Tax planning isn’t something that accountants should do for their clients once the calendar ticks over to 30 June, but something that is planned for and managed throughout the year.

This is certainly not a revelation in thought, rather a reminder of the importance of providing considered tax planning services well before tax time.

But for many accountants struggling with the dual burden of completing accounting and tax compliance jobs and staying up-to-date with current taxation regulation, finding both the time and the right process needed to deliver effective tax planning advice to clients can be incredibly difficult.

This is where having the right tax planning tools comes into play.

To be truly effective, your tax planning tools (by which we mean the set of procedures, workpapers and checklists your team relies on to guide them through the tax planning job process) must (1) empower your team to cut back on the amount of time it takes them to prepare and deliver tax planning advice and (2) provide you with confidence that your team are considering everything they should be in order to deliver sound advice.

So how can you know whether your tax planning templates (or, for that matter, any set of templates relied on by your firm) are effective? Here’s a few pointers:

- They must always be up-to-date (for the latest rates, legislative changes and industry best practice).

- Updates must be shared with team members well in advance of the point at which they will need to rely on them (for familiarisation and training purposes).

- They must make it easy for your team to complete them electronically or on paper (to suit all preferences).

- They must allow your team to select those items which need to be considered for the job at hand, given the particular circumstances of the client (one size does not fit all clients).

- They must be flexible in their design, so that they are useful and relevant for junior accountants (who tend to rely on them for guidance and learning) as well as those more experienced (who tend to refer to them only for a ‘checklist’ function).

Frequently, accounting firm partners and principals find that relying on a reputable external provider for tax planning and other templates is the more cost and time-effective approach. After all, with the many client engagements to keep them busy throughout the year, just how many accountants have the time to spend creating and maintaining their own (effective) templates?