Getting so many tax returns from clients at the end moment?
Do you feel pressured during tax seasons due to increased workload?
What if you can multiply your growth rate during these periods? Yes, According to PYA, The IRS currently has a backlog of more than 6 million unprocessed individual returns and 2.3 million unprocessed amended returns dating back to 2019.
So certainly there is a chance for your CPA firm to multiply the growth. But, many times, it is tough to manage the workload.
However, there is good news that outsourcing tax preparation services will allow you to focus on growing your business and get rid of all problems related to tax filing.
Businesses are growing and with increasing competition day by day, it is time for you to outsource tax returns and multiply your growth rate. Here are some of the advantages:
1. Outsourcing Tax Preparation Leads to Stress-free Life
Outsourcing makes your and your employees’ lives happier and stress-free.
During tax seasons, it becomes difficult for you and your team to cope with the stress and the workload. An outsourced tax team will act as additional staff, allowing your team to focus on routine tasks and avoid the extra hours that are detrimental to their health.
2. Obtain High-Quality Work While Reducing Costs
Yes, you read rightly. Businesses have accepted that outsourced tax return is of equal or better quality than those prepared in-house. It is also more affordable than expanding an in-house team with highly qualified professionals.
To manage increased workload, you need to hire qualified professionals, pay their salaries, insurance, training, and other perks, and arrange their workspace and tools.
However (Additionally), your overhead costs will rise throughout the year, even during low-income seasons.
To multiply your growth, you should prefer outsourcing tax preparation services and pay for the additional staff only during tax seasons. It will reduce costs and allow you to use the remaining budget to grow your business.
3. Say No to Worries Regarding Tax Laws
Keeping the in-house team updated with changing tax laws is very difficult to manage.
Tax preparation outsourcing companies are accountable for the taxes they prepare. They ensure that tax returns are in accordance with the most recent tax laws. They keep updated themselves for the changes in the tax laws & how to implement in the batter way.
4. Always Meet the Deadline
Outsourcing companies are liable for preparing the tax before the deadline and filing the returns on time. After outsourcing, you will always meet the deadlines and keep your clients happy.
5. Allows You to Focus on Fundamental Business
If your firm is involved in general accounting, focusing solely on tax returns during tax season may cost you. Never compromise on other business matters in order to focus only on one.
Outsourcing tax preparation will allow you to manage those extra tax returns. Outsourcing will also allow you to save your team’s valuable time.
6. Data Security
If data security is your concern while outsourcing tax preparation, you do not need to worry about it.
See how outsourcing companies follow the below process for data security:
- Physical security and controls
- Secure communications network
- Updated Security Compliances
- Dedicated IT team on standby
- ISO Certifications
- Establish control over all the tech used in the company
With the most recent firewalls and policies, outsourcing companies ensure that your data is secure and that there are no breaches. It is included in the contract and does not require additional payment or investment.
With additional external experts backing up, multiply your growth rate by allowing the team to improve client relations, get referrals and acquire new clients.
From the next tax season, rather than taking stress, outsource tax preparation and focus mainly on increasing your business!