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Table of Contents

Hey there! Let's talk about something that might not sound exciting but is absolutely crucial for growing your business—documentation. Yes, I know, it's not as thrilling as closing a big deal or launching a new product, but hear me out.

Proper documentation of review checklists, planning methods, and strategies is the secret sauce to building a scalable business model. It empowers your team, aligns them with your vision, and, most importantly, makes your life a whole lot easier.

Advanced Documentation: Going Beyond the Basics

Once you've got the basics down, it's time to level up. We're talking about getting into the nitty-gritty details:

This includes documenting specific review pointers and checklists applicable to different service lines such as tax, accounting, CFO services, and more. Additionally, planning methods and strategies should be outlined, providing technical insights that can be:

General: Applicable to a wide range of situations.
Client-Specific: Tailored to individual client needs.
Industry-Specific: Relevant to particular industries.
Situation-Specific: Designed for unique or uncommon scenarios.

Example: Tax Services

Let's take tax services as an example because, let's be honest, taxes are everyone's favorite topic, right? Document not just the tax preparation process but also the review pointers, planning strategies, and technical insights unique to specific clients or industries.

This creates a roadmap for new reviewers or managers, enabling them to think and operate like you. Imagine having a mini-you handling tax returns with the same level of expertise and efficiency—well, almost.

Capturing and Documenting Knowledge

1. Documentation of review checklist, planning & strategies:

Documenting Your Thinking and Review Points: I get it, documenting your thinking can seem overwhelming at first. The key is to focus on capturing situations and techniques that apply to most scenarios you encounter —aiming for around 80% coverage. And remember, this is an ongoing process. Rome wasn't built in a day, and neither will your documentation be.

2. Using Transcription Apps:

Ideas can strike at any moment—whether you're deep in a tax return review or enjoying a coffee. To ensure you don't lose these golden nuggets, use a transcription app like Fireflies (No, they're not paying me to say this, but they do offer up to 800 minutes of free transcription each month!) Just speak your thoughts, and the app will transcribe them for easy storage and future reference.

3. Creating a Living Document:

Compile and organize these insights into a living document that evolves over time. Share it with your team, adding client names and specific contexts as needed. This way, your team can think and act like you, even when you're not around.

Scalability

With comprehensive documentation, your review time decreases significantly, and your team can handle more responsibilities independently. You can delegate 95% of your engagement responsibilities, popping in only for crucial quarterly review meetings. Proper documentation enables your team to manage B and C category clients, leaving you to focus on the A-listers.

Benefits for Reviewers and Managers

Comprehensive documentation helps reviewers and managers in several key areas:

Reviewing Tax Returns: When reviewing tax returns done by preparers.
Tax Estimation: When doing tax estimation for your clients.
Advisory Services: When advising clients on tax planning and building advisory strategies.

Examples of Tax Techniques Documentation

1. Employing Your Own Children:

Did you know you can employ your kids and save on taxes? By paying wages to your children, you can save on Social Security, Medicare (if they're under 18), and FUTA (if they're under 21) taxes. This strategy is a win-win—transfer wealth to your kids while reducing your tax burden. Just remember, this works if your business is structured as a sole proprietorship or a spousal partnership.

2. Unreimbursed Expenses from Company as Employee:

In some states, unreimbursed expenses for employees aren't allowed as deductions on Schedule A. But if the employee has Schedule C income (like from a side gig), those expenses can be claimed on Schedule C, reducing overall tax liability. It's a neat little trick worth considering.

3. Home Office Deduction:

With remote work on the rise, home office deductions are more relevant than ever. Expenses like utilities, internet, and mortgage interest can be deductible if a designated area is used exclusively for business. Don't overlook this deduction on Schedule C. If your client doesn't provide the necessary info, your offshore staff should ask about it to ensure an accurate tax return.

4. Basic Advantage of S Corp Election:

Electing an S Corp structure over an LLC can minimize self-employment taxes, typically ranging from 15% to 16%. In an S Corp, shareholders pay themselves a salary (subject to self-employment taxes), while the remaining profits can be withdrawn without the same tax burden. It's a straightforward tax planning technique that can save a chunk of change.

Conclusion

By combining tax return preparation, SOP documentation, and tax planning strategy documentation, you can effectively delegate up to 95% of your engagement responsibilities. It's not just about hiring experienced tax professionals but also ensuring that your thinking and strategies are documented for your offshore staff to follow. Trust me, your future self will thank you.

Plus, you'll have more time to focus on what really matters—like enjoying that well-deserved coffee break.

Shawn Parikh

Co-Founder & CEO

Shawn Parikh is the CEO and Co-Founder of MYCPE ONE. A Chartered Accountant by qualification, he has over 15 years of experience of being a problem solver for small to mid-size firms and over time he has given consultation to thousands of CPAs, accountants and tax pros. Shawn has always been a big believer and advocate of social enterprises and small accounting firms & businesses. He consults and speaks on several topics ranging from Building Remote Team - Remote Working, Offshore Staffing, strategic planning, Scalability of Accounting Practice, cloud accounting, practice management, LinkedIn marketing, etc.