CPA firms are increasingly seeking help from outsourced service providers, to enhance their efficiency and enable them to shift their focus to activities that are of a higher value. From tax preparation and payroll, to HR and bookkeeping, there are many services an outsourced partner can assist with, providing busy CPAs with some relief, while also enabling them to improve their client engagement.
A strategic tool for many, outsourcing for CPA firms is a convenient and affordable way to greatly improve upon efficiency, and here are 5 tasks that can easily be delegated to an outsourcing partner:
Today’s CPAs grapple with various challenges, including rigorous compliance demands, escalating client expectations, and the extensive range of tasks required to run a modern accounting practice amid an ongoing talent shortage.
This growing complexity and the perpetual pressure to meet tight deadlines can detract from strategic planning and client engagement, prompting many firms to consider accounting outsourcing services for relief.
- Client accounting
The management of everyday financial tasks can be transformed through the outsourcing of client accounting services, right from basic bookkeeping, through to complicated financial analysis and reporting. When these tasks are outsourced, busy CPAs can shift their focus to providing clients with advice, guidance and strategic planning at a higher level, helping to turn data into valuable insights.
2. Auditing
Demanding expertise of a high level, audit services can take up a lot of valuable resources when times are busy, such as tax season, but by outsourcing these requirements, CPA firms can adjust their capabilities with speed and flexibility. Outsourcing enables them to take on more audits, or even to take on cases that are more complex in nature, without having to bring in temporary staff. In addition to that, bringing in external auditors can offer objectivity on a new level, and the kind of specialist knowledge that can really enhance an audit’s quality.
3. Bookkeeping
As essential as bookkeeping is to every CPA firm, there can be no denying its repetitive, time consuming nature. By outsourcing it, however, CPAs can free up a lot of their time, and still provide their valued clients with the services they depend on. During high intensity periods, such as year-end or tax season, outsourcing bookkeeping can be especially beneficial.
4. Tax preparation
When preparing taxes for clients, CPAs must ensure that they’re up-to-date with all of the latest laws and regulations regarding taxes, which can change often and with little warning. An undeniable burden for all tax professionals, outsourcing can relieve them of the entire process, right from the collecting and filing of documents, to maintaining compliance and getting the most for clients from their returns.
5. Advisory
Many CPA firms nowadays are seeking to enhance the services they provide for their clients, and are offering their guidance and knowledge in an advisory capacity. However, to be able to provide a high level of this particular service, specialist knowledge in areas such as risk management, financial planning, and compliance is required, and not every CPA has this. By outsourcing to those who do possess such knowledge, CPAs can reap the rewards of offering a higher value service to clients, without having the hassle and expense of hiring in-house professionals.
CPA firms who use tax preparation outsourcing services, often find themselves able to attract new clients, while still offering their long-term clients everything they expect from them, and more. The delegating of routine, or specialist tasks – such as the five listed above – to an outsourced partner, can help CPA firms make the most of their resources and workforce, and significantly improve upon their overall efficiency.
