Work-life balance is a must, but only a few are able to ever achieve it. In the accounting industry where there’s always a race against time, CPA firms are busy managing low-margin jobs like bookkeeping and payroll.
What happens then?
To meet deadlines, the employees end up spending more hours at work and hence compromise the quality of life that comes with the job. Moreso, they are unable to give ample time to enhance their capabilities – forget spending time with their family or pursuing a hobby!
If you own a CPA firm and growth is being sidelined because you slog hours at your desk finishing tasks that can be outsourced, there’s a problem.
But before we address how we can fix that problem by outsourcing accounting work, here’s what happens when you get to enjoy work-life balance:
- Analytical thinking increases
- Creativity gets a boost
- Happiness is apparent
- Efficiency increases exponentially
- There is an increased sense of ownership of tasks
Outsourcing accounting work is a great idea. Here’s why:
1) It reduces tedious work
Oh, it does. But how? Since your practice staff no longer has to take care of low-margin jobs, they are sharper and more inclined toward working on offering services like corporate advisory, budgeting and auditing.
An outsourced accounting firm can provide instant relief from time-consuming activities and let your practice staff do what you have hired them for – to make a difference.
2) It creates time for the staff to get upskilled
Given how vital cloud and data analytics have become, there is a greater need for accountants who are comfortable with technology. Hiring is not an ideal option since it is expensive. But upskilling your staff is better in every way.
By outsourcing accounting work, you enable them to enhance their capabilities and learn new techniques while on-the-job to create more value-added services for your CPA firm. Outsourcing accounting firms also take the pressure off your staff to stay updated on the tax laws.
3) It creates the opportunity to build better client relationships
Client servicing requires time and dedication which employees cannot give if they are burdened with bookkeeping or payroll tasks. By outsourcing accounting work, they can work on listening to client queries, increasing revenue from the existing client base and also sign up new ones.
Moreover, conducting weekly client calls or meetings, attending conferences, exhibiting at events become possible when you know an outsourced accounting firm is taking care of back-end jobs for your CPA firm.
By outsourcing accounting work, you will reduce the number of hours your employees spend at work exponentially – which means they can spend more time with their family and friends, and lead a more fulfilling life, personally and professionally.