When discussing tax preparation and how best to manage it, many CPA firms will automatically start making plans to hire an in-house tax professional to help them manage the workload. While this may be a viable option for some larger firms with bigger budgets, for smaller CPA firms however, the cost of hiring is often high, and outsourcing their requirements becomes a more feasible choice.
If your CPA firm is struggling to manage its tax preparation obligations, and hiring a temporary or permanent staff member is out of your budget, you should give serious thought to CPA firm outsourcing. With so many advantages, not least that it can save firms money and help them expand their client list, if you’ve noticed any of the following 6 signs, it could be time to give outsourcing a shot:
- You’re still behind when deadlines approach
If your in-house team is still unable to complete all of their work and meet tax and other deadlines, despite working hard and for long hours, it’s definitely worth considering outsourcing.
An outsourcing partner can help you file everything on time, particularly during busy tax times of the year, while maintaining high levels of accuracy; the best way to keep your clients satisfied.
- There’s no time for growth or innovations
Most CPA firms would like to expand their client base at some stage, and explore other innovative avenues for increasing profitability while maintaining client satisfaction. However, if your firm’s time is being eaten away with routine tasks, you might never get the chance to do this.
Offshore outsourcing can alleviate the burden of routine accounting and bookkeeping tasks, and provide CPA firms with more time to focus on growth strategies.
- You need to cut costs and increase profitability
Businesses of all shapes and sizes, and in all manner of industries, can benefit from reducing their expenses and increasing their profitability, but it isn’t always easy to achieve.
Did you know, however, that some CPA firms can cut their costs by as much as 60% when they choose to outsource their tax preparation obligations?
- You have big concerns over the protection of data
Client information, whether it be personal or financial, must be kept secure at all times by CPA firms, and outsourcing is a great way of doing exactly that. With stringent security protocols in place, tax prep services (even those in countries such as India) place extreme importance over the safekeeping of all client data, and CPA firms can benefit from this when utilizing their services.
- You have plans to scale up your business
If your CPA firm wants to try and attract more clients and expand upon the types of services they are able to offer (such as business advisory), outsourcing and offshoring can provide them with the ideal opportunity to do so.
With entire teams of tax and accounting professionals on hand to tackle any number of tasks you wish to assign them with, outsourcing agencies can help CPA firms scale up with ease, and without the need for the expense and hassle of hiring in-house staff.
- There’s no talent available
The ongoing shortage of qualified and experienced accounting professionals in the U.S. has left many CPA firms desperately in need of help, but unable to find it. This is where outsourcing comes in.
Providing busy CPAs with exactly the kind of help they need (and often round-the-clock due to time zone differences between countries like India and the US), outsourcing helps CPA firms who may be struggling to fill vacancies, cope and even thrive.
Whether you choose outsourcing or offshore tax preparation to help you combat the 6 warning signs listed above, you can wave goodbye to your worries as a stressed out CPA at risk of burnout, and say hello to a lightened workload, an increase in satisfied clients, and ultimately, a boost in profits.
