[GMAP podcast] Accounting outsourcing - a viable option to grow your CPA firm

[GMAP podcast] Accounting outsourcing - a viable option to grow your CPA firm

Posted by  on 31 January, 2019   3 minute read

SO, QXAS US has made its appearance for the second time on Ron Saharyan and Mike Michalowicz’s hit podcast “Grow My Accounting Practice” on January 17, 2019.

A huge thank you to Ron and Mike! Our BD Head Laurence Whittam had a fantastic time walking the hosts through how to plan, prepare, and work with outsourced accounting & tax firms.

We are happy to share that the podcast is live and you can listen to the complete interview here.

We are sure you are going to take copious notes on what it is like to outsource and how you can get maximum benefit out of accounting outsourcing. Yep - the podcast is that informative, so get your pens at the ready!


Key Takeaways:

1. Outsourcing is an option to scale your accounting & tax business. There is a shortage of qualified and experienced accountants in the industry especially those willing to work on a part time basis. Accounting outsourcing allows you to focus on scaling your business and reduces your time spent on day-to-day accounting & tax prep.

2. Software security is always a major concern but we live in an age of cloud accounting where outsourced accountants are no longer data centers. Data can remain on the accountants systems with no data physically moving & increased security restrictions given to users. QB Online & Xero are perfect examples of employees working virtually securely.

3. One the biggest reasons why accounting firms are hesitant to outsource is ‘security & confidentiality’. It is very important to do your due diligence into any outsourcing firm you are going to work with.

Speaking on our behalf & after interviewing hundreds of accountants over the past 5 years, the security & processes put into action by QX outweigh many US accounting firms.

A large firm has the benefit of being able to invest heavily into processes, policies, audits & overall security more than a small ever could. For this reason as long as due diligence is done, this shouldn’t be a concern any more.

4. QXAS is audited annually. For instance, the UK division is GDPR compliant and the US division has a SOC 2 compliance certification. Make sure the accounting outsourcing firm you choose to work with is accredited.

5. Lack of knowledge is the biggest misunderstanding for not outsourcing. Many of the small firms believe only the mid & large firms have the infrastructure & capital to work with outsourced accountants.

In fact there are many outsourcing firms catering specifically to smaller firms to help level the playing field against the large firms.

6. An important process to work with outsourced accountants is training them like an employee on your processes. A great way to scale your firm and only have to train once is by recording training sessions so that the outsourcing firm can keep a process record.

7. To succeed at accounting outsourcing like any business activity, CPA firms must set their goals and expectations for the outsourced accountants. There needs to be transparency in communication. One can’t be completely hands-off!

8. Scared of accounting outsourcing? Ask for a test run. Make sure you understand the process & what your involvement will be. Your outsourcing firm is like a new employee and there are bound to be teething problems. Be patient; “Rome wasn’t built in a day”.

Wrapping up

The 2019 tax season is in full swing; if your CPA firm is unable to manage a huge amount of tax prep work due to whatever reasons, please reach out to us on 1-800-310-9312 or write to us at contact@qxas.us.com for immediate assistance.