With globalization, evolving technology, and continual changes to regulations, CPA firms are facing unprecedented challenges, with many struggling to meet customer demand.
Increased workloads are difficult enough for CPAs to handle when they’re low on resources and time, without factoring in growth, and many are simply stuck at an impasse, with no hope of expansion in the future. However, there is one possible solution to all of a CPA firms woes, and that’s outsourcing.
Often overlooked as a solution, outsourcing offers CPAs the opportunity to fulfil all of the needs of their existing clients, while being able to handle new clientele and offer premium services, too. Working behind the scenes as they do, the professional accountants and bookkeepers working for agencies (both within the country and outside of it), are able to bear the brunt of many of the functions that CPAs rely on every day, freeing up their time to focus on other aspects of the business that will help it truly shine and grow.
If you need a little extra convincing, here are 6 compelling benefits of outsourced accounting for you to consider:
1. You get to access the latest technology
Having already had a significant impact on the accounting industry, advances in technology continue to help all kinds of businesses improve, but they come at a cost. With a lot of CPA firms unable to invest in new technology, outsourcing provides them with a chance to benefit from it, without having to invest in it themselves.
CPA firm outsourcing service providers make it their business to be at the top of their game, so that they’re guaranteed to provide their clients with the very best results, and this means not just investing in the latest technology, but understanding it and utilizing it to good effect. Their use of such technology can help you stay one step ahead of your competitors, while also putting you in a strong position to expand the business and gain more clientele.
2. It’s cost effective
Hiring full-time, in-house accountants or bookkeepers can be costly, especially when you factor in such things as recruitment costs, employee benefits and paid sick leave among others. But, by outsourcing their requirements to a service provider, they can get all the benefits of a full-time employee, with none of the extra expenses. What’s even better is that with entire teams working for them, outsourced providers are able to give you consistent results, all day every day, and you need only pay for those services you use, when you use them.
3. You can scale up your business
Every CPA firm experiences periods in which workflow is increased, such as during tax season, and many are forced to resort to hiring temporary staff, which can be costly and inconvenient. Being able to rely on the constant support of an outsourced team of professionals means that no matter how busy CPA firms get, they never have to turn down clients, and can even scale their business up with ease, as and when they need to.
4. You can free up more of your time
With professionals capably handling many of your accounting and bookkeeping functions remotely, you and your fellow CPAs can focus your efforts on other areas of the business that might prove more profitable, or interesting.
5. It gives you a quicker turnaround
CPA firms find it much easier to offer their clients a quicker turnaround on their requirements when they know they can cope with the workload, thanks to outsourcing. And what’s even better, is that the quality of the work need never suffer either. Stressing over deadlines and waking up in a cold sweat knowing that you’ve got X amount of work to complete before you can even think about tackling something new, becomes a thing of the past when you outsource.
6. You can better cope with employee turnover
All companies have to face employees suddenly walking out on them at some point in their career, but it can have devastating and costly consequences. Signing up with an outsourced service provider means that staff shortages are never an issue, and work can continue unabated, no matter how few hands are manning the decks.
Outsourced accounting has numerous benefits for busy CPA firms, and if your CPA firm isn’t busy, perhaps outsourcing could help bring customers to your door!