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By starting early on year-end plans, firms will have more-efficient busy seasons and will increase chances of hitting their goals. Management should update strategic plans in relation to market expansions, mergers and acquisitions, and medical, retirement and other benefits.

CPAs should speak to their clients about being more active regarding their portfolio, estate planning and charitable giving as part of year-end planning best practices.

The guidance of a CPA can be invaluable in bankruptcy, from offering expertise in dissecting financial situations and ensuring adherence to bankruptcy codes to developing forward-looking strategies. Here are some multifaceted ways in which CPAs provide essential support to clients during bankruptcy.

A challenge is how a firm can satisfy the immediate needs of a client but also build a long-term relationship. It's important to remember that what often starts as a cold call can evolve into a strong professional partnership as well as a friendship.

By putting year-end planning protocols in place before the end of the year, CPAs will be able to guide their clients with real data in the coming year and beyond.