4 Things To Do When Hiring Seasonal Services For Tax Season
Tax season is one of the most dreadful times of the year for many businesses. It refers to the time period when individual and corporate taxpayers prepare their financial statements and reports for the previous fiscal year and file their tax returns. In Singapore, tax returns should be filed on a calendar-year basis and submitted by the 25th of April of each year. If electronically filed, the deadline for submitting the same is on the 18th of April.
Tax season is usually a busy period for companies, especially for their accounting teams. With so many documents to prepare and things to do, employers often wonder how they can take on the extra paperwork and workload required to ensure that the necessary tax reports are properly submitted on time. In that case, companies may outsource seasonal accounting services in Singapore to help them prepare their tax returns. Below, we share some crucial things to do when hiring services for the tax season.
1. Analyse internal needs
Before hiring seasonal accountants from an accounting firm, companies should first evaluate their tax season needs and determine what tasks should be completed by the seasonal hire and where they can free up internal efforts and resources. Coming up with a game plan and clear expectations are important for making the most out of a recruitment campaign and for ensuring the success of the seasonal hire.
2. Identify qualified prospects
There are different factors to consider when finding the ideal hire for the tax season, such as their law or accounting background and their ability to communicate effectively with clients and determine their tax needs. Typically, the best candidates are those who demonstrate that they care about the needs of their clients. A strong prospect should also have numerous years of tax preparation or accounting experience or must be a certified public accountant (CPA).
3. Set early expectations
Once a company has found potential hires, it is necessary to make sure that they are aware of the company’s work practices and expectations prior to hiring. The purpose of this is to guarantee a successful business relationship and to ensure that the hires complete the company’s tax-related requirements efficiently and promptly. To this end, interviewers should be ready to discuss scenarios and qualifications with a potential hire, including:
- Their tax preparer ID number;
- Their tax background, including previous experiences in preparing tax returns and relevant certifications;
- Their knowledge of what occurs in the event of an audit; and
- Their willingness to sign the tax returns – companies should ideally avoid hiring seasonal tax preparers who are reluctant to do so.
4. Determine contract length
Another important thing a company should do is consider the length of the seasonal hire’s contract and the likelihood of their retention. Although the tax season usually ends by mid-April, some companies may want to hire an employee they could establish a long-term relationship with to answer any off-season queries. As such, it is essential for a company to determine if they would want to engage the same accountant for every tax season since they are already familiar with the company.
It is common for companies lacking internal resources or staffing to hire seasonal workers who will assist them in preparing their tax returns and other tax-related documents required for tax season. However, to make sure that a company gets the best value out of their seasonal hire, they must take several things into consideration during the hiring process, as hiring the wrong tax preparer might do more harm than good for their business.
If you are looking for the most reliable and efficient accounting and taxation services to help meet your business’ tax season needs, look no further than OneStop Professional Services! We are a trusted accounting and audit firm in Singapore that offers an array of corporate services, spanning from accounting and auditing to corporate financing and nominee director services. In terms of tax planning, specifically, we have various taxation services that can help enhance your business’ tax efficiency and compliance. Feel free to contact us today to learn more.