The accounting industry is more competitive than ever for CPA firms. To stay ahead in the game, they not only have to deliver varied services consistently at reasonable rates but also be more flexible as far as their work schedules are concerned!
It’s no wonder CPAs get exhausted given that they are swamped with simple tasks such as bookkeeping, payroll accounting and managing tax returns which are time consuming and not exactly lucrative.
Typically, CPAs are entrusted with a lot of responsibilities, some of which are:
1) Ensure accurate depiction of the accounts and support the client by setting up compliance and controls
2) Adopt cost-cutting methodologies to excel in the accounting profession
3) Develop and sustain their own business, cut down the cash cycle and increase the ROI
So what do you think should CPAs do to be able to manage everything efficiently? Outsource? Yes!
Bookkeeping, for instance, takes up a lot of time and is also not considered very profitable. It may be simple, but this activity requires a high degree of attention and needs to be done right. Therefore, it is important to “partner” with a credible outsource who undertakes work using professional accountants – because attention to detail is paramount.
Outsourcing bookkeeping allows CPAs to use their time more efficiently to focus on value-added services such as tax planning, investments, wealth planning, financial disclosures and advising clients.
Benefits of outsourcing bookkeeping services
• Flexibility to take on clients who use software CPAs don’t have – as outsourcers use a variety of software packages
• Quality control processes to ensure the service they provide to the CPAs is what they signed up for and it drastically reduces the chance of error
• Highly skilled and trained accountants to complete the menial task of bookkeeping
• Faster turn-around time of work
• Savings of current costs by up to 50% that can help CPAs to keep their prices competitive
• No extra costs to be incurred by CPAs for office space, extra workstations or staff expenses
While many CPAs have adopted outsourcing and are happily sending their high-volume, low-skilled work across the globe, the step is still too far for a majority of them.
I will lose control”, cry some.
The data won’t be secure”, state others.
But the truth of the matter is “outsourcing” is a good option.
If you as a CPA are hesitant to outsource your work, don’t be!Just fill the inquiry form, call or write to us. We will be happy to assist you!