Five Benefits Of Hiring Global Resources To Staff Your CPA Firm
The world of accounting has evolved by leaps and bounds. Globalization, technological advancement, and a rapid change in tax laws and regulations have contributed majorly to its growth. But, there’s one thing that the industry is currently struggling with, i.e., skill shortage.
According to the 2019 Benchmarking Accounting & Finance Functions report by Robert Half, 37% of respondents stated their accounting and finance teams are somewhat staffed. Midsize firms generating revenues between $500M and $999M, especially, are reported to be understaffed by 46%!
Therefore, the way accounting and finance organizations manage their full-time, and contingent workforce is critical. Fortunately, outsourcing has emerged as a viable option, with many accounting outsourcing companies in India mushrooming to offer quality services.
Many firms in the US, in fact, are outsourcing business-critical functions such as payroll and tax because they require specialized skills.
That shows outsourcing can give CPA firms access to a global talent pool to staff their workforce. Let us explore in detail how outsourcing for accountants can be beneficial:
1. Increase Cost Savings
Hiring a full-time accountant involves all sorts of costs. Apart from a suitable salary, a CPA firm needs to shell out money on incentives and benefits, training software and materials, office maintenance costs, and payroll taxes.
On outsourcing, a CPA firm doesn’t need to worry about payroll management or office maintenance of their outsourced staff. That’s because they are taken care of by whichever accounting outsourcing companies they are hired from.
Moreover, the outsourced accountants are experts who know all there’s to know about the functions, and thus don’t require much training. That translates into considerable savings for the CPA firm, which can be further reinvested into growing the accounting practice.
Additionally, the saved money can also be used to offer more handsome compensation to the chosen accounting outsourcing company.
2. Access to Global Talent Pool
On outsourcing, a CPA firm can choose from among the best accounting experts from across the globe. The large pool of talent available enables the firm to pick and choose the professionals they want to work with more quickly.
This flexibility is not there when searching for an expert in a full-time, in-house capacity. There are so many accounting outsourcing companies in India that offer talent with diverse perspectives and experience - basically, the essential elements to enrich the CPA firm’s business.
3. Appoint Experts
An outsourced accounting firm comes in contact with many professional experts who are at the top of their game. These talented accountants are up to date with the latest trends in the industry and can guide the CPA firm on matters related to which software to use, and which laws and regulations to be aware of.
Also, since the outsourced accountants are outsiders, they can offer an unbiased perspective on how the CPA firm is doing and identify gaps that need to be covered. Once the outsourced accounting firm has the right data infrastructure and accounting processes in place, running the business becomes a much more efficient affair.
Outsourcing makes it possible to get the job done quicker and benefit from the expertise of a global human resource team.
4. No messy break ups
Every business owner knows the pain and trouble of letting an employee go. Quite apart from the souring of personal relations, there is the handover process and a whole series of formalities to complete that run parallel with the time-consuming task of searching for a new employee.
When a CPA firm outsources, all it takes to end the business association with the accounting outsourcing company is a simple communication and clearing of the dues. And although outsourced accountants are very much a part of the team, parting ways with them is easier because they are not typically onboarded like an in-house employee.
Therefore, it becomes much easier to select and impanel a new accountant to join the CPA firm.
5. Build CLient Relationship
From ever-changing tax reforms and emerging accounting tools to chasing unorganized clients for information - CPA firms have a lot on their plates. That leaves little time for them to focus on strengthening their ties with their customers.
Outsourcing frees up time for CPA firms to build client relationships! The more they invest in listening to and caring for their customers, the more loyalty an outsourced accounting firm will be able to build.
In a world where business trends and practices change rapidly, having loyal customers to bank on is a huge plus for any business. Outsourcing enables that!
Our Suggestion: Partner with Accounting Outsourcing Firm
The use of temporary staff and project professionals and the outsourcing of certain business-critical functions by many firms in the States remain essential strategies for accessing specialized skills and providing support for core teams.
We at QXAS believe that having a professional resource partner can help CPA firms accommodate new business and clients, increase profit margins, and allow unrestricted scalability – without having to worry about staffing issues!
What are your thoughts on this? We would love to have a quick chat with you. Call us on +1 800 310 9312 or write to us at firstname.lastname@example.org.