Do you know CPA firms spend 70% of their time handling data-intensive and low yield compliance functions? Sure, outsourced accounting firms can improve such back-office operations efficiently. Besides, decrease overheads that include retaining non-core skills, dealing with the IRS, purchasing and controlling software system, training and recruiting specialists staff, and more.
However, the focus of accounting outsourcing has seemed to now shift to transformation and automation from traditional work transfer. Today, many emerging solutions are empowering CPA firms to work smarter, scale faster, increase productivity, reach new markets, and gain a competitive advantage.
Let us take a closer look at how outsourcing is enabling a more agile, productive back office:
1. Improved Core Business Agility With The Cloud
Cloud in accounting thrives on one philosophy, i.e., a CPA firm must be a specialist in one area and outsource everything else. However, there is a catch. For many technology-enabled businesses, irrespective of size or industry, the cloud can seem a bit frightening as it poses loss of control of individual accountability.
However, with the help of right outsourced accounting firms, the cloud can be leveraged better. The real value of outsourcing is when a CPA firm outsources its critical business functions, such as bookkeeping or payroll, and improves quality by giving attention to control and process.
What CPA firms need to realize is with an outsourcing partner, they can standardize data platforms, offer device mobility and independence, and combine resource management to solve business problems better.
Accounting outsourcing in India helps solidify the core business, ensures excellent value is offered to every value-chain participants and makes adjustments to innovative strategies.
2. Increased Focus On Innovations
The focus of outsourcing has significantly shifted from operations and advisory models of outsourcing to helping CPA firms explore and benefit from the seismic shifts driven by new technologies.
Today, outsourcing-led transformations address both IT and business obstacles. They incorporate the emerging technologies in the core business to drive innovation, enhance the user experience, and ensure improved performance.
The disruption has triggered the CPA firms to think about how to change solutions, how to construct an incentives regime that motivates them to innovate continually, and how to implement and manage their new outsourcing model.
3. Better Wordkforce Management
Staff shortage is a bludgeoning issue in the accounting industry, according to the 2017 PCPS CPA Firm Top Issues Survey. The2018 US Bureau of Labor Statistics reported a four percent decline in the number of accounting, auditing and bookkeeping professionals in the country.
Lack of skilled accountants is a problem given how there’s always too much overflow tax work to manage. Naturally, finding and retaining the right talent is a constant struggle for the majority of CPA firm owners.
As outsourced accounting firms take care of time-consuming tasks such as bookkeeping and payroll, the CPA firms can focus on understanding what their staff wants. Their team creates opportunities to work on special projects or be a part of other types of developments.
The in-house team can be made responsible for providing high-margin advisory, and forecasting jobs that are more challenging and interesting.
4. Enhanced Client Servicing
In this time and age, consumers don’t believe in giving any business a second chance. If they have a terrible experience, they hop on to the next business and never look back. That is why any CPA firm needs to maintain a strong client relationship and differentiate itself from its competitors.
Fortunately, CPA firms can make that happen with the help of outsourced accounting firms. The diversity of expertise and experience provided by accounting outsourcing companies in India is unparalleled.
While an outsourced team manages the core business functions, a CPA firm can personalize their services, cross-sell and up-sell, and strengthen its communication processes with its clients. Outsourcing makes time to serve clients better, which isn’t possible otherwise.
Just make sure when you decide to outsource to meet the requirements of your clients, the outsourcing partner guarantees the same type of professional and ethical standards that you expect from your in-house staff.
Today’s disruptive outsourcing environment is filled with opportunities for CPA firms to enhance innovation competitiveness for success. All they need to do is find the right outsourced accounting firms that are take tech-savvy, can take on all menial tasks, and enable CPA firms to create high-margin jobs for their in-house staff.
Having said that, find out what it likes to work with QXAS and how forward-thinking and technologically-charged we are by calling us on 1-800-310-9312. Alternatively, you can write to us at firstname.lastname@example.org