Since childhood, I've been exposed to tax seasons every year. My father has been in public practice since I was a kid, so I could see and experience how stressful it is. But looking back, I appreciate being in public practice more than any other industry—commerce, government, education, you name it.
I dreamed of becoming a doctor. Our guidance counselor even told me medicine was my path! But my father persuaded me to take up accountancy instead. And I never regretted it. As they say, fathers know best. While my father was managing our firm, and as I started to become his partner, I dabbled in other industries like banking and BPO. Now I can compare the stress levels across the board. Banking? Stressful every day. Public practice? More stress during tax season. Same with BPO, which I now combine with my public practice.
It's always a practice season for me, learning how to handle the stress. I hope I can speak for others in the same profession, though I'm still a work in progress on stress management. However, I've noted certain factors that lessen the tax season strain. First, communicate with clients early on about deadlines. Analyze their past financials, note changes from the past year, and discuss any big projects for the coming year. The challenge is getting clients to provide the necessary documents ASAP. We need to complete our reports early, but often "the ball is in the client's court." We understand they're also experiencing the tax season crunch. But we need those documents early for timely completion and to lessen stress and burnout on both sides.
Secondly, we need to keep clients informed of the latest regulations from the Bureau of Internal Revenue, Securities and Exchange Commission, Cooperative Development Authority, Bangko Sentral, and any others applicable to them. Email or social media work well for this. If there are changes in government regulations or corrections needed in their financial reports, they should be updated promptly. That's why it's crucial to have reports completed early for proper review, avoiding errors and penalties.
Third, technology is key, and staff training on any new software is essential, especially for new hires. Upgraded technology in government systems is vital for efficiency and speed. I understand these systems are constantly being updated and improved, and I hope more improvements are coming to eliminate bugs like slow speed, poor responsiveness, security problems, and workflow glitches.
Sometimes, the source of stress is beyond our control. But more than managing the work, we need to maintain composure in challenging situations. It's about maintaining work-life balance, cultivating a positive attitude, and projecting a cheerful, calm demeanor despite the pressures that could make us toxic and stressed.
This is easier said than done, but with effort, we can achieve it. Maybe not perfectly, but significant improvement is possible.
(Wilma Miranda is a Managing Partner of Inventor, Miranda & Associates, CPAs and a member of the Board of Directors of KPS Outsourcing, Inc. The views expressed herein do not necessarily reflect the opinion of these institutions.)