Why accounting outsourcing is the key to a successful 2019 tax season for CPAs

Why accounting outsourcing is the key to a successful 2019 tax season for CPAs

Posted by  on 08 January, 2019   3 minute read

For many CPA firms, tax accounting is not a core competency. However, a lack of qualified and trained staff and updated software hinders tax processes and ultimately causes a drop in the quality of work delivered.

The best solution for the problem is to partner with a service provider that can handle tax functions and help CPA firms stay compliant and focus on what they do best. That’s where a BPO accounting services provider enters the picture.

If your CPA firm operates in multiple states and offers varied tax services, taking help from an accounting outsourcing company in India is ideal. Its expertise lies in various taxes including income, business, sales, and use, and has a trained team of accountants that delivers.

If you outsource, all the tax work falls in the lap of the extended team while your practice staff takes up responsibility for strengthening other aspects of your business. Now that the 2019 tax season awaits us let us dig deeper to understand how BPO accounting services will help reduce their workload and make the busy period a success.

1) The tax code has changed and how

With so many changes on the board from the Tax Cuts and Jobs Act (TCJA), taxpayers will be asking more of CPAs. The new tax code affects different types of filers across the board. Therefore, staying ahead in the game is going to be tricky.

That’s why you should have external help to manage tax returns, handle client queries and yet turn around error-free work on time. BPO accounting services make sense when you don’t have the technical skills or the resources to do the job in-house.

2) Outsourcing service providers plan in advance

Since their primary objective is to work in tandem with your business goals and current requirements, outsourcers plan. For example, QXAS has created precise and to-the-point checklists that provide reminders of the most critical steps, deadlines, and documents needed for preparing a tax return. Many accounting outsourcing companies in India also do that.

These checklists are for your use and help in collecting data you need from your clients. This way both the BPO accounting services provider and your CPA firm have a clear understanding of what needs be accomplished. Download our Individual tax return checklist and collect your client data easily.

3) Compliance work is on the rise

This tax season, SALY or “same as last year” will no longer apply. The implementation of TCJA has complicated things for CPAs as they will now receive the information they no longer need or documentation that will be insufficient to assess a client’s tax return position.

Comparing every client’s prior-year deductions, exclusions and credits against the new changes is necessary but also tedious. Any time a new process is launched or new legislation is passed, the chances of non-compliance increases.

That’s where a BPO accounting services provider can come in handy and help you work within a compliant framework.

Over to you

Before you bounce off this blog, please note QXAS has launched an individual tax outsourcing services for CPAs. Our team of experienced accountants can help you prepare your clients’ tax returns in 24-48 hours and manage high volume work.

With excellent knowledge of tax documentation and software such as Intuit QuickBooks, Xero, TaxACT, you can be assured of quality and error-free output. Intrigued to check out our BPO accounting services? Click below.