What’s the phrase? If you’re not changing, you’re probably dead. It’s amazing to think about how much my life has changed in the last decade and particularly the last couple of years. 10 years ago, I was working as an accounts payable clerk and didn’t even know what a CPA was. 7 years ago, I graduated from the University of Louisville with a degree in Accountancy and started working for a CPA firm. Almost 4 years ago I started my own company. At the time I wasn’t a CPA yet, so I was focused on bookkeeping and payroll. 2 years ago, I obtained my CPA license and that has prompted a lot more change. That coupled with the significant changes in the accounting industry due to changes in tax regulation, advances in technology, and shifts in client demands made me recognize the need to evolve the services I provide to better serve our clients.
When I initially noticed the growing demand for strategic tax planning and advisory services, I did what any modern professional would do: I took to the internet. Luckily, we exist in a world where much of the information we need is just a click away. Tax laws are becoming increasingly complex, and individuals and businesses are seeking expertise in navigating this intricate terrain. The accounting world is listening, and I joined the conversation to find out what services my clients need most.
The first step was to dedicate time and resources to education and training in the tax planning and advisory services. I joined the American Institute of Certified Tax Planners, which provides continuing education in tax strategies and resources for complex tax planning matters. I will also be attending a 3 day long intensive training in San Diego later this month to ensure I’m ready for the upcoming tax season. This investment in knowledge is crucial to a successful transition to a tax planning and advisory service firm.
Modern accounting relies heavily on technology, so we invested in a client management system called Karbon to assist in streamlining our processes. We also started using Gusto for processing payrolls to ensure timely and accurate payroll tax payments and filings and give our clients’ employees access to their payroll information. These two new software programs will also allow us to communicate with our clients more effectively and efficiently.
To be clear, the bookkeeping and payroll services are not going away. After all, bookkeeping is an effective way to manage a business’s taxes. We just want to provide greater value to our clients by offering comprehensive tax strategies and advisory services. We hope this will encourage our clients to see us as strategic partners, helping them optimize their finances for long-term success. In the long run, we hope this shift will deepen our relationships with clients. We hope to engage with them more proactively, offering advice and strategies that go beyond the traditional role of a bookkeeper or CPA. We want clients to seek us out for our expertise and grow their business.
As the accounting industry continues to evolve, we remain dedicated to staying at the forefront of these changes, ensuring that our clients receive the best financial guidance and services possible. Our journey from bookkeeping to tax planning is a demonstration of our commitment to excellence and our willingness to adapt to meet the ever-changing needs of our clients.
When you’re ready to take control of your small business finances to achieve your goals, contact ABA tax planning. We’re a business’s best friend.
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