The life of an accounting professional can be a demanding one, especially during the always-hectic tax season. There are tons of articles out there about managing burnout and enhancing productivity, but one thing that’s often overlooked is what happens when things slow down.
While the slow season might be viewed as a time for your team to take a collective breather, this downtime could lead to errors or oversights that could have long-lasting consequences for your business. With that in mind, we’ve compiled a list of six mistakes accountants make during the slow season and ways your firm can avoid them.
1. Not reviewing previous work
The slow season is an ideal time for accountants to review their work and ensure accuracy. Many accountants make the mistake of assuming that their previous projects are error-free, which isn’t always the case when you’re in the throes of the busy season.
Tempting as it may be to put it all behind you, consider using your downtime to review past projects, financial statements, and reports thoroughly. Pay close attention to your data, formulas, and calculations to identify inconsistencies or discrepancies.
This proactive approach will minimize the risk of errors going unnoticed, improving the quality of your work and helping to maintain client trust.
2. Neglecting professional development
Because accountants may have more time on their hands in the summer or winter months, it’s crucial to spend those hours wisely. A good way to make sure your team is always bringing their A-game during the busy season is to invest in their professional development.
The slow season is a great time to fulfill the continuing education requirements for accountants in your state and pursue professional development opportunities generally. There’s always more to learn—the accounting profession constantly evolves with new regulations, technology, and best practices.
Engage in industry webinars, attend seminars, or ensure your team has relevant certifications. By keeping everyone’s skills on point and building new areas of expertise, you can stay competitive in the field.
3. Letting client relationships slide
It’s time to work on those people skills.
During the busy season, most accountants juggle multiple clients and deal with heavier-than-average workloads, which can cause them to prioritize client work over building and maintaining client relationships. This is understandable when things are hectic, but neglecting client relationships in the slow season is a missed opportunity.
Use the quieter months to strengthen connections with clients by reaching out to them with information and resources, scheduling informal meetings, or organizing client appreciation events. Your outreach efforts will show them you value their business and are invested in their success.
Building strong relationships with your clients can lead to increased loyalty and client referrals that will help your firm continue to grow for the long haul.
The Client Experience Checklist for Accountants
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4. Ignoring marketing opportunities
Like any business, your accounting firm needs a marketing plan, and while it’s all well and good to stick with a plan that’s working, it’s wise to periodically review your strategy to make sure your marketing outreach is dialed in. Unfortunately, many accounting firms neglect this crucial aspect of the business.
The slow season is an ideal time to revisit your strategies and upgrade your marketing outreach. Develop a comprehensive marketing plan, update your website, and create valuable content like blogs, case studies, and white papers.
You can also use this time to create and nurture your online presence through social media, attend networking events, or offer informative webinars to showcase your expertise. A well-thought-out marketing strategy helps attract new clients, grow your brand, and set you up for a successful busy season.
5. Adhering to business-as-usual processes
If you’re coming off of a successful busy season, it might be easy to adopt an “if it ain’t broke, don’t fix it” mentality for your workflow processes. But not evaluating what you’re doing well and what you can improve can limit your potential for increased efficiency and productivity.
Now is an excellent opportunity to assess your current processes, identify pain points, and brainstorm potential improvements.
Start by mapping out your typical workflows from client onboarding to delivering final reports. Look for areas where tasks get delayed, duplicated, or fall through the cracks.
Ask yourself questions like:
“Are there manual processes that could be automated?”
“Are there opportunities to streamline data entry or improve collaboration with team members?”
“Are there aspects of client service that are creating friction, frustration, or dissatisfaction?”
By asking these questions and involving your team in the review process, you can uncover problem areas and develop strategies to attack them.
If you’re noticing issues that come up again and again, it’s worth considering investing in project management tools or workflow software that can assist your firm with tracking progress, assigning tasks, and streamlining communication.
Implementing the right software now can keep you ahead of the curve during tax time.
6. Status quo use of technology
Another critical component of an accounting firm’s success is having the right tools to handle the job when things get tough. Technology changes rapidly, and what worked last season might not meet all of your needs when you get busy again.
Failing to stay up-to-date can result in inefficiencies, missed opportunities, and potential security vulnerabilities. Take the time to research and explore new accounting software, automation tools, and cloud-based platforms.
A great software solution will provide you with a host of industry-specific tools like:
- Time and expense tracking
- Invoicing and reporting
- Project management
- Document management
- Client portals
- Firm-wide scheduling
- File-sharing and eSignature
- Integrations with other software
Embracing technology enables you to work smarter, not harder, and keeps your team on the path to success.
Get things moving in the right direction
While it can be tempting to kick up your feet and relax once the onslaught of the busy season is over, it’s absolutely worth investing your time and energy into making sure that your firm is in a position to grow and scale when things pick up again.
If you’re noticing issues with your workflows, client communication, or team collaboration, Mango Practice Management can help you improve all your processes with robust, industry-specific tools that were designed by accountants for accountants.
Schedule a personal demo to see how Mango Practice Management can simplify and streamline how you manage your client communication, employee productivity, and law firm operations.
Unlock your accounting firm’s potential.
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