Accounting Small Business

The 5 Major Benefits of Outsourcing Tax Prep Functions

Outsourcing tax prep functions will save you time, money, and gray hairs.

My team and I were thinking the other day that the September tax deadlines are almost here. I mean look at the calendar folks! September is just three weeks away, and before you know it accountants across the country will be scrambling as they figure out what forms they have to file.

I am not surprised how quickly 2018 has gone by, and now as we pull up our socks to meet the September tax deadlines smoothly, I want to bring your attention to the top five benefits of tax preparation outsourcing for accounting firms. After all – preparation is the key to success!

Lets take a look:

1) Data Collection Made Easier

I know accountants are swamped with so much work during the busy season that they don’t have time to even check their emails or take a quick coffee break! In a rush to finish off tasks, they often make the mistake of closing the books before collecting complete data necessary to do a perfect job!

Tax preparation outsourcing for accounting firms will ensure client data is collected, organized, and sorted correctly so that when the time comes, the outsourced practice staff can get to preparing and filing tax returns.

2) Zero Tension Regarding Tax Laws

Tax laws and legislation are always changing, and it is challenging for an accountant or tax professional, no matter how good he or she is at the job, to stay up-to-date with them.

The outsourced practice staff is always a step ahead when it comes to their knowledge about the tax laws and legislation. As far as the accountant is concerned, he or she can take it easy and focus on doing their job without having to worry about missing out on any local tax incentives.

3) Best Accounting Software

Not using the best technologies at work is detrimental to an accountant’s career. A lot is at stake because he or she is dealing with sensitive information. Tax preparation outsourcing for accounting firms will make sure the most recent version of the tax and accounting systems is used since the outsourcing provider will support them with the latest technologies.

4) Security is Paramount

I agree it is convenient for accountants to save the files on their devices and complete the work while on-the-move, or from the comfort of their home. It sounds great, but accountants deal with sensitive information and personal devices are always at the risk of being hacked.

Luckily, accounting firms that opt for tax preparation outsourcing don’t need to worry about losing control over data or dealing with a major cyber calamity in the future. The security measures deployed by an outsourcing provider are always a step ahead and offer a much safer environment to exchange sensitive data.

We made a cool infographic on this. Check it out!

5) No More Mistakes 

If an accountant inputs copious amounts of data into the accounting tools on a daily basis, there are bound to be mistakes that could put the accountant’s reputation in jeopardy, and cost his or her clients big bucks. Tax preparation outsourcing for accounting firms keeps such worries at bay as they typically deploy a two-step review system to ensure the job is completed with 100% accuracy.

Now that you have learned about five of the major advantages of outsourcing tax preparation, are you willing to give it a try?

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