Topics: Tax outsourcing services

The Art of Outsourcing: Supercharge your Firm and Solve Capacity Issues

3 MIN READ | Posted on October 26, 2021
Written By Parul Solanki

Capacity Challenges in Accounting

Accounting firms face numerous challenges day in and day out, from timely client servicing to creating strategies for clients’ business growth. These, however, are nothing compared to the horrors of the tax season when understaffed firms are faced with excessive workload, tight deadlines, and endless work hours, even during the holidays. A recent report by the Professional and Business Services Council (P&BSC) revealed that an average of 32 percent of UK firms suffers from shortages of financial, professional, and business skills and the cost of recruitment includes hiring, training, and retention of the staff that adds to the challenges of the tax season.

Capacity Challenges during Tax Season

  • The high volume of work and limited hours prevent timely completion of deliverables
  • Inability to deal with the increased workload
  • Concern about your clients switching to competitors
  • The task of searching and training a new staff member
  • The loss of productivity

As the owner of an accounting firm, you might have dealt with all or some of these issues during the busy season. So how do you navigate this without losing your mind or stalling your firm’s growth?

Outsourcing During Tax Season

In the wake of the Covid-19 pandemic, accounting firms, among others, began to explore remote working. Remote staffing has changed the way people work, and talent is becoming as global as capital, technology, and enterprise.

In response to the capacity challenges accountants face along with the pressure to meet the deadline of self-assessment tax returns, offshore staffing has emerged as a possible solution for many firms. Firms are looking to find and retain the services of an experienced accountant rather than hiring onsite staff. This allows them to meet client expectations at peak times without leaving expensive staff idle during lulls. The result is increased productivity and the ability to meet deadlines with a shorter turnaround time.

Benefits of Outsourcing During Tax Season

1. Access to Skilled Professionals

Get access to qualified and dedicated offshore workers by outsourcing self-assessment tax return services. Apart from handling more clients and improving your services, outsourcing gives you freedom from the pressure of having to recruit or reduce staff according to peaks and troughs of the business year.

2. Save Time and Effort

Retaining employees in this competitive industry can be a challenge. Moreover, the cost of employee turnover can significantly increase overhead expenses. When a staff member leaves, you are not only saddled with hiring new members but also spend time and effort in training them and bringing them up to speed.

With outsourcing, you don’t need to trouble yourself or your team with that. The outsourced team can start work as soon as you sign them up, thus saving your valuable time and money.

3. Improve Productivity

Accounting firms can increase their profitability and operational productivity with offshore staffing. The outsourcing of self-assessment tax return services allows accounting firms to deal with the extra workload without hiring additional employees.

Thus, outsourcing helps in scaling up and ensuring maximum productivity. It also allows a level of flexibility you would not otherwise be able to achieve.

4. Focus on Growth

Outsourcing can be used as a strategic tool for the growth of your firm. The primary benefit that an outsourced team brings is increasing the bandwidth of the existing workforce, allowing the staff to utilize their time on client servicing and taking care of high-value tasks.

5. Improved Client Satisfaction

As a firm owner who is under pressure to meet all your clients’ needs and demands, the last thing you want is your team entangled in tax return deadlines or chasing clients for information.

With the ability to meet client expectations, the chances of getting advisory-based work increase significantly. Accounting firms that utilize offshore staffing can increase their profitability, flexibility, and productivity with minimal effort. Moreover, they are prepared for last-minute clients who suddenly pop in with piles of tax returns just weeks before the deadline.

There is no getting away from the chaos that ensues during the tax season. By outsourcing your workload to accounting outsourcing service providers such as QXAS, you are assured of access to highly qualified accounting professionals. With the knowledge of UK accounting standards and tax legislation, these specialists can accommodate more clients without compromising on quality and accuracy. QXAS offers a comprehensive range of tax outsourcing services, including self-assessment, VAT, bookkeeping, and corporate taxes.

If you are an accounting practice owner looking for strategic solutions to the capacity challenges, call +44 208 146 0808 or click here.

Originally published Oct 26, 2021 07:10:43, updated Oct 29 2021

Topics: Tax outsourcing services

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