Accounting firms are continuously looking for ways to enhance their overall performance and efficiency, while still being able to provide their clients with an outstanding level of service.
While achieving this is by no means easy, outsourced tax preparation can help in many ways, and here are 9 ways to successfully leverage the power of outsourced services for accountants and bookkeepers:
- Work with firms who specialize in tax preparation
Since tax work is what consumes many accounting firms, particularly during tax season, collaborating with an outsourced provider of tax preparation services, can give you the specialist help you need. From tax law expertise to specialized knowledge about US taxes, having a tax prep firm to partner with, can help you produce accurate and compliant returns for clients, on time.
2. Use the latest technology to guarantee data security
When sharing client data with your chosen outsourced partner, only ever use the most secure methods to do so. From cloud-based tools and secure servers, to encryption tools, prioritizing data security is a must for any accounting firm using outsourced services.
3. Clearly define the scope of work and your expectations
A provider of outsourced tax services can only be of real help when they understand exactly what you want from them, including the scope of work, protocols for communications, and turnaround times. Establishing these early on will ensure a smoother collaboration.
4. Integrate outsourcing with your workflow
With the establishing of clear processes for the transfer and review of tax returns, and use of compatible software, you can integrate outsourcing into your existing workflow to reduce disruptions and boost productivity.
5. Focus on tasks that are high value
By outsourcing such tasks as initial reviews, data entry and calculations, you can free up your in-house team’s time to focus on consultations with clients, planning taxes, and developing strategies, all tasks that can enhance the value of your firm as a whole.
6. Carry out regular training and updates
Although some outsourced partners will carry out their own regular training independently, it can still be helpful to implement your own training sessions to ensure that they’re always up-to-date with the very latest changes to tax laws and regulations.
7. Put sound measures in place to control quality
Implement double checking of more complicated tax returns, carry out random audits and use software tools to check for errors, to ensure that the quality of work produced for clients is always of a high standard. After all, if mistakes are made by your chosen outsourced partner, it’s your firm’s reputation on the line.
8. Remain in constant communication
With the help of frequent meetings and feedback sessions, you can promptly address any concerns your team or their team may have, and make sure that all goals are aligned.
Give regular performance evaluations
Doing this will help your corporate tax outsourcing partner improve their services, and help foster a healthier, longer term relationship between both parties. Performance can be evaluated using metrics like turnaround time, accuracy and client satisfaction.
Helping US accounting firms to save money, reduce stress levels, and boost efficiency, outsourced tax services – when leveraged appropriately as shown above – can change the future for firms, and enable them to grow in ways that they wouldn’t otherwise have been able to.
