It’s not uncommon for even the most successful of accounting firms to find themselves searching for new ways to increase their efficiency and reduce their expenses, while still being able to provide their clients with a high quality service. One proven method of achieving this with little disruption to the firm, is outsourcing.
When accounting firms invest in tax preparation outsourcing services, they’re not just saving themselves money; they’re helping to streamline their processes, gain more accurate results, and free up time in-house that can be spent on higher value tasks.
If you’ve recently invested in outsourced tax preparation, or are planning to do so, here are six effective ways to maximize your return:
- Set up well-defined objectives and responsibilities
Only when your firm puts goals and objectives in place that are clear and unambiguous, can you ever expect to maximize the return on your outsourcing investment.
So, spend some time outlining your requirements, before going through them one-by-one with your chosen outsourcing partner. Then, they can align their efforts to match those goals and objectives.
2. Enable interactions with clients
Provided your clients are comfortable with you using the services of an outsourcing partner (and most are), it can be beneficial to everyone involved if both parties are able to communicate with one another directly. Doing so gives your outsourcing partner the opportunity to gain a more comprehensive understanding of the clients needs, and therefore deliver a higher quality of service.
You may wish to treat your outsourced professionals as if they were members of your own team, which will help clients view them as the experts they are, and enable them to build up a pattern of trust.
3. Ensure all communication is transparent
Maintaining regular, transparent communication with your outsourced partner is key to the establishment of a successful working relationship. Review their work consistently, and provide them with clear guidance at all times, for the very best results.
4. Make sure costs are tracked in real time
Avoid going over budget when outsourcing by tracking all costs associated with it, in real time, using a reliable system that monitors expenses accurately. Doing so can help accounting firms spot any inefficiencies, and make sure all external resources are being optimized.
5. Utilize scalable solutions
Third party tax preparers can be a wonderfully useful asset when a business is seeking to scale up, or down. Because you typically pay only for what you need, you can engage with them as much, or as little as needed according to fluctuating demands.
6. Take advantage of technology
The right accounting technology can help tax preparers produce quicker, more accurate results, and when seeking to outsource tax preparation, it pays to look for a provider who uses the latest tech. That way, not only are you able to give your clients better results, but you get to reap all the rewards of the latest advances in technology, without having had to invest in it yourself.
Getting the very most out of your investment in outsourced tax preparation, lies in your firm’s ability to follow the six pieces of advice listed above. When you do, outsourcing can help streamline your operations, significantly lower your costs, enhance accuracy levels, and perhaps most importantly of all, increase customer satisfaction.
