The tax season is in full swing. It is that time of the year when accountants are busy preparing and filing taxes for their clients. But the biggest question is whether the accounting firm should stretch the off-season staff to balance the peak period work? Or is it sensible to outsource the tax preparation work while the firm concentrates on revenue generating jobs? Accounting outsourcing does not just give the option of focusing on clients but also has cost benefits. Why think of accounting outsourcing during the busy period, you ask? You can choose to outsource during the busy period and save the cost of hiring seasonal labor and even if you have enough staff to handle the busy season you might want to reconsider if you are making full use of them the rest of the year. There are chances that most accounting firms turn down new work during busy season and this could turn away a profitable client to a competitor next door. Accounting outsourcing can help you accommodate new jobs coming in the peak period which in turn will increase your profitability and credibility in the market. Outsourcing the mundane job will help you save the most complex job which can be a good exercise for the less experienced staff and they can have a firsthand experience of working on complex documents. As an employer this is a good way of grooming your staff and you could find yourself on a preferred employer list for employees. Often it is noted that firms are convinced that accounting outsourcing during peak period benefits them but they do not do anything about it due to security concerns. If they look a little deeper they may notice that outsourcing firms are at par, may be even better, when it comes to the security measures as compared to the systems installed in-house. There is invariably a cost benefit when outsourcing and the CPA has a decision to make – pass on the saving to their client or absorb the difference themselves. But the reality is, the tax return isn’t just the physical work, you also provide advisory services and therefore there should be a charge for the added value you provide. And clients are looking for more than just the tax return so your freed up time can be spent delivering them a better service. What do you think? Laurence Whittam Laurence has more than six years of experience in the accounting industry, with a core focus on helping accounting firms optimize their revenue potential. He has helped hundreds of CPAs and Accounting Firms ranging from Solo to the Top 100s to identify their pain points and strategize and implement an action plan to address these issues and drive business growth. Originally published Mar 08, 2018 04:03:53, updated Mar 23 2021 Topics: Don't forget to share this post! Most Popular All About the Best Outsourced Bookkeeping Services for Small Business Accounting & Bookkeeping | 5 MIN READ Internal Audit Vs. External Audit: Key Differences You Must Know Audit | 6 MIN READ QX Global Group Wins ‘Outsourcing Service Provider of the Year’ at Asian Leadership Awards QX Insight | 1 MIN READ Why Outsource Professional Audit Support Services? Audit | 6 MIN READ QX Accounting Services is Cyber Essentials Plus Certified QX Insight | 1 MIN READ Get a Free Strategy to Transform Your Business Operations Resolve the talent gaps, reduce costs, and improve your margins Get a Free Consultation
