Top concerns for accounting firms in 2023 and how to navigate them

As we navigate the 2023 tax season, accounting firms are facing a wide range of concerns and challenges. From cyber attacks to new tax laws, accounting firms must be prepared and proactive this tax season.

In this blog post, we’ll explore the four top concerns facing accounting firms in 2023 and provide tips on how to navigate them.

Top Concerns for Accountants in 2023

1. Increased Workload

One of the top concerns for this tax season is the increased workload. Many businesses and individuals have been affected by the pandemic aftermath. As a result, there is a higher demand for tax preparation and filing services this season. New stimulus measures and tax relief programs also further complicate the tax process by requiring more attention.

2. Cybersecurity Threats

Another concern for accountants is cybersecurity. With the rise of technology in accounting, firms are more vulnerable to cyber attacks. Scammers are taking advantage of individuals and businesses that file their taxes online. It’s important for firms to protect sensitive client information to avoid financial loss, or worse, a damaged reputation.

3. Meeting Deadlines 

Firms are concerned about the potential for delays and extensions this season. The tax season is already a busy time for accountants, and sadly, the pandemic has created many more delays. Most people won’t file their taxes on time, and the IRS has been dealing with a long backlog. This significantly slows down the tax filing process.

4. Changing Tax Laws and Regulations

Last but not least, the uncertainty surrounding tax laws and regulations is a recurring concern. The tax world is constantly evolving, and 2023 is no exception. Since the pandemic, local and federal governments have introduced new tax rules and state codes. This makes it difficult for accounting firms to provide up-to-date and accurate advice. Additionally, firms can misinterpret the new laws and regulations, leading to many errors and mistakes.

How to Solve These Concerns

To solve these concerns, accountants need to be proactive and prepared. Here are some solutions that firms can use to minimize these risks and guarantee a successful 2023 tax season:

1. Increase Staffing and Resources

With the increased workload and expected delays, it’s important for firms to have enough resources and staff. This can include hiring additional workers, outsourcing work, and using digital forms to automate manual tasks.
2. Strengthen Your Cybersecurity 

To protect clients from cyber attacks, firms should implement data encryption and two-factor authentication. For example, digital forms platforms like GoFormz provide HIPAA-secure digital invoices to securely collect client information. Firms can rest easy knowing their digital information is protected behind encrypted databases. Additionally, firms should educate their clients on how to protect themselves from fraud and provide resources to report suspicious activity.

3. Communicate with Clients

With the potential for delays and extensions, it’s important for firms to over-communicate with their clients. This keeps clients informed and can help reduce the anxiety surrounding this tax season. By ensuring that clients are aware of any potential issues, your firm can stay ahead of the game.

4. Stay Informed

Firms should always stay informed with the latest tax laws and regulations. Have your firm invest in resources that provide accurate and up-to-date advice. This can include seminars, webinars, and workshops!

5. Make Use of Technology

Technology can help streamline the tax preparation process and reduce the risk of error. Firms can use software and apps, like online forms to automate tasks, such as data entry and calculations. These forms can also improve communication with clients by automating emails and form uploads.

Stay Ahead This Tax Season

It’s clear to see that the 2023 tax season brings some concerns for accounting firms. However, by staying informed, implementing cybersecurity protocols, making use of technology, increasing resources, and communicating with clients, firms can minimize these concerns and provide the best possible service to their clients.

About GoFormz

GoFormz is a digital forms solution that’s redefining how people and businesses collect and process information. With over 100,000 customers in over 150 countries, we’ve helped customers do everything from create digital work order forms to automate marketing workflows. We believe that everyone should have access to fill out their forms online and ditch the outdated paper processes. That belief set us on a mission to help every customer digitize their forms and modernize how work gets done — all without code.