FREE workflow. For a demo click here.

Published by AccountingWeb here

My definition of a Taxathon is a race to finish and submit (and maybe to get paid) all my clients tax returns by the 24th December 2018.

Ingredients

  • Clients 393
  • Limited companies 151
  • Sole Traders 34
  • Personal tax returns 220
  • Total Staff 6 (4 Accountants 2 Administrators)
  • Out Source Team 4

Method

  • Step 1 The first step is to work out exactly how many tax returns we have to complete.
  • Step 2 Work out the number of accounts to be prepared in order to prepare the personal tax returns for submission.
  • Step 3 Calculate the number of working days to the 24th December 2018.
  • Step 4 Ask staff for their holiday plans.
  • Step 5 Calculate the actual number of staff working days and build in a few days for illness and family emergencies.
  • Step 6 Allocate the accounts and tax returns to staff
  • Step 7 Allocate the accounts and tax returns to the month in which the accounts are to be prepared.
  • Step 8 Sit back and relax because all your tax returns will be done and dusted and hopefully paid for by the 24th December 2018.

How exciting!? This is easier said than done.

We use 3 software packages in our business:

  • One for the bookkeeping, accounts company tax returns and personal tax returns
  • One for our own book keeping an accounts; and
  • One for practice management, onkho (of course!).

All cloud based software - the only way to move forward.

All 3 software packages show different figures for the number of tax returns to be prepared.

  • My tax software claims that I have 450 personal tax returns to prepare! Errmm... I don't think so. If that was the case then my bank balance would not need to talk to me so much!
  • My practice management software tells me I have 223 to prepare.

Which is correct ? I am tearing my hair out. Not quite the finish line we are aiming for.

What strikes me about this challenge is that when training for a marathon you train every day and build stamina to make sure that you achieve your goal but with this Taxathon I have to get it right from the very start, so this step is the training stage, if you like.

Careful planning means that I will achieve my goal and get over the finish line on the 24th December.

Susan Rahman

Susan is a chartered accountant in practice who in the pursuit of her 99% client retention rate (of which she is very proud!) ended up building onkho as well. Her firm KWSR & Co serves over 300 clients across London and the South East. In addition to product development, Sue pushes her "delight clients" mantra across the onkho business. There's a reason why we call it the Success Team and not the Support Team!
Comments

We promise that we won't SPAM you.