According to different researches’, a CPA firm spends 70 percent of their time, money and people or any resources on bookkeeping and tax preparation. CPA’s and accounting firms are constantly looking for Professional Bookkeeping and tax preparation services within their budget. Outsourcing these services could be the best possible decision the firm could take as it can inevitably help them save resources. By taking the help of these external expertise, CPA firms can direct their attention and resources on delivering high value services to their clients while the professionals take care of tax preparation.
Why Should CPA Firms Opt For Outsourcing?
Statistics have pointed out that the U.S Government collected approximately 4 trillion dollars from taxes in 2021. From this, a large amount of almost 2 trillion dollars was only from individual income taxes. It is clear that there is a massive market and many opportunities that lie ahead of CPA’s and accounting firms. Tax preparation is a tiring and a tedious task. Outsourcing is an efficient way to save resources and gives you the advantage of high-quality work from trained and experienced professionals while ensuring compliance and data security.
Leveraging Tax-Saving Opportunities:
A CPA firms’ main focus is to help clients maximize tax deductions, and bring down their tax liability as much as possible. However, the accounting staff usually remains busy especially during tax season, it is most likely that they cannot spare time for learning about tax law. This could result in missing out of tax deducting opportunities. Opting for a professional partner, you could rest assured as they are familiar with tax norms and regulations, and actively stay updated. This results in leveraging tax-saving opportunities, assuring that your clients stay satisfied.
Helps Streamline Their Operations:
One of the major reasons why CPA firms choose to Outsource is because it helps them streamline their operations by delegating time-consuming tasks to external providers. It frees up the in-house staff for them to focus on more of the strategic tasks. The workload is also reduced especially during peak tax seasons which in-turn helps meet deadlines.
Taking Advantage of Time-Zone Difference:
A huge benefit of outsourcing tax preparation services is taking advantage of the time-zone difference. For example, if your CPA firm is in the US and the Professional Tax Preparation Service is in India. With this, if you can assign work to the outsourcing firm by the end of the day, you can receive the work by the next day. This is a game changing benefit as it helps maintain stability and efficiency.
Conclusion:
CPA’s and Accounting Firms generally struggle with tax preparation and consider it a huge burden. They look for solutions and stumble upon Outsourcing which then further makes them question if they want to make the leap. After discovering the various advantages and benefits it offers, they often choose to partner up with these Reputed Outsourcing Firms. In recent years, CPA firms are increasingly outsourcing to India as they found numerous benefits by working with some of the best outsourcing tax preparators.
