Tax season is probably one of the most hectic times of the year for CPA firms. The workload explodes through the roof and the pressures run high. Extended season deadline for personal as well as business federal and state income tax return is fast approaching and our team has experience of preparing personal returns (Forms 1040, 1040NR) and business returns (Forms 1120, 1120-S, 1120-F, 1065, Proforma 1120 and Form 5472).
This is exactly the kind of times when utilizing the right outsourced tax preparation services is just the right choice for CPA firms.
As a CPA firm, you must know how it is with businesses. While there are some businesses who take their taxes and accounts very seriously, there are also some who don’t bother with it until the very last minute. This is exactly the type of companies that create headaches in your staff.
At times like this, not having sufficient sets of hands on the deck becomes a big problem. But at the same time, this chaotic period is the one period in which you get the most business. Hence, instead of worrying about your limited staff capacity, it’s the best idea to leverage outsourcing tax preparation services.
To give you an elaborate picture of why CPA firms must utilize tax accounting services, here we’re talking about some of the top benefits of the same.
Benefits of Outsourcing Tax Accounting for CPA Firms
Maximizing the Resource Efficiency
Be it a CPA firm or any other company, all team members have specialties, meaning things they’re good at. In short, your staff may be more than capable to carry out hectic tasks like preparing taxes, but should they?
Why let your valuable resources like your excellent staff go to waste on such tiring and exhausting tasks? Isn’t it better to outsource those tasks and focus your staff’s excellence on better things?
Minimizing Overhead Costs
Come the tax season and your office becomes swamped. The workload becomes almost unbearable. This would not only cause distress among your staff but also ultimately end up costing you more in overhead costs.
Trying to save money on your staff by hiring “just as many as you need” could lead to dragging your employees to their breaking points in the busy hours, or in this case season. Needless to say, this could cost you more than save.
But, of course, it also doesn’t make sense to hire a bigger capacity full-time staff just so you can have sufficient sets of hands in the tax season, who will be sitting idle afterwards. Instead, you could hire remote accountants for tax accounting in the peak season and save a lot on overhead costs.
Professional Expertise
You may see an increasing number of accountants in the tax season, who are available for part-time tax projects. Many businesses make the mistake of trusting them with their taxation needs. But, make no mistake, even if someone is technically a qualified accountant, they can’t provide you with accurate services that experienced professionals can.
Hence, hiring part-time accountants to help your CPA firm with its increased taxation tasks during tax season may prove to be an extremely bad idea. Instead, outsource your tasks related to taxes to professional virtual accountants who have been providing accurate accounting services for decades.
Extra Hands of Technology
Tax preparation, just like all other accounting tasks, requires utmost accuracy. Mistakes or inaccuracies in taxation could result in businesses getting less tax deductions than they could have. That’s not all, though. Mistakes in taxation could also result in businesses finding themselves in legal trouble.
Hence, it’s necessary to utilize the best options available to make sure that there are no mistakes or inaccuracies in these operations. Speaking of best options, today’s advanced technology and software cannot be underestimated.
Today, technology is breaking grounds in all aspects of businesses. Accounting is no different. While it’s definitely the best option to hire the experienced professionals for your important tasks, it’s an added and a rather crucial advantage if they’re also familiar with the latest technology and software.
Technology simplifies processes for experts to make sure that all mistakes and inaccuracies are resolved at the soonest.
Maximum Flexibility
You require proper resources and very good resource management if you want to expand your CPA firm smartly. Resources such as managing your core staff’s time, the money you invest in automation and your team need to be managed correctly if you wish to expand your business.
One of the many great things about outsourcing is the flexibility it offers to companies. In every business, there are times when business requirements are higher than otherwise. Those are the times when having the flexibility of expanding and reducing your staff capacity as per your needs, which outsourcing provides, really pays off.
Whom to Outsource Tax Preparation to?
Understanding the importance of outsourced tax preparation services is one thing and finding the right outsourced firm is a whole different thing. You should not make the mistake of choosing just any firm that claims to be a top company. Do your own research about the company and try to learn more about their services from their clients, and then pick the right option for you.
Speaking of the right option, Key Carrier Accounting is one of the most trusted outsourced accounting firms with an extensively experienced staff. Our team’s excellence in accounting spans over more than a decade. We have been serving businesses and CPA firms from all over the world ,while having specialty in the US market.
If you find this post useful and legit, and want to know more about us or our services, let’s get in touch. We’ll be happy to have a chat with you 🙂
