Although the 2011 filing deadline for taxes looms less than one week away, mid-sized businesses would be best-served to begin thinking about their taxes for this year as soon as possible.
Tax preparation lends itself to outsourced work, since it is only required for a short duration of time. Like all independent contractors, tax and accounting professionals are highly skilled and are experts in their field. Because of the volatile and intricate nature of tax law, many businesses may not have these professionals in-house.
Businesses decision makers also need to analyze the size of their organizations and their profit-and-loss numbers. Small business executives may be able to handle their tax responsibilities without outside help, but as companies expand, tax work may become too complicated to complete without outside assistance.
When recruiting accountants and other financial professionals, companies should be sure to begin the process early. Most years, the demand for tax professionals vastly outnumbers the available supply, so companies may need to scoop up these workers well in advance of next April’s deadline.
Supply may decrease in the near future, according to a recent American Institute of Certified Public Accountants (AICPA) study, which found that many CPAs are heading directly into accounting divisions of companies, instead of remaining independent.
Once businesses settle on a particular tax services provider, it should provide sufficient orientation to allow that financial professional to be successful. No matter how experienced tax professionals are, they are unlikely to thrive if they are unfamiliar with the procedures and practices of a particular organization.
To expedite this process altogether, businesses can work with experienced finance recruiters during a financial professional search. This will ensure that high-quality candidates are hired.