With filing season just behind us AccountingWeekly asked accountants how they experienced the 2015 tax season that ended February 2016. By all accounts this was one of the more difficult years for accountants helping their clients prepare financial statements and file tax returns.
Here are some of the feedback that we received:
WHY did you answer that way?
- “Sars always has more issues that need to be dealt with. They audit about 90% of clients claiming commission expenses, and often just disallow them all. and their rules are always changing. we also cannot update client bank accounts. They have updated their bank in the previous year, but SARS insists that the bank details are invalid, and they have to update again…”
- “Trust returns were more time consuming and supporting documentation was required for most trust returns. “
- “We did a lot more planning and spread the work over the year. “
- “Somewhat worse and somewhat better,I was better prepared. It was better not having the last day on a Friday. I could still do the last rush work.. “
- “I experience a high number of new clients and old all coming at the same time to submit. Worse I had to start from 2013 tax year and all in the January and February months.”
- “SARS systems and client delays “
- “Sars queries so much more on small things. Battling with Sars mistakes. “
Using these key benchmarks how do you expect THIS YEAR to compare to LAST YEAR?
- Number of clients: 70% respondents indicated an increase in new clients
- Total revenue: 87% respondents indicated an increase in revenue
- Net Profit: 64% respondents indicated an increase in net profit
- Revenue per client:57% respondents indicated an increase in revenue
- Profit per client: 62% respondents indicated an increase in profit
- Number of extensions: 35% respondents indicated an increase in extensions
In your opinion, how will the NEXT 12 MONTHS shape up for ……?
About the same Somewhat better
Your clients/customers: 47% 18%
Your firm/company: 29% 35%
Yourself and your family: 41% 29%
The nations economy in general: 12% 12%
Add your voice to the survey and help us improve the survey results. Complete this quick survey and compare your firm with the rest of the practitioner market. Also see how other firms experienced the 2015 filing season.