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Topics: Outsourcing, Tax, Tax outsourcing, Tax preparation, tax season

5 Ways Tax Preparation Outsourcing Can Benefit Accounting Firms in 2022

5 MIN READ | Posted on July 08, 2022
Written By Pooja Kshirsagar

benefits-of-tax-preparation-outsourcing

The tax season is already here, and it is time for accountants to buckle up and prepare for the inevitable. The busy season is just around the corner, and it is about time accountants get engulfed in it. It is, therefore, wise to prepare beforehand for the peak season by having your checklists ready, talking to your clients, or opting for tax preparation outsourcing.

The year 2022 is crucial for accountancy practices as the accounting profession recovers from the impending effects of the global coronavirus pandemic. As offices open under the hybrid work model and clients once again look for comprehensive accounting services, it is an enormous opportunity for accountants to scale their business.

As we step into the UK tax season and the accounting world gears up for another busy season of endless self-assessment tax return filing, let’s look at how outsourcing can play a crucial role in the success of a practice.

Tax preparation is a tedious job. It is a time-intensive activity that can turn into a nightmare in no time if not handled and prepared for well in advance. This is where outsourcing can be crucial. When you outsource tax preparation, you not only secure your management strategy for the busy season but can also be assured of complete efficiency and accuracy.

Here are five significant ways tax preparation outsourcing for accounting firms can benefit practices in 2022.

Flexibility of resources

As an accountant or owner of an accountancy practice, one of the most important concerns for you right now is the flexibility of resources. As the accountancy profession battles enormous staffing challenges, it is difficult to hire or even retain existing resources, let alone enjoy flexibility.

We know the tax season is important for you, and you want to ace it. But that is not the only work on your plate, right? Along with self-assessment tax return, you have a series of other tasks to complete, and you need sufficient resources to move across projects to make this happen.

It may seem like a distant dream, but it is not. Self-assessment tax return outsourcing lets you hire highly experienced and trained resources to work as an extension of your team and manage your workload. This can help free up your internal resources to work on other tasks or focus on additional value-based services.

Moreover, you can temporarily employ outsourced tax preparation professionals and pay for them only for a limited period instead of hiring a full-time in-house tax expert.

Latest technology

The future of accounting is technology. As the world moves towards automating and digitalising business processes to adjust to the new normal, technology is a key aspect to look out for in 2022. The prospect of MTD further reinforces the need for accountancy firms to integrate the latest technology into their processes.

However, the issue with technology and infrastructure is that it keeps upgrading, keeping accountants on their toes. This issue can be dealt with efficiently with tax preparation outsourcing. Leading tax outsourcing providers constantly update their staff about the latest software and developments through training, seminars, podcasts, and more.

So, instead of investing additional time into making your staff technologically adept, you can simply hire outsourced tax experts to work on the latest software of your choice.

Edge over competition

The growing competition in the industry is another significant challenge facing accountancy firms in 2022. As both old and new firms come up with innovative strategies to capitalise on the market, accountants are left with no choice but to add more services to their portfolio that can attract new clients.

But if the time crunch during the busy season is stopping you from exploring new possibilities, it may be time to outsource tax preparation to a reliable service provider. In addition to creating capacity for your firm, outsourcing helps you stay abreast of the latest tax policies and regulations and reduce the scope of errors in your self-assessment tax filing.

When you have experts compiling your clients’ taxes and a complete accuracy and efficiency guarantee, you automatically get an edge over your competitors.

QXAS Exclusive: Self-assessment Personal Tax Return Checklist for Accountants

Stronger client relationships

Business has changed manifold in recent times. It is not merely about providing a service and earning profits but about building meaningful relationships and nurturing them. In fact, building better customer and client relationships is a key goal for several businesses, including accountancy practices, in 2022.

Tax preparation outsourcing can help accountants tick this goal off their list when done the right way. Self-assessment tax return preparation is as much about trust and accountability as it is about numbers and calculations. Doing it right within the stipulated deadlines can strengthen your clients’ trust in your firm and motivate them to offer you additional work.

Moreover, if you already manage the accountants and finances of an existing customer or client, it only makes sense to offer them tax preparation services as well, as it will make the job easier for both of you. Remember, a successful association is a stepping stone to a long-lasting, meaningful business partnership.

Better work-life balance

The global coronavirus pandemic taught us that health and family are more important in life than anything else. So, would you want to get caught in the race of serving clients by hustling day and night and working weekends, or would you like a happy and meaningful life with a stable work-life balance?

If you chose the latter, you are on the right path. But then, how do you manage the busy season workload? We have the answer – with outsourcing!

Tax preparation outsourcing for accounting firms ensures you have sufficient resources to manage the peak season workload. It helps you manage things better and builds capacity for your firm to scale up and down as required. With enough time and resources at hand, you can enjoy a stress-free busy season and have a better work-life balance.

Prepare for the Tax Season Early with QXAS

If you are keen to avoid the peak season hustle and manage your clients’ taxes better, plan in advance with QXAS. We specialise in customised staffing solutions for accountants in several countries across the world, including the UK. Our dedicated tax preparation outsourcing services can make this tax season hassle-free and profitable for you.

To get a custom self-assessment tax outsourcing quote, call us at +44 208-146-0808 or drop an email at [email protected].

Book a Free Consultation

We hope you enjoyed reading this blog. If you want our team to help you resolve talent gaps, reduce costs and transform your business operations, just book a call. 

 

Pooja Kshirsagar

With a rich experience of curating content for various industries, Pooja believes in the power of words in marketing and building brands. She enjoys experimenting with different forms of content and is currently on a mission to add value to the accounting industry through her detailed and researched write-ups.

Originally published Jul 08, 2022 03:07:09, updated Jul 08 2022

Topics: Outsourcing, Tax, Tax outsourcing, Tax preparation, tax season


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