Learn How To Staff Your Tax Practice And Get Work Done In Today’s Market

Learn How To Staff Your Tax Practice And Get Work Done In Today’s Market

Many of you have shared with us this tax season was a challenging one for many tax firms due to lack of tax staff with three to five years of experience to support Tax Managers, Tax Directors, and Tax Partners. This has been a challenge for firms for a few years now, so what is the solution? There are a few solutions that are currently being adopted by firms nationally and internationally. This post discusses the solutions for firms’ short term and long term. The primary solutions are offshoring the work, onboarding new staff and outsourcing the work to other firms, and under private contract utilizing TaxConnections Executive Search services.

Services provided in offshoring tax work to India started in the 1980s and rapidly accelerated in the ’90s. In today’s world where information technology has become critical to business, the meaning of outsourcing has undergone a drastic change over the years. CPA and accounting firms significantly reduce costs by outsourcing tax compliance services to India. Labor costs in India are much lower than in the United States, with firms saving up to 60% of costs. It means that firms can save a significant amount of money by outsourcing tax services to India. We have encountered many Tax Managers who have been on rotation to offices between the U.S. and India to train the staff on tax preparation. The Big Four firms in India have grown to massive size to outsource client engagements for U.S. multinational clients at competitive costs. The one drawback to this is there has been less emphasis on training tax staff in the U.S.

We have noticed accounting firms and corporations increasing their hiring at the tax intern and staff level. This is good news as they are also making a commitment to train and educate a new generation of needed tax staff by corporate tax departments and public accounting firms. If these organizations offer tax staff a supportive environment to learn and grow, this is good news for a tax staff entering the tax profession. If you do not have enough tax staff, the growing trend is training and growing your own. You build technically stronger Tax Managers when you provide them with the opportunity to grow by transferring their technical knowledge and tax skills to others. We expect to see this trend continue to grow throughout the tax profession. It is a win-win solution for tax organizations.

The third trend we see growing is outsourcing your work to another firm. One of the biggest players emerging in this market is Source Advisors, who has built a big operation out of helping other firms’ fill their client needs. They work with firms under a white label agreement, so the firm always keeps control of their client, yet the work is completed by highly competent and experienced staff at Source Advisors. You can inquire about these services here: https://sourceadvisors.com/source-advisors-tax-connections-featured-offerings/

You can also reach Eric Larson,  Director Business Development at 415.730.5247

Another resource for organizations who need to add staff is utilizing TaxConnections Executive Search Services. We work with tax organizations who have multiple openings and introduce the best talent we encounter to our clients. This service ensures our clients have a dedicated recruitment team who understand the qualities necessary to be successful on a tax team. TaxConnections spends a great deal of time interviewing and screening tax candidates for a fit with the culture of each organization we represent. We know we need to be screening tax candidates constantly throughout the entire year for our clients. This is the best way to be successful in representing their interests all year long. We make an annual commitment to recruit the best candidates for our clients. If you have a question how we recruit for your tax team, please reply with a request to kat@taxconnections.com or call 858.999.0053

 

Kat Jennings, TaxConnections, CEO and Founder and Advisory Team provides three areas of services: 1) Internationally recognized, retained executive search services for multinational corporations, public accounting firms, and law firms; 2) Introductions of sellers to buyers of small and medium size accounting firms; and 3) Provide brand building and education services that support and prepare accounting firm owners to buy/sell an accounting practice. We focus on educating the journey to sell a practice and how to increase firm revenue prior to any sale. Our program ensures you start years prior to a sale by learning what is expected of you during the selling process, and introducing firm Partners to cross selling opportunities that are easy to implement and reduce your workload at the same time. We introduce you to value added connections to smartly grow revenue in your accounting practice.

Kat Jennings has been retained by organizations worldwide to locate tax professionals with highly specialized tax knowledge and expertise. She has a thorough understanding of the tax business community, with a proven record of stellar performances matching professionals with organizations. Bringing two parties together to work successfully is the art of understanding personalities, cultural fit, expectations by both parties, flexible or inflexible work environments, understanding what drives and motivates each party, and revolves around the personality and ethics of each executive team.

Kat is a widely recognized expert in high level, tax executive search, as well as connecting buyers and sellers of accounting firms. TaxConnections provides and educates small to medium size accounting firms owners and Partners how to prepare and sell their firms so they can build a succession plan for their retirement. With larger firms seeking to acquire smaller accounting practices, there is a real need to help firm owners prepare to be acquired. Most firm owners are unaware they are not ready to sell when they decide to retire. TaxConnections educates firm owners’ what they need to do years in advance of selling an accounting firm practice.
Senior tax executives expect the utmost privacy when being introduced to multinational organizations about a new tax opportunity under consideration. Having said that, companies searching for a new head of tax expecting tax executive candidates to submit their resume through a resume portal, will never see a full slate of outstanding tax executives available due to a candidates’ desire for greater privacy. This is why privacy focused Uber Tax Recruiters consistently outperform in-house recruiters on tax executive searches.

We offer our clients a Performance Retainer Agreement arrangement so their HR department can still recruit and compete with the tax candidates we present on Head of Tax searches. The client pays us a partial fee upfront, and if they find a candidate they deem better than we introduce to them, we forfeit the final fee. Most of the time, they love and prefer our private introductions to tax executive candidates better than what they source through their own resume portals.

When we represent selling/buying small to medium-sized firms, firm owners/partners also demand greater privacy when considering the sale of their practice. TaxConnections provides a safe place to discuss their business needs, elevate their practices’ online reputation, and increase revenue through new streams of business development by outsourcing work and partnering with other firms. Over three decades, we have worked tirelessly to build relationships between firm owners most organizations rarely have access to in the world of tax. There are numerous possibilities you may never have considered previously to bolster the value of your practice and service offerings.

As a globally recognized consultant to multinational organizations, accounting firms, and law firms searching for tax expertise, Kat has been retained by public accounting firms, law firms, and corporations worldwide including Apple Computer, AC Neilson, Accenture, Agilent Technologies, Allergan, Alza, American Express, American Media, Aon, Baker & McKenzie, Barclays Bank, Bechtel, Cargill, Carl Zieuss Vision, Century Aluminum, Chevron, Clorox, Citigroup, Commercials Metals, Constellation Energy, Countrywide, Del Monte, Deloitte Touche, DFS, DLA Piper, E&J Gallo Winery, Electronic Arts, Ernst &Young, Fox Entertainment, Fremont Investments, General Electric,General Motors, Herbalife, Hewlett Packard, Hyatt, Intel, Jones Lang LaSalle, Kimco Realty, KLA Tencor, Koch Industries, KPMG, Levi Strauss, Liberty Mutual, LKQ, Loews, Logitech, Lucas Film, Maersk, McKesson, Nalco, Newell Rubbermaid, Nissan, Oracle, Orbitax, Pacific Gas & Electric, PwC, QAD, SAIC, SanDisk, Sanmina, Sempra Energy, SONY, Synopsys, Ticketmaster, Trimble Navigation, Toyota, Univar, Wal-Mart, Wells Fargo, Vertex, Yahoo, Xilinx, and many more not listed here.
Contact Kat at 858,999.0053 Office/858.232.4415 Cell or kat@taxconnections.com to request a private consultation regarding the sale of your practice, adding top talent to your organization, or merging your practice with another firm owner with a book of business. The possibilities are endless; if you have a dream of a new vision for your professional life; we will scout opportunities throughout the market to make it happen.

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