CPAs face many challenges on a daily basis. From keeping up with the ever-changing raft of legislation to ensuring timely client servicing to finding new ways to grow and sustain the business - there is a lot on their plate.
However, a significant problem that plagues CPA firms is the inability to recruit, onboard and trained staff. It is seen as an expensive activity and that too a very time consuming one.
Attrition rate is high. The in-house practice staff either leaves to join a branded competitor or to start their own business. It’s tough for CPA to keep up with this, especially during the tax season.
That’s where opting for accounting business process outsourcing is ideal. Here’s why:
1) Scale your team as and when you please
When you opt for accounting business process outsourcing, your client’s tax returns are taken care of, and your in-house practice staff can focus on providing client servicing services or high-margin functions like corporate advisory.
Since tax preparation outsourcing for accounting firms is a seasonal activity, you don’t have to incur costs for hiring a full-time staff. You can scale your outsourced team as and when the workload increases.
2) No need to train your outsourcing partner
Your accounting business process outsourcing service provider will be trained on the various software you use at your CPA firm. Training is a costly process, but in such a scenario, you don’t need to bother yourself with that.
Your outsourced team can start work as soon as you sign them up, thus saving your time and money efficiently. Tax preparation outsourcing for accounting firms comes without the headache of training costs.
3) Focus on business growth and nothing else
For a business to flourish, it is essential for a CPA firm owner to be in a position to allocate time and resources accordingly. However, that can be quite challenging when there’s a staff shortage.
Accounting business process outsourcing is precisely what you need to achieve this goal. Your outsourcing partner can take up all accounting-related tasks like bookkeeping, tax preparation, payroll, and others.
Your in-house practice staff can focus on providing high-margin functions like budgeting, forecasting, and auditing, thus expanding your client base.
Eliminate tax season capacity challenges with QXAS
Establishing outsourcing as a strategic part of your CPA firm lets you gain access to a massive talent pool of qualified accountants at affordable rates.
QXAS has helped its clients reduce overhead costs by up to 50% - which is a big feat!
The 2019 tax season is in full swing and if you are looking for a solution to eliminate your capacity constraints, reach out to us on 1-800-310-9312 or firstname.lastname@example.org.