CPA firms are always looking for new ways to improve their efficiency levels and lower costs, while still being able to provide their clients with high quality services. Since tax preparation takes up a lot of their time and effort, outsourcing this function can be a highly effective time and cost-saving method for CPA firms, and with so many great companies to choose from, it’s often a no-brainer.
If you’re looking for a way to enhance service levels while cutting costs and saving time, outsourcing for CPA firms could provide you with the perfect solution, provided you heed the advice listed below:
- Choose an outsourcing partner specializing in tax preparation
By partnering with a provider who offers specialist tax preparation services, you can ensure that all work they complete will be accurate, timely and compliant.
2. Use technology to securely transfer data
Security is always a concern when sharing sensitive data with an outsourcing partner, but with the help of secure servers, encryption tools and cloud-based solutions, you can protect client data at all times.
3. Clearly define your expectations and scope
Clearly communicate to your chosen provider what your expectations are right from the outset, such as turnaround times, quality standards, protocols for communication and more. This can facilitate a smoother, more successful relationship between both parties.
4. Choose a company well-versed in U.S. tax regulations
Your chosen outsourcing provider may well be based in a country like India, but you must be confident that they are clear and up-to-date with U.S. tax regulations and requirements for compliance. Fortunately, there are some great overseas third parties who are exactly that, and favorable time zone differences could even enhance your firm’s overall productivity and client satisfaction.
5. Integrate outsourcing into existing workflows
With the help of compatible software and the setting up of clear processes for transferring completed tax returns, as well as for reviewing them, you can integrate outsourcing seamlessly into your own workflows with efficiency, minimizing disruption.
6. Shift your focus to tasks of a higher value
Let a third party take over tasks like initial reviews and data entry that are time consuming, so that you can focus on tasks of a higher value, like tax planning, financial advisory, and client consultations.
7. Carry out training and updates on a regular basis
With the help of training sessions and regular updates, you can make sure that your outsourcing partner is always capable of producing faultless, timely work.
8. Put strong measures in place for quality control
With the double-checking of more complicated tax returns, random audits, and the use of software tools to check for errors, you can guarantee a high standard of work from your chosen outsourced partner at all times; keeping your clients and the IRS, happy.
9. Make communication a priority
It’s really important to always be in contact with your outsourced partner, and you can achieve this with frequent meetings and regular updates on progress, coupled with open and honest feedback sessions to address concerns swiftly.
Lastly, it can also be helpful to evaluate your outsourced partner’s work on a regular basis, and provide them with feedback that’s constructive. Whether you choose outsourced bookkeeping for CPAs, or outsourced tax preparation, this will help foster a successful long term relationship.
Outsourcing is about so much more than merely reducing your firm’s workload and saving money, it’s also about elevating the level of service you provide for your clients, and making your CPA firm stand head and shoulders above its competitors.
