Accountant Professional Liability: Tax Season Tips

By: Mike Smith

With the tax season almost upon us, it’s time for your accountant clients to review their business, ensure they are ready for this busy time of year, and make sure they have the right financial protection with a comprehensive Accountant Professional Liability policy. How can accountants best manage their business and grow revenue while staying in compliance with all legal requirements of their profession? Below are a few tips that financial intelligence company Finagraph have recently shared.

Understand the Technology Available.

Doing so will not only allow your accountant clients to spend less time in the books, but also more time building relationships with clients. Cloud-based software programs, for example, have helped accountants by:

  • Providing instant visual access to financials in under a minute.
  • Creating customizable reports within a set criteria.
  • Incorporating multiple vendors’ tax preparation software.
  • Quickly identifying red flags and pinpointing risk indicators.

When utilizing this type of technology, it’s imperative that your accountants either have someone on staff or have time set aside themselves to monitor these functions and ensure they are operating correctly.

Cross-Sell Services.

If your accountant client’s firm has the capability to do so, they could certain maximize their face time with clients by offering consulting, record-keeping, auditing, bookkeeping, estate planning, implementing financial IT, managing investments, and more. Experts also recommend that accountants not confine their business to the months of tax season and be sure to stay connected with their clients all year long.

In addition to cross selling and understanding the technology available, Finagraph recommends that accountants find their niche and understand their clients in that niche, grow their community, and create and leverage their social media accounts. Of course, all of these tips come with liability risks, so it’s vital that they be financially protected.


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PL Risk Advisors provides an Errors and Omissions insurance program specifically designed for exposures faced by accountant and auditors. In addition to Accountant Professional Liability Insurance, we offer Professional Liability products and more to a variety of professions. Please contact us today to learn more at (855) 403-5982.