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Why Accounting Outsourcing is the Key to a Successful 2019 Tax Season for CPAs

For many CPA firms, tax accounting is not a core competency. A lack of qualified and trained staff, and updated tax accounting software hinders tax processes and ultimately causes a drop in the quality of work delivered.

The best solution for the problem is to partner with an outsourcing service provider that can handle tax functions and help CPA firms stay compliant and focus on what they do best. That’s where a BPO (business process outsourcing) accounting services provider enters the picture.

If your CPA firm operates in multiple states and offers varied tax services, taking help from an accounting outsourcing company in India is ideal. Their expertise lies in various tax services including income, business, sales, and use.

If you outsource, all of the tax work falls in the lap of the extended team while your practice staff takes up responsibility for strengthening other aspects of your business. Now that the 2019 tax season awaits us let us dig deeper to understand how BPO accounting services will help reduce their workload and make the busy period a success.

Tax code changes and updates.

With so many changes from the Tax Cuts and Jobs Act, taxpayers will be asking more of their CPAs. The new tax code affects different types of people from all different tax brackets. Therefore, staying ahead in the game is going to be tricky.

That’s why you should have external help to manage tax returns, handle client inquiries and yet turn around error-free work on time. BPO accounting services make sense when you don’t have the technical skills or the resources to do the job in-house.

Outsourcing service providers plan in advance.

Since their primary objective is to work with your business goals and current requirements, outsourcing providers plan. For example, QXAS has created precise and to-the-point checklists that provide reminders of the most critical steps, deadlines, and documents needed for preparing a tax return. Many accounting outsourcing companies in India do the same.

These checklists are for your use and help in collecting data you need from your clients. This way both the BPO accounting services provider and your CPA firm have a clear understanding of what needs be accomplished. Download our Individual tax return checklist and collect your client data easily.

Compliance work is on the rise.

This tax season, SALY or “same as last year” will no longer apply. The implementation of the Tax Cuts and Jobs Act has complicated things for CPAs as they will now receive the information they no longer need or documentation that will be insufficient to assess a client’s tax return position.

Comparing every client’s prior-year deductions, exclusions and credits against the new changes is necessary but also tedious. Any time a new process is launched or new legislation is passed, the chances of non-compliance increases.

That’s where a BPO accounting services provider can come in handy and help you work within a compliant framework.

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