Stress levels eased a little in the latest week, dropping to 25% of respondents reporting the most severe conditions, down from over 40% the week before.
Meanwhile, 32% say business operations are running “better” than the year-ago period, a slight uptick for the latest week, the seven days ended Sunday, March 11, 2007
Tax practitioners appear to be hitting their stride in the latest week, according to our latest surveys.
Among the key benchmarks:
— Revenue is running ahead of last year for about two-thirds of our respondents, unchanged in the week.
— Net Profit is up for 58% of accountants, also unchanged.
— Number of Clients is up at about 65% of respondents.
— Number on Extension stands at 27%, up from 21% the week before.
— Revenue per Client gained 6 points to hit 68% this week.
— Profit per Client jumped 10 points, to 59%.
VERBATIM COMMENTS and MORE CHARTS…
What’s causing the stress?
— Too much pressure from management
— Inexperienced staff and large number of software errors/glitches
— personal / family worries
— IRS audit from h— that started in August and has roller over into tax season. New client with problems from the prior accountant. Plus all the rest
— So much work to do
— Lots and lots of phone calls!
— Clients sit until April 4 and expect you to do everything before the 12th.
— Extra work. Loss of key person. Clients are late in sending in data
— Deadlines
— Specific client issues; overall season is going exceptionally well. We are handling three client company sales and landed a huge new outsourcing contract in the last 2-3 months, so it is non-tax season stuff that is keeping us hopping.
— Lots of work
— Deadlines looming.
— Information coming in at the same time, too many projects with the same deadline
— deadlines, open information request letters, getting all the docs in to make the audit report date work without needing yet more updates
— clients and staff and weather
— Clients not providing the right information. Just moved into a new house in January.
— workload demands
— Personal Health Issues combined with Clients who bring in their tax return one day and want it done the next day !
— Mostly employees not doing any work during the day.
— too much work
— A ton of work and not enough time. A lot of new clients this.
— realizing there’s only 5 weeks left
— getting the corporation info in and then back out again!!
— It’s the middle of busy season – duh!
— CLIENTS
— Other people
— Last minute filers calling at the same time.
— pressure to get the work done
— a lot of clients
— Not enough hours in a day
— Lots to do and too many interruptions trying to get it done including computer problems
— Corporate deadline, IRS audit and financial planning work all hitting at the same time
— staff turnover
— many messy returns to do in limited time I have
— Too many people “just have a quick question”. Same story as usual – I should be used to it by now!
— The government and it’s overly complicated system. Yes, it is job security but enough is enough. Different AGI limits for everything, telephone excise tax refunds, laws passed after the forms went to press, still waiting for program releases, etc. etc.
— Lots of work and only 24 measly hours in each day.
— Client demands
— Normal stuff – late clients, system errors, etc.
— workload
— I took on more new clients due to 3 tax preparers in my area retiring and not as many existing clients left as I projected.
— Deadlines, incompetent employees
— absenteeism due to family emergency
— HOURS
— A two-week turn-round time turning into a three-week turn-around, soon to turn to a four-week turn-around…
— Computer problems all weekend
— too much to do all at once
— congress in passing tax changes in December
— Tax changes and lack of more “senior tax staff”
— Lot’s of returns, largest customer going thru Financial Statement audit.
— looming deadlines. not enough time to finish work
— loose ends, office procedures not followed, inconsistency, ET CETERA !
low-level thinking by staff, etc.
— Work production and backup
— Trying to balance the preparation of individual returns with the corporate due date in 10 days.
— Too many new clients who can’t get an appointment right away. I incorporate businesses and that’s fueled my growth almost beyond being manageable. Also, QuickBooks training is growing.
— A surge in work arriving.
— Too much work, too little time.
— No help – due to prior partner’s low billing rates, can’t afford to get new help; no cash “cushion” to work with;
— Not getting the information I need to finish something.
— tax deadlines
— Client deadlines , lack of follow through from third party sources.
— Work load and staff attitudes.
— TAXES!!!! And school!!!
— Deadlines and clients’ expectations and demands.
Why is it “worse†this year?
more responsibility at work and home
— Several people out; more regulatory reporting.
— Lost a 5 year seasoned tax preparer in January, and have all new tax staff.
— More returns, and they seem to be coming in later.
— Less experienced staff, more clients
— more clients
— Knowing the latest changes to the tax laws which was changing daily for a while.
— All my corporate clients info came in within a week, so trying to dig out is next to impossible
— Even more new clients than in the past. A lot of clients need their returns due to financial aid deadlines for their kids.
— More responsibility.
— Not as qualified people.
— More accounting and auditing issues noted during audits that used to be “cleaner”; M-3 reporting.
— software problems, needing to update several times a week
— People are in a bigger hurry and I have too many prior year returns to finish along with the current ones.
— New practice management system. Late info on some of the largest returns we prepare
— More business.
— Everyone quit
— AN ACTUAL DEADLINE (LAST YEAR HAD KATRINA EXTENSIONS)
— More work, same # of people
— FIN 48
— outsourcing some through CCH
— crazier clients
— More new business. Two staff in my department on maternity leave and not enough qualified applicants in the work force to work on my specific department (construction and real estate)
— revamping of Alabama Fiduciary tax return; employer bank merger with another bank and some things are being done differently as a result
— more responsibility, therefore pulled in more directions
— working more, less personal time for myself
— New people came in and a lot of time spent on training and positioning new staff to do the work.
— less staff, more work, less time – Katrina extended relief expires 04/17/07
— More returns and less time to prepare them due to delays in forms being ready.
— The late changes in 2006 caused a delay in software and the IRS was behind in efile.
— I am managing a bunch of small business clients in a effort to get out of auditing.
— new procedures/software to go paperless for individuals
— preparing and reviewing workpapers in adobe format
— MORE NON-TAX WORK…ASSOCIATION AUDITS
— Besides the new law regulations there are also self-imposed regulations by the pension funds collective.
— more work earlier
— Bringing in work earlier & lack of staff.
— A significant amount of new staff with no experience or work ethic.
— I wasn’t working last year
— fewer professional staff
— Different employer, more hours, more client responsibility
Comments from practitioners reporting any benchmark “increase:â€
— More people makes it easier to take on more work. Increase in billing rates also. Marketing program, fee setting program, better staffing
— The competition dropped the ball.
— Hired a full time accountant, who is not as efficient as the per diem person we had last year. Our para professional is also not as efficient. Previous para professional was with us for 3+ years.
— More referrals and several new clients added for accounting services during the year.
— I just started my own firm last year.
— More work due to energy credits, telephone tax, anticipated ROTH conversions of non-deductible IRAs in 2010 and explaining and convincing clients to do the same.
— I became active with various local organizations and developed business contacts
What would you do differently next year?
(Comments from respondents reporting “worse†performance than last year.)
— Hire older, more dependable people
— No audits, and maybe no new clients.
— Retire
— Agree to not take any new clients during tax season. No new 1040’s.
— Not change tax software in early January
— Look for temporary staff sooner. Explore some other options for getting the word out.
— Move my office home so it doesn’t matter if the kids are sick.
— Hire another assistant
— retain key staff
— Retire.
— Avoid another move and find a good assistant.
— Take on less new clients, schedule less appts and try to get more clients with easy returns to drop off their tax stuff.
— have back up staff
— Hire at least one more staff person.
— Start the tax returns earlier (I say this every year)
— That’s a good question; possibly merge with another CPA but that just is not an easy issue.
— Outsource, train staff, pre-schedule, continue to increase and utilize technology, finally put me first.