Looking Ahead: The 2024 Tax Season

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We recently sat down with Brian Nayandong, the Director of Sales at Permasearch, to ask him what he thinks is in store for the Public Accounting sector in Q1 of 2024. Brian has been working the recruitment world for 7 years and his primary focus has been Permanent hires for Finance and Accounting. Within Finance and Accounting some particular areas of expertise include: Property Accounting, Public Accounting, Audit, Assurance, Financial Planning and Analysis, Tax, Treasury, Payroll and AP/AR.

“Although we are just days into 2024, the accounting industry is already looking toward and preparing for tax season. In addition to hiring, many firms need to prepare for the season ahead by making sure they are up-to-date on the latest tax laws and creating individualized check lists for each of their clients. Tax season can be stressful for both firms and their clients, so it is imperative that everyone is being proactive and getting prepared so that it can be a smooth process for everyone involved.”  

When is the best time for accounting firms to start the hiring process?

Firms often start planning and assessing their staffing needs for the upcoming tax season during the summer and fall of the previous year. This includes evaluating client workload, anticipating any changes in tax laws, and determining how many new hires will be required.

Besides hiring, what else do firms need to do to prepare for the 2024 tax season?

Once the tax team is in place, it is really important that they plan ahead by reviewing any changes to the Canadian Tax Laws and regulations. Laws are constantly being amended and changed and it is really important that firms are up to date with this, as errors made on tax returns can be very costly for everyone!

With many accounting firms still working remote or in a hybrid model, what are ways they can protect themselves from a security breech?

When dealing with the finances of corporations and individuals, it is extremely important that firms stay compliant to prevent fraud and data breaches. Ways that firms can ensure their clients personal information is protected are to put the following into place: Two-factor authentication, backup software so that you have copies of important files, encryption on files, installing antivirus software, and having a written data security plan.

Tax season can lead to burnout for a lot of CPA’s. What are some steps firms can take in advance to make sure their staff are not overworked?

It is really crucial that firms determine their capacity before heading into the season. Instead of booking your team to overcapacity, take some time to determine what the work load is for each our your CPA’s. If you find that your files are greater than your team, then it is time to reach out to Permasearch to help you find more staff!

If you are looking for a new role in Finance or Accounting, or are an employer in need of staff, reach out to our talent acquisition team today.

☎ 905-418-2040📧 info@permasearch.com💻www.permasearch.com

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