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Four hour tax workweek e book


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Four hour tax workweek e book

  1. 1. “7 Steps to Creating Your 4-Hour Workweek” 7 Steps to Creating Your 4-Hour Workweek
  2. 2. Corporate Tax Departments - Stretched Thin Today’s corporate tax departments face many challenges: o Timely information o Tighter deadlines o More transparency o Increased scrutiny o Limited resources
  3. 3. For the corporate tax professional, this translates into: • Long hours • High stress • Rework • Inefficiencies • Decreased job satisfaction Corporate Tax Professionals - Overwhelmed
  4. 4. Who wouldn’t want to work a 4-Hour Workweek? What corporate tax professional today wouldn’t love to work a 4-hour workweek? In 2007, Timothy Ferriss wrote his #1 New York Times bestseller, The 4-Hour Workweek, claiming to provide a blueprint for “escaping the 9-5, living anywhere and joining the new rich”. As busy tax professionals in a dynamic and constantly changing environment, I know what you are thinking right now: “Is she crazy? There is no way any tax professional today could work a 4-hour workweek!!”
  5. 5. Who wouldn’t want to work a 4-Hour Workweek? Having read this book several years ago, I agree that I don’t think it is possible for any tax professional to work a 4-hour workweek. In fact, I think most tax professionals today would jump at the chance to work from 9-5. There are, however, some takeaways from this book that tax departments can apply to everyday work.
  6. 6. Data & Information Technology & Systems Process & Policy People & Organization The four primary enablers that are critical to a high-performing tax function. Source: Tax Management Consulting: Building the tax department of the future, Deloitte, 2010. The following 7 quotes are from Ferriss’ book and include my questions for today’s tax department. Focus on using the questions to look at each of the four primary areas critical to a high- performing tax function as preparation for 2011 tax season begins. Create Your Own 4-Hour Workweek.
  7. 7. Step #1: “Each path begins with the same first step: replacing assumptions.” How do I get there?  What assumptions did you make about the work, about your colleagues, about the process, about the software that were incorrect?  Did they hinder your ability to be successful?
  8. 8. Step #2: “Less is not laziness. Focus on being productive instead of busy.” How do I get there?  Is there a way to streamline the work that you did?  Can you change a process or implement a new solution to make you more efficient next time?
  9. 9. Step #3: “Ask for forgiveness, not permission.” How do I get there?  Were there things you wanted to try but didn’t?  How would things have been different if you had forged ahead?
  10. 10. Step #4: Inaction is the greatest risk of all.” How do I get there?  Are there things you know you should have done but didn’t?  What stopped you?  What was the impact of inaction?  Is there something you can start today?
  11. 11. Step #5: “Do not work harder when the solution is working smarter.” How do I get there?  What can you and your team do to work smarter next year?  What would make a difference?  Training for your team?  New software?  A different process?
  12. 12. Step #6: Practice the art of nonfinishing. Stopping something is often 10 times better than finishing it.” How do I get there?  What are the things that you and your team should stop doing?  Are there things that have been done for years that just don’t make sense anymore?  Is there work you should not have taken on?
  13. 13. Step #7: “It isn’t enough to think outside the box. Thinking is passive. Get used to acting outside the box.” How do I get there?  What are the innovative solutions you and your team have that have never been tried?  How can you get started on acting on one or more of those today?  What was the impact of doing nothing?
  14. 14. Thank you for reading! For more information, contact me at: Traci Wheeler 941-379-7106
  15. 15. Image Credits (in order of use): Abi Skipp Sasha W @boetter Motiqua Orcmid Cameraworx Sacks08 The Cleveland Kid Dawnzy Laszlo-photo