Nowadays, it is difficult for CPAs and accounting companies to find a qualified and eligible accounting professional at an affordable rate. CPAs and accounting firm owners are extremely busy, especially after the pandemic. They rarely have time to manage all the accounting services of their clients. Outsourcing is one option for them, but they are unsure which accounting services they can outsource. On the other hand, outsourced accounting company can handle numerous services at the same time.
The process of selecting outsourced accounting services depends on a firm’s individual goals and needs. Here are some of the accounting services that can be outsourced:
Bookkeeping is a lengthy and time-consuming task that can take a significant amount of your team’s time. However, with the latest cloud bookkeeping software, it is now much easy to outsource your bookkeeping services.
In bookkeeping, financial transactions like sales revenue, loan, salary, interest income, payment of taxes, investments, and other operating costs are recorded regularly.
Outsourcing bookkeeping services allows you to free up your resources from:
- Day-to-day bookkeeping
- Accounts payable management
- Accounts receivable management
- Bank and credit card reconciliation
- Credit card management
- The refined management of cash flow
2. Management Accounting
Services like management accounting need a specific skill set and dedicated time. In most cases, you might end up investing a lot of your time in a single client and not getting a chance to expand your business. It is a better option to outsource such services and focus on getting more clients and increasing your growth rate.
Outsourcing management accounting services allows you to free up your resources from:
- Management of business assets
- Client internal business operations
- Profit and loss reports based on the company budget
- Reports on the fulfillment of key performance indicators or performance metrics that are unique to the company
- Cash forecasts
- Revenue projection
3. Tax Preparation
It is difficult to keep up with the constant changes in local, state and federal tax laws. Outsourced accounting companies can assist you in reducing your exposure to different accounting and financial computation errors and save your clients from costly consequences. With outsourcing tax preparation services, you can focus on business growth during busy tax seasons while outsourced experts will handle the background work with simplicity.
Outsourcing tax preparation service allows you to free up your resources from:
- Tax calculation and return preparation
- Tax validation
- Form and certificate management
- Tax penalty abatements
- Settlement of tax debts
- Sales tax compliances
Payroll services can be complex, and there are significant risks involved. Failure to comply with tax regulations or late wage distribution might result in penalties and other consequences.
You can have access to the most recent payroll software versions by outsourcing payroll services. Outsourced payroll service providers will provide you with access to advanced technologies as well as the assistance of professional knowledge to complete these tasks.
Outsourcing payroll service allows you to free up your resources from:
- Payroll processing
- Payroll consultatory
- Payroll accounting
- Payroll data maintenance
- Payroll tax reporting
5. Forensic Accounting
Forensic accountants look for any discrepancies in the company’s financial records that might indicate tax evasion or fraud. Outsourcing forensic accounting services can help with the reconstruction of a destroyed business’s records and the restoration of lost paperwork. It also establishes a clear path for company audits. Your outsourced team will improve efficiency, increase security, and protect assets from future fraud attempts of your client’s businesses.
Outsourcing forensic accounting services allows you to free up your resources from:
- Reconstruction of records
- Restoration of missing documents
- Analysis of internal processes
- Identify future fraud attempts
- Forensic accounting report
These are some of the most common accounting services that can be outsourced. Aside from these, you can also outsource a variety of other activities. We will shortly come up with a new blog on that.
Outsourcing accounting services can relieve your workload and help you work more efficiently and effectively. If you are looking to outsource your work, Infinity Globus is the perfect partner for you. We have around two decades of experience in accounting and tax preparation outsourcing services. Our team ensures greater transparency and as a GDPR-compliant Tax and Accounting Firm, we take every precaution to maintain confidentiality and data protection.