Many of a CPA firm’s clients will have complicated tax scenarios that they must deal with on their behalf. Although they likely have the skills and training to deal with them, navigating each complex case can be time consuming for CPAs, and during busy times of the tax year, potential tax savings may mistakenly be overlooked, or compliance issues not dealt with appropriately.
For those CPA firms regularly dealing with complex tax issues on their clients behalf, tax preparation outsourcing can offer them an affordable and convenient lifeline; enabling them to carry out their work with efficiency, while ensuring that their clients needs are expertly met.
Here are 8 ways in which partnering with an outsourced tax preparation service provider, can help your CPA firm deal with tricky taxes:
- By helping you avoid penalties and legal problems
The deep regulatory knowledge that outsourced accounting and bookkeeping professionals possess, can help CPAs deal effectively with changing tax regulations that can vary hugely between jurisdictions, and avoid potential penalties and legal problems.
- By providing you with precise and accurate work
There’s no room for error when filing taxes, particularly when you’re being paid to do it on someone else’s behalf! This means that work must be checked rigorously and often, something that firms specializing in tax prep and filing do as standard.
Using the latest advances in technology such as AI and machine learning algorithms, and most-up-to-date processes, they can eliminate the potential for errors, and help you maintain your reputation and the trust of your clients.
- By giving you cost efficient scalability
It’s hard to predict tax seasons, and before some CPA firms know it, their workload has intensified to a level that’s difficult to manage. At such times, outsourcing provides CPAs with the ideal opportunity to scale their capabilities to meet demand, without the burden of maintaining an in-house team to deal with it, all year-round.
Saving you money, this approach also helps you align your resources with the needs of your clients in real-time.
- By freeing up your team’s time
Outsourcing some of your more routine and complicated tax related tasks, gives your team of CPAs the time to shift their focus to other activities that may offer a higher reward. From client advisory services, to strategic tax planning and business development, CPA firms who aren’t totally restricted to tax prep and planning, can expand their services and provide clients with even more reasons to value them.
- By giving you access to the latest advances in technology
It can be costly for smaller CPA firms to invest in the latest technological advances, whether it be software for taxes or cybersecurity, even though these may bring significant advantages to them. Outsourced service providers will likely already have invested in these; all that remains is for your CPA firm to gain a competitive edge through your chosen service providers use of them, without having had to invest a dime.
- By managing risks better
If your CPA firm deals with big client portfolios, or complicated tax scenarios on a regular basis, managing the risks that come with these responsibilities, can be tricky. Specializing in such risks, outsourced bookkeeping partners use their up-to-date knowledge related to regulatory compliance and enhanced security protocols, to keep sensitive data protected at all times.
- By enhancing productivity
Operating across multiple time zones as many outsourced bookkeeping and tax services do, there is an ideal opportunity for CPA firms to be more productive, and meet deadlines with ease as well as better manage the expectations of their clients.
- By being adaptive to changes in the market
When outsourcing tax preparation to India, CPA firms can benefit from strategic advice given by the provider, based upon their observations of the market, changes to legislature and any emerging trends. This helps them adjust their strategies accordingly, and transform the way in which tax season is handled.
Strategic collaborations between CPAs and outsourced bookkeeping and tax prep providers, can provide a whole host of advantages, each one as compelling as the next.
