Future proofing your tax preparation business through times of change and challenge
As an industry, the tax preparation business is classified as a mature business (compared to other industries) according to a recent report by IBIS World. By the word ‘mature,’ it means that the business of tax preparation services is wholeheartedly accepted by consumers in the United States. Not only is the act of filing taxes a requirement for most of the U.S. population, but a substantial percentage of consumers actively seek out paid preparers for help filing their tax return.
Yet, many changes have and will continue to disrupt this mature business ecosystem, both internally and externally. Some of these changes pose but a minor risk to the average paid preparer, while others could have major implications for long-term business success.
In the upcoming NATP sponsored webinar, ‘Future Proofing Your Tax Preparation Business: Running a Profitable Business Through Times of Change and Challenge’, attendees will have the opportunity to take part in a wide-ranging discussion between Shannon Bond, VP, Preparer Segment at Wolters Kluwer, and Robert Kerr, EA and Principal of Kerr Consulting, LLC, as they discuss top trends and changes within the industry. Here is a brief preview of some of the topics that will be up for discussion.
Economic conditions and the DIY movement
“It’s the economy, stupid,” is a famous statement that is recycled every political season by a number of candidates. Few can argue with how economic conditions drive consumer activity, even in the area of paying for tax prep services. However, competition in the paid preparer space remains high among the estimated 130,000 current tax establishments. Throw in the marketed appeal of do-it-yourself options and free e-filing offers, it comes as no surprise that the small to mid-sized tax preparer must find ways to bring more value to the table to compete in this environment.
Technology tools and strategies that level the playing field
With the biggest players in the tax preparation world seeking an even larger stake of the taxpayer consumer market in the coming years, what steps can the small to mid-sized preparers take to remain competitive and, dare-say, market-aggressive with their business? It is an interesting question that attendees will no-doubt benefit from getting straight answers on. Learn how cloud-based technologies, user-friendly self-service customer aids, as well as sound data security measures stand to make the smaller tax proprietor more attractive in the tax marketplace.
Growing your clientele in challenging times
Economic pressures and a desire to get more for less is an overriding dynamic for why consumers fire (or switch) their tax preparation professional. However, in recent years a growing trend has emerged whereby small to mid-sized accounting practices have begun culling their client rolls of what they view as less profitable tax compliance customers. This culling of tax compliance customers has the potential to open new opportunities for tax preparation businesses to add orphaned clients to their rolls for increased profitability.
The IRS plan to modernize, fee competitiveness, client data privacy + more
In conclusion, new studies, surveys and breaking news stories give tax preparers much to think about as they enter another tax season. So, whether it’s anticipation of greater service standards at the IRS for 2024, or what to make of the latest NATP Fee Study findings, attendees will gain greater clarity on these topics and more, as a result of attending this comprehensive webinar discussion. Register to join this free CPE credited live webinar today.