountant works with you year-round, tax season is less frustrating and can be less expensive for everyone.
Handling extensions after tax season
Nothing really ends on April 30th. Companies sometimes need to file for extensions, which means tax season is never completely finished. The pressures do tend to lighten after April. This gives CPA a chance to help organize financial statements and develop goals to avoid future complications.
Unfiled taxes, audits and reports
Businesses that haven’t filed a tax return in previous years will need to engage a CPA for assistance outside of tax season. Audits are common after tax season, and the CRA may point out mistakes and inconsistencies that require correction.
Workshops and seminars
After-tax season, a CPA may undergo continuing education. They might study the latest features in QuickBooks or attend a webinar on planning and preparing taxes. Continuing education is an important part of a successful career.
While the heat is on during tax season, a CPA’s work never ends. While they may have earned that break after April 30th, it won’t last long.
Remember, you can always contact our office for help any time of the year, not just in tax season.