You’ve survived 2023. Here are some key lessons.
By Seth Fineberg
At Large
In accounting, you know that tax season doesn’t end in April, as it often extends well into October. So, now that another season has come and gone and you’ve endured all the things you swore you’d never do again this year, What will be different in 2024 and beyond?
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Every year, I speak to tax pros and accountants with tax work at their practice’s core. I listen, I read what they share on social media, and it always seems to be the same. They swear they’ll get rid of clients who regularly extend into October. Still, they must hound those to the IRS deadline. They rail against the IRS and lack of guidance, or the hours spent on the phone trying to get answers or to resolve an issue for their clients. They exclaim, “This is the last year I’m going to…” And yet, little to nothing of significance changes. With more accountants getting increasingly frustrated with their careers and fewer coming into the profession, it is up to you to say what will change.
So, again, I ask you all, what do you need to change to make it more enjoyable, bearable and even productive for yourself?
Here are a few suggestions based on my observations. Take them for what you will.
Learn to Say “No”
I know I’ve said this before, and I share #FindYourNo as often as possible. I talk to practitioners when I hear them wish something would change, and it almost always revolves around the time spent on X or wanting more time for Y. The one sure way to make that happen is to say “No” to clients who consistently file late, don’t have their documents, or fail to follow the processes you laid out at the beginning of the year and continually remind them of. “No” to too many weekends and hours spent on client work or on the phone with the IRS. “No” to work when you really could use a break.
When you say “No” to the clients who don’t pay you on time or fight your fees, a certain freedom comes with it. Sure, it may be lost business in the short term, but it is also gained sanity. Business will come. You will have more time to spend on higher-value and quality work with clients who appreciate you and are willing to pay you your worth. You may even find the time (if you say “No” and make it happen) to take a short vacation during your busiest time to unplug and refresh.
Charge More
I know what you’re thinking: “I’ve been told for years to increase fees. But I may lose clients. And it’s not a magic wand.”
I get it. You will probably lose some, and it’s certainly not a quick fix. But if you plan to do so in certain areas, even your prep work (which you know has become more involved in some ways), you may find the freedom to say “No” at other moments.
Look into a subscription model. Figure out who can go on fixed fee and what those services include. Take a hard look at your costs. Raise rates where you can. It may relieve some of the frustration you’re feeling.
Fire Clients
Look at your client base and figure out who to let go of. Kindly, professionally. Maybe refer them out, if you need to. But if they cost you too much in time or in frustration, they need to go.
As one practitioner told me, think about it this way: “Every accountant knows clients they want to fire. But if you are confused, just look at the names on a list and see which ones make you cringe the most.”
Here’s another trick: Which clients elicit the same reaction when they call or email you?
Start with them.
You can do many things organizationally, technologically, or even with staffing or service expansion. All those things need to be considered.
But if you don’t know where to start, look at the list above. Pick one and follow through. You will be glad you did.
