When people think of what it is that CPAs do, they normally return to an image of people in business suits running around town, arms flailing, briefcases half zipped, and mountains of paperwork on their desks as they scramble to meet tax deadlines. While this may be the case during Tax Season, there’s actually a lot of other things CPAs have to do once that’s all over. Here are some of the main things that still keep CPAs busy throughout the rest of the year.
Financial planning
CPAs help companies, organizations, and sometimes even individuals plan and execute their financial goals or objectives. They do everything from interpret financial data, budgeting, strategic planning, and manage costs/assets so that businesses can improve and grow. CPAs also make detailed and personalized recommendations that have a substantial effect on the company’s profits, productivity, and future.
Handling post tax season tasks
Of course, not everyone is able to meet the tax deadline. In this instance, companies and organizations may ask for different types of extensions that CPAs have to deal with and stay on top of. This means continuing to work with these businesses until their taxes are squared away. On the flip side, there are also many companies and organizations that ask CPAs for help in regards to tax returns that weren’t filed for previous years. Needless to say, CPAs normally still deal with taxes long after the season is over.
Continuing education
Remember that an important part of any career growth involves continuing education in the field. Many CPAs will use the time after Tax Season to partake in some training and lecturing. This is also known as CPE (Continuing Professional Education). CPE is required of all CPAs to maintain their professional competence and services, and CPE requirements vary by state set forth by that state’s Board of Accountancy.
Take a vacation
And, last but not least, if there were ever a good time to take a vacation, after Tax Season is of course the time to do so. This is a nice and well deserved break for CPAs who spend countless long nights, days, and hours serving their clients to ensure that all is well come Tax Day.