Posted

A Tax Senior is a dynamic, management position. It requires more than just industry knowledge and years of experience (though those are invaluable qualities). As a manager, liaison, and tax expert, a Tax Senior must possess several virtues to thrive in this vital role.

  1. Time-Management

A Tax Senior is a role with a slew of diverse responsibilities. It is imperative for this person to be an excellent manager of time because they will have a constant influx of work. In order to stay on top of everything, they need to be able to get things done in a timely manner, as well as stay conscious of multiple projects all at once.Time management tips include: tracking your time, prioritizing ruthlessly, and thinking ahead.

Track Your Time: The Planning Fallacy: a trap we have all fallen into at some time or another. We have an optimism about how long a project will take and consequentially, fail to allocate enough time to the project. One way to overcome this time management pitfall is to understand exactly where your time goes. Try using a tool such as the Google Chrome extension: Toggl. Toggl allows you to run a timer on every project you do, showing you where your time is being dedicated and helping you optimize and streamline your day with better planning.

Prioritize Ruthlessly: So, once you are aware of how your time is being spent, you may find that some projects are an unexpected drain on your time. For this reason, you must prioritize continuously, strategically, and without mercy.  One powerful tool to guide you through prioritizing with confidence is the quadrant planning tool presented by Stephen Covey in 7 Habits of Highly Effective People.

Once you have sorted your projects into quadrants, you can work through those “buckets”, prioritizing Quadrant 1 first. Always remember that delegating is an option. As a Tax Senior, you will likely have a team of highly-motivated, reliable people to whom you can distribute some of the work. As acclaimed leadership expert, John C. Maxwell says: “If you want to do a few small things right, do them yourself. If you want to do great things and make a big impact, learn to delegate”.

Think Ahead: Time-Management is marathon, not a sprint. It is a skill and a task that will never be most effective when used on the fly. Use planners, calendars, lists, or some combination to be aware of all upcoming projects, deadlines, and important dates and use that knowledge and planning to set forth the best time management plan possible.

 

  1. Problem-Solving

As a Tax Senior, you are responsible for a lot of problem-solving. Not only to solve tax-related problems, but also to develop recommendations for business process improvements.  It’s important that you are training yourself to think collaboratively, analytically, and are always on the hunt for processes that can be improved and problems that can be solved.

Strategies for being an exceptional problem-solver include using your network and finding a process that works for you and sticking to it.

 Use your network: The first step to becoming a great problem-solver is to understand that you do not have to work alone. Problem-solving often thrives as a collaborative effort. Many minds are greater than one. As the manager, it is your responsibility to know your team’s strengths, and to seek guidance strategically and with wisdom. You then must guide the conversations, remembering the goal of your effort.  

 Develop a process that works for you and stick to it: it is important for you to develop an operation for bigger projects that require creative thought and problem-solving. One suggested system is to 1. Understand/define the problem. 2. Devise a plan for solving the problem. In this step, it is important to have a detailed, realistic, and well-communicated plan. 3. Execute the plan. Be willing to be flexible in your plan as needed. 4. Once the plan has been executed and results were yielded, look back and learn. This is a critical step, not to be skipped  as it will help you constantly improve and become more successful.

 

  1. Organization

As we have already addressed, organization is going to be a vital skill because you will often be managing so many projects at once. Some best practices to optimize organization include keeping a planner, employing detailed to-do lists, and staying out of the paperwork pitfall.

 Keep a planner or detailed calendar: A planner or detailed calendar can be the apex of a successful and effective organizational system. It serves an extremely vital role by mapping plans, reminding of deadlines, and keeping important tasks top-of-mind. A well-organized planner or calendar acts as a map that guides you through your day, eliminating those unproductive ruts that we have all fallen into where we somewhat haphazardly search for the next task deserving of our attention. A planner or calendar helps refocus throughout the day and keep you organized as you move through your tasks by aiding in identifying your goals.

 Daily to-do lists: A key to being organized is prioritizing effectively and planning. Daily to-do lists can be a key tool for a good organizer. These lists can guide you through your multi-tasking in a very effective way. Not to mention, crossing completed tasks off a list is an impactful motivational force for many people.

 Don’t fall into the paper pitfall: Every workplace has at least one of those employees whose desk is disorderly and littered with papers. Often, they’ll characterize it as an “organized mess”, but ultimately that cluttered space is usually slowing down productivity and is almost never truly organized by any measure of the word. As the tax senior, you will have paperwork moving across your desk constantly. It is important to create a very simple and stringent filing system. For many, it can be tempting to develop a robust and complicated organization system. However, as great as it is that you can develop such a process, it isn’t likely that an overly-complicated system is realistic. You need something simple and streamlined that you can stick to and implement quickly as you move through the day. One suggestion is to create a folder for each client, project, etc., and file it as soon as it comes across your desk. Once a tax return is complete or a project has been executed, go back through the file and get rid of anything non-essential.

 

  1. Detail-Oriented

As a seasoned tax professional, you are likely well-aware of the importance of attention to detail. As a tax senior, the burden of responsibility for the final review/approval likely falls on you and that requires being very detail-oriented. You can train yourself to optimize your attention to detail with these tips:

Avoid distractions: The greatest enemy you’ll face when trying to focus on the details is distraction. When diving into a detailed project or a proof-reading session, isolate yourself from the most distracting things around you. In today’s age, the best first step that will isolate a universal distraction is to put your phone in Do Not Disturb mode. For some, who are particularly distracted by their phone, you may even consider putting it in a bag or drawer- out of sight, out of mind. Another tip for avoiding distractions: put on headphones. For some, classical or instrumental music can increase focus. One study even suggests ambient sounds such as common coffee shop background sounds can boost attention. If you are someone who focuses best in silence, headphones are still a great tool for avoiding distractions as it may deter talkative coworkers from coming by your desk.

Give your wandering mind the break it needs: We’ve all hit that mid-day wall where we just cannot focus. Give yourself the break you obviously need to read an article for leisure, watch an interest video, or otherwise take time for yourself.  A walk outside, or a quick chat with a coworker can you give you the mental break you need to dive back in with sharp focus.

 Slow down! We live in an always on, always fast culture. It is so easy to get swept up in that “giddy up” mentality, and in general, working quickly and finishing your work in a timely manner is a great virtue. However, when it comes to paying attention to detail, you simply must slow down.  

Become an active participant: As a manager, being an active participant is not just a requirement, it is a tool that you can use to improve your attention to detail. When you are more in tune with the goals and intricacies of your account or project, you will find yourself producing more polished work, more efficiently, and with less frustration.

 

  1. Leadership

A tax senior is responsible for more than just their own projects. As the manager, a tax senior is responsible for leading, training, and mentoring their team. Some great qualities of a successful leader include leading by example, emphasizing communication, never stop improving, and encouraging dissident thought.

 Lead by example: Being a leader goes beyond a title or a job description, it is about showing your team what you expect and being an active participate. A successful manager will lead from the trenches instead of from behind desk. To excel as a leader, be a hard worker, producing great outcomes, and encouraging the growth of everyone around you.

Understand the importance of communication: A great leader lets their team in on their vision. If your employees fully understand your goals, strategies, and expectations, they will be more likely to rise up and meet you at a higher level. Not to mention, a shared vision encourages conversation and creative thought. As we mentioned before, many minds are greater than one, so by letting your team in on your vision, you may grow it into something more effective than you would have on your own.  

 Never stop improving: As a tax senior, you have certainly achieved a great milestone in your career. But it is important to not become complacent once you reach this new height, not only for your personal growth, but for the good of your team. As a leader, it is important to always improve and sharpen your skills, especially focusing on these 5 virtues we’ve discussed today.

Leave a Reply