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Topics: Benefits of Outsourcing, Tax Return Preparation Outsourcing

Why Outsourcing Tax Returns Makes More Sense for Your Accounting Firm

3 MIN READ | Posted on November 11, 2021
Written By Rukmani Krishna

Tax Return Deadline

It’s a well-known fact that the tax season is extremely busy and hectic for accountants. Add to this the resource-intensive task of filing tax returns, and you’re faced with a heavier workload and added time-crunch. These reasons can make it exceedingly difficult to scale and meet client deadlines. So, how do you resolve these challenges and bounce back stronger? Outsourcing your tax returns can help you tide over these challenging times while keeping your sanity intact.

Many accounting firms in the UK have outsourced their tax returns to specialists, especially during the busy tax season. There are a lot of benefits your firm can gain from doing so.

Outsourcing tax returns

Benefits of Outsourcing Tax Returns

Save time & focus on building your firm

It can be extremely time-consuming to do tax preparations. Crosschecking data, getting tax declarations, and finalising returns can take a lot of time. A tax outsourcing specialist like QXAS is experienced in the various nuances related to filing tax returns. They can manage all the tax prep and filing-related tasks while you can focus on growing your firm and devoting more time to strategic and higher-value tasks.

Lower costs

It can be expensive to hire and train new accountants. Further, there are added expenses like salaries, holiday covers, recruitment costs, etc. Outsourcing, on the other hand, offers access to highly skilled accountants at affordable rates. In the long term, hiring an outsourcing company can lead to extensive cost savings for your firm.

Gain access to expertise and higher skill sets

Outsourcing companies employ highly skilled staff who are up-to-date with the ever-changing tax and regulatory laws. That’s not all; these companies are also capable of providing a whole range of services, including bookkeeping, accounting, payroll, and financial reporting, among others.

Gain flexibility

It’s pretty common for firms to receive additional work during the tax season. Clients might come in with last-minute tax returns, or you could get an influx of new clients as the tax deadline looms closer. In such instances, it’s essential to have the flexibility to manage both existing tasks and anything new that might come up. An outsourcing company can handle the heavy workload that comes with the tax season rush with quick turnaround times. This will help your business to focus on other revenue-generating services like advisory work.

Mitigate risks

Outsourcing companies usually have strong internal checks and balances in place. This ensures that mistakes are few and far between. They will also enable your firm to audit your money trail, thereby decreasing the risk of internal fraud. Impartiality with their checks and balances will also ensure better compliance.

Be assured of high-quality work

An outsourcing company is not only capable of quick turnaround times but also ensures precision when it comes to tax preparation and filing returns. This will ensure that the work you receive will have fewer to no corrections, making the entire process smoother for your firm.

Better data security

Nowadays, many outsourcing companies are equipped with the latest technologies and the best security systems. Since this is a core aspect of their offering, you can rest assured that your information will not fall into the wrong hands. Furthermore, non-disclosure agreements (NDAs) are signed by their employees, so you needn’t worry about data security.

Conclusion

It can be challenging to efficiently run an accounting firm during the tax season. Tight deadlines, mountains of tasks, and a time-crunch could slow down your firm. But, with the help of an outsourcing specialist like QXAS, your firm can focus on more productive work and ensure a happier work environment for your staff.

Need Help with Your Tax Returns?

Did you know that QXAS processed 7,000+ tax returns last year alone? With around 1000 accountants across the UK, USA, Canada & Ireland, we’re capable of handling all your accounting- and tax-related needs. Reach out to our tax experts at [email protected] or call +44 208 146 0808 for any of your tax outsourcing queries.

Rukmani Krishna

After a short stint with journalism, Rukmani found her calling in content. From content writing to content editing and now content marketing, she has worked in several content-related roles across sectors, such as business news, general news, online education, and digital therapeutics. Currently, she’s focused on creating relevant and useful content for accountants to help them better navigate their outsourcing journey.

Originally published Nov 11, 2021 08:11:04, updated Nov 11 2021

Topics: Benefits of Outsourcing, Tax Return Preparation Outsourcing


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