Everyone knows that tax time is peak season for CPAs, whose most well-known role is that of preparing tax returns to be sent to the IRS. After all, you can either file a free income tax return on your own, or you seek outside help from a CPA. So you can imagine that CPAs are inundated throughout the first quarter of the year. What do CPAs do the rest of the year, though? If you’re considering a career in this field or are working to build your own CPA practice, consider adding these four additional services to your repertoire to ensure you’re turning a profit year-round.
Retirement Planning
Most people are inadequately prepared for retirement. Just glance at any savings guide and compare it to what individuals are actually putting away and you’ll quickly find they’re behind, putting folks in a precarious position when it comes to their golden years.
As a CPA, you already address some aspects of retirement savings when helping people with their taxes, so why not expand your financial services offerings to include retirement planning services and other long-term financial planning support? In doing so, you can also ensure that your clients are choosing retirement savings options that will be most financially favorable when they file their taxes – not just today, but down the road.
Financial Auditing
Business finances are a sensitive matter, and one of the worst things that can happen to a business is discovering that something shady has been going on behind the scenes.
Furthermore, many companies are in financially precarious positions right now due to the pandemic, meaning they need to make sure they’re spending money in the most efficient way possible. As an outside auditor, you can support businesses in these matters and help them reach their goals.
Business Technology Consulting
What were your favorite topics when you were studying for your CPA exam? With many different subject areas covered on the test, there’s something for everyone, but one area that stands out as a bit different to many CPAs is the technology elements. Digital security and technology are pressing issues for every business today, but especially when it comes to financial issues. As a consultant, you can help businesses make FinSec decisions, audit their security practices, and help them select data analytics tools, all of which are growing and evolving areas.
Business Formation And Succession Planning
Many businesses don’t talk to a CPA until they’re up and running and discover they need help with an issue like business bookkeeping or payroll taxes, but companies could benefit from working with CPAs much earlier on. Consider offering new business formation services through your accounting firm, along with services for more established companies like business valuation and succession planning. CPAs understand the big picture when it comes to financial management, so it makes sense to promote yourself as a front-line service.
Despite the popular perception that CPAs are only busy a few months a year, the fact is that the majority handle a wide array of financial tasks and, as such, are always busy.
As a CPA, then, one of the most important things you can do is to prioritize which of those services you’ll offer to keep your practice balanced and busy without letting important jobs fall by the wayside when the tax season rush arrives.