Chartered Public Accounting (CPA) firms have their plates full even without bookkeeping piling up on it. Add extensive bookkeeping tasks to the pile and it causes utter chaos. With that problem in mind, we would like to talk to you (a CPA firm) about some extremely crucial benefits of outsourced bookkeeping services for CPA firms. So, tag along till the end to know all you need to know about its benefits.
CPA firms have all the skills and resources that are necessary to carry out the mighty bookkeeping tasks. But, the real question is, is it worth it for them to invest their resources in it? Frankly speaking, bookkeeping is one of the most time-consuming tasks for CPA firms to deal with. When you compare it with other accounting projects CPA firms have, it simply isn’t worth it.
However, denying to take bookkeeping projects could cause CPA firms to miss out on other accounting projects as well. So, how do they tackle this situation?
Well, the answer is simple, outsourced accounting for CPA firms! Additionally, there are numerous other advantages for CPA firms in utilizing virtual accountants as well. Here, we’ll talk about some of the most crucial ones.
7 Benefits of Outsourcing Accounting for CPA Firms
1. It Saves Invaluable Time and Resources
There’s no doubt that a CPA firm has a more than capable team to perform the bookkeeping tasks themselves. However, bookkeeping is an extremely tedious task. And, you can’t just hire anybody to do bookkeeping, either. It requires apt knowledge of accounting standards and a high level of discipline.
By outsourcing their accounting, CPA firms can hire experienced bookkeepers to do bookkeeping for you without paying them what you’d otherwise have to pay an in-house bookkeeper.
2. Allows CPA Firms to Scale Smartly
CPA firms need to be mindful of the volatility of clients’ demands when scaling.
For example, let’s say you gain a surprising number of clients during a tax season and increase your staff capacity to match the increased demands. However, this sudden rise in demand may only be temporary and may subside abruptly. If that happens, you don’t want your extended staff to sit idle (or worse, have to let them go).
To avoid that, CPA firms should always utilize outsourcing and scale smartly according to the volatile client demands.
3. Expertise, Experience & Resourcefulness
It’s no secret that CPAs aren’t big fans of bookkeeping, and honestly, we can’t expect anything otherwise. CPAs are qualified for way more advanced accounting projects than bookkeeping. They shouldn’t have to bother themselves with it.
However, that doesn’t mean that they can take their bookkeeping tasks lightly. If they don’t wish to do it themselves, they should outsource it.
4. Assurance of Cutting-Edge Technology
There’s a healthy chance that you as a CPA firm may not be utilizing the best technology out there for bookkeeping. Now, there’s no doubt that CPA firms use the latest and the best accounting software out there. However, bookkeeping software and other accounting software are slightly different.
CPA firms definitely have the right people to master the bookkeeping software. But is it worth the time? From a business perspective, taking advantage of bookkeeping services is a more profitable option for CPA firms. That way, you get the benefit of cutting-edge technology with minimal resource investment.
5. Minimum Room for Error
CPA firms have a lot of accounting projects that have higher priority than bookkeeping. However, that doesn’t mean that they can take bookkeeping lightly. Just like in any other accounting project, the room for error in bookkeeping is very minimal.
As your books are the literal records of how a business is performing, it goes without saying that bookkeeping mustn’t have errors that may misrepresent a business. By opting for outsourced bookkeeping services for CPA firms, you ensure that that doesn’t happen. That is so because all the bookkeeping tasks go through multiple sets of hands to ensure that all the errors are eliminated.
6. Maximum Room for Profit
Choosing to outsource their accounting projects allows CPA firms to maximize their profit by contributing to multiple factors which are as follows:
- Helps reduce expenses by saving the costs of recruiting and training new employees.
- Outsourcing companies provide accurate services which help CPA firms to retain their clients.
- CPA firms get better equipped to expand their service areas with the expert insights of outsourced accountants.
- Makes it easier for CPA firms to hire remote staff based on the need of the hour, which helps them scale smartly.
7. 24/7 Assistance
Punctuality is the key whether we talk about CPA firms delivering to their clients or outsourced companies delivering to CPA firms. Unpunctual deliveries can cause a lot of problems for CPA firms as well as other parties, legally and/or with client relations.
When you choose the right outsourcing firm, your worries about unpunctual deliveries will evaporate. Check out some of our case studies if you still don’t believe it. Additionally, bookkeeping companies provide technical support around-the-clock. So, you can reach out to them any time you need them.
Best Options for CPA Firms to Outsource Bookkeeping Services
What makes an outsourced accounting company stand out is its transparency and dedication to client satisfaction. At Key CMS Accounting, we thrive on client satisfaction. Key CMS Accounting has been providing outsourced bookkeeping services to CPA firms for over a decade now. Our clients can vouch for our services in our case studies. Do check them out if you have the time.
If you have any queries regarding outsourcing or bookkeeping, feel free to reach out to us. We love to solve bookkeeping problems.
