We are quickly moving towards the end of March and with less than a month left for filing individual tax returns, we can conclude that time is whizzing by. Tax professionals and account firms must meet every deadline and produce up to the highest standard of quality. The same thing happens every tax season, something that no amount of preparation will change. So, how will the firm grow if they struggle with completing time-consuming tasks such as managing tax returns? Also, these are the tasks that are not exactly the most profitable for the firm.
The answer is accounting outsourcing. That’s right. We know there is a lot of apprehension around the word itself, but it is not right to make a decision without giving outsourcing a fair shot. Here’s what happens when you decide to outsource
1) Cost Reduction
When you think of outsourcing, you know there should be a cost reduction from what you currently pay to get your accounting tasks completed. This is invariably due to the difference in the cost of living in the US and the country you outsource to. There will be a huge saving on infrastructure, employment taxes, and other overhead costs.
2) Work With a Suitable Outsourcing Provider
If you want to open up more services to your clients be sure to test the company you are using to outsource. Does the company offer a trial to allow you to examine their capabilities? Make sure you slowly integrate the volume of difficult work you want to give them to ensure they can handle what is thrown their way. Here is a checklist for selecting the right accounts outsourcing provider for your needs.
3) Access to Higher Skilled Processes
Outsourcers have moved away from only providing basic functions like transaction processing to higher skilled functions like creating budgets, forecasts, and internal audits. This gives you the opportunity to offer clients a service for which you previously didn’t have the skill, time, software to do. Outsourcing can help you create more revenue streams than ever imagined.
4) Technology and Software
Every year there is new software to help you complete your accounts but it gets very expensive staying up to date. Also, if you are using the newest software you have to spend a great deal of time learning and getting used to it.
When you opt for an outsourcing solution, you get access to the top software tools in the industry, however you don’t need to worry about how to use them. The company you will utilize to outsource will have the most current technology.
5) Increased Control
Most people believe outsourcing reduces the amount of internal control. Surprisingly it is quite the opposite and businesses claim to have more control than before outsourcing. The reason for this is as the work is not being done in-house it is being managed by the business more strictly.
You will have continuous business improvement if you outsource.