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Topics: Industry, Outsourcing, Tax

How’s The Tax Season Going for You – Good? Make it Better

4 MIN READ | Posted on February 15, 2022
Written By Shweta Pandey

Outsource Tax Preparation - Make 2022 tax season better

Tax Season 2022 is currently underway. We know you must be busier than a bee, but could you spare just a second of your time and answer our question – How’s the tax season going for you? If your immediate answer is yes, we are happy for you; but think on this answer for a little more time. You are happy, but could you be happier with the way things are going? Do you feel somewhere deep down in your heart that things could have been better? Maybe you could have done better if you had planned better?

No fear! As in all things, you can make your tax season better and not just better, way better….

What Does a ‘Good’ Tax Season Look Like?

In purely basic terms, the one metric you will measure the success of your tax season with is revenue generation. 

Money, Money, Money!

And, why not? Your CPA firm needs to generate substantial revenue if it wants to survive and do well. The tax season is essentially one of the most important times for a CPA and accounting firms, as this is revenue generation time. This is when you can really up the ante, and increase revenue and make sure you and your firm are set for the whole year. A few firms only specialize in taxes, and the tax season becomes even more important for them in the scheme of things.

The second element that makes a good tax season is preparing more taxes and finding time for yourself and your family. Yes, you can prepare more taxes without spending sleepless nights on them. 

At the end of it all, you want to be able to earn more money and still not get overly stressed while doing so.

What? Does this sound like something no one can achieve? What if we told you that this is possible and all you need to do is make one decision? This is the decision that can make your life easier in Tax Season 2022 and see you achieve even more revenue than you had thought possible. 

And while all this happens, you can still enjoy an excellent work-life balance. Also, you can invest more time to grow your firm in the right direction.

Outsource Tax Preparation – A Better Tax Season 2022

Here’s the worst-kept secret of them all. 

If you hear tales of CPA firms doing X times more tax preparation than your firm in tax season year on year, without scaling their team, they must be outsourcing.

They might not advertise this fact, but they are building capacity with innovative means with outsourced accountants working out of the outsourcing provider’s delivery center. You need to jump on the outsourcing bandwagon too! It makes sense for your firm to do so.

The first benefit tax outsourcing brings to the table is instant scale. Yes, you don’t have to worry about searching for tax professionals to add to your team. There are horror stories of firms going through a long-drawn-out hiring process only to end up finding out that selected candidates went on to choose another firm. Reason – accounting professionals are in high demand, and you might miss out on a good candidate if another firm makes a better offer. 

When you outsource tax preparation, you access highly-qualified accounting professionals with focused US tax expertise, and that too without going through a lengthy and expensive recruitment cycle. You scale your team with any tax experts, and you can even scale down when needed.

This allows you to prepare more taxes come the tax season, but that is of course if you reach out to clients to send more work your way. 

So, it’s all connected, isn’t it? In order to generate more revenue, you need to focus on client retention/acquisition and building synergy to generate more work volume. But you can only do this if you know a team of tax experts has your back, which can be scaled if and when needed in quick time. 

Also, and here’s the kicker – knowing you can scale your team means you can free up the time of your internal team and give them a pause in the tax season. 

Everyone’s happy!

Transition to Becoming an Advisor

You know what clients don’t want these days? 

Vanilla tax services. 

Along with some timely tax preparation, they also want tax advice. This advice can be wary in its complexity. Your firm can explore new revenue generation avenues by offering such tax advisory services. While this sounds like a great idea, and it is, the challenge that props up, here again is the want of resources. But that can be easily managed when you outsource tax preparation. You can free up some valuable time, which can then be spent offering advisory services to clients. And you know, their taxes are being prepared by a team sitting out of an offshore delivery center, doing its job quickly and without any errors.

If you work with the right team of outsourced tax preparers, you do not have to micromanage them. They will keep up to date with new regulations and tax changes at both the State and Federal levels. That’s another massive load off your shoulders.

Conclusion

You must keep boosting revenues every tax season. A lot of work can come your way, only if you are prepared to handle it. But this shouldn’t be at the cost of health, both mental and physical. Tax return preparation outsourcing can fuel your tax preparation efforts and steer your firm toward achieving your increased revenue targets. If you go about it in the right manner, there is a lot you can achieve in the tax season with outsourcing. All it requires is your CPA firm partnering with the right provider who specializes in tax returns outsourcing services.

Shweta Pandey

Creative and enthusiastic, Shweta turned into a marketer for her independent ventures long before she formally joined the realms of QXAS marketing team. Alumni of the University of Delhi and MICA - school of ideas, and with experience in creating content for multiple niches, Shweta now creates content and strategies to chart the changing landscape of the accounting industry.

Originally published Feb 15, 2022 05:02:15, updated Feb 15 2022

Topics: Industry, Outsourcing, Tax


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