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Topics: benefits of outsourcing, bookkeeping, outsourced bookkeeping services, Outsourcing

Outsourced Bookkeeping Services: 5 Reasons Why Top CPA Firms Opt For it

5 MIN READ | Posted on August 11, 2022
Written By Divya Ramaswamy

Outsourced Bookkeeping Services: 5 Reasons Why Top CPA Firms Opt For it

As an accounting firm owner, it isn’t unusual for your day to go in several different directions. But if your clients‘ books are always outdated or are up-to-date only before the tax season, and if you are missing out on tax deductions or feel like you really need a break from the grind, it’s time to get some help. CPA firms are now increasingly turning to outsourced bookkeeping services.

Outsourcing is a great way to support your firm as it progresses through its various growth phases. 45% of organizations are increasingly opting for outsourcing since the pandemic, focusing on skillsets and tasks that in-house teams cannot handle. Amongst the vast range of services offered by CPA firms, bookkeeping is an uncomplicated yet time-consuming task for qualified accountants.

Why Should CPA Firms Opt for Outsourced Bookkeeping Services?

There are numerous reasons why accounting firms should outsource their bookkeeping. To understand why outsourced bookkeeping services could be the right solution to scale your accounting firm, you need to know why top companies choose to do it.

What benefits does it bring, and what value does it add to your CPA firm?

Let’s look at some of the top reasons accounting firms of all sizes look outside their firm for their bookkeeping needs.

1. GET ACCESS TO TOP TALENT & THE LATEST TECHNOLOGY

Outsourced bookkeeping services let you capture and utilize top talent, which means your accounting firm is more likely to scale quickly. You can truly benefit from their bookkeeping expertise when you have the best at an affordable price. Outsourcing offers access to highly trained and qualified bookkeeping professionals who will work as an extension of your team and per your preferred time zone.

Also, outsourcing service companies will invest in the latest technology and bookkeeping software which is cost-effective and efficient. With outsourced bookkeeping, you can onboard expert bookkeepers to your team as quickly as 48 hours!

2. STOP WORRYING ABOUT MANUAL ERROR

With expert talents and up-to-date software in access, you can enjoy better control over manual error. Even the slightest mistake is enough to take a toll on your accounting firm’s credibility and authenticity. Outsourcing your bookkeeping is the best solution as it brings better coordination amongst your team members and assists in optimized work management.

When you have an in-house bookkeeper, you might have to bear a certain margin of error and give them time to adapt to your client’s requirements. Whereas with outsourced bookkeeping services, you can forget this problem as the third-party service provider will provide maximum efficacy from the beginning. When you opt for bookkeeping services from experts like QXAS, you can access an adept team to take care of your firm’s bookkeeping needs.

3. CHANNEL UNDIVIDED ATTENTION TO CRUCIAL TASKS

When you outsource bookkeeping, you can focus on crucial tasks and be aligned with a growth mindset. Your best bookkeeping services will take care of your clients’ bookkeeping while you can radically scale up your operations without impacting your internal team. Such flexibility and adaptability are very important, particularly for new accounting firms looking to scale.

Outsourced bookkeeping strengthens your CPA firm’s internal controls alongside preventing errors that might lead to costly consequences like a fraud. Outsourced bookkeepers can adapt quickly to your firm’s requirements. Also, tasks that are neither suited to your skills nor for which you lack the expertise should be outsourced to third-party service providers so your team can focus on other duties and growth strategies.

Moreover, you will have the edge over competitors as you can enhance your service portfolio by including high-value, revenue-generating services to your clients. For example, your firm is offering one of its clients payroll and tax preparation services, and they are now seeking bookkeeping services too, but you don’t offer it. In such a circumstance, outsourcing will help you satisfy your client’s requirements and improve client retention rates.

4. PRIVACY & DATA PROTECTION:

The importance of data security is a problem that many business leaders fail to appreciate until there is a breach. Any mishaps or violations involving customer data can lead to a significant loss of trust. Bookkeeping involves handling crucial financial information with which the bookkeepers and accounting professionals are trusted. The most critical security risk linked to running an accounting firm is more than how data is stored.

Outsourcing bookkeeping services ensures that your information is protected as airtight data security measures are in place. Top outsourced bookkeeping service providers like QXAS are SOC-2 certified and specialize in comprehensive cybersecurity.

5. COST EFFECTIVENESS & FLEXIBLE ENGAGEMENT MODELS

Regardless of the size of your accounting firm, hiring & training an in-house team of bookkeepers can be one of the most time and cost-consuming processes. Also, there is no guarantee that they will be a great addition to your company. With outsourcing, you will enjoy access to top talents and their expertise without the expenses incurred to hire and train them. You will also save on infrastructure, software, and maintenance costs. While outsourcing, you will only pay for the services and their fixed results, scaling your accounting firm’s requirements.

Moreover, outsourcing to other countries will help you save on taxes and other expenses like employee medical insurance, etc. Outsourcing also reduces overhead costs. It can be a smart solution to help you manage the entire workload efficiently without really expanding your team or setting up the necessary infrastructure.

Outsourced bookkeeping service providers also offer multiple engagement models to suit every requirement. Whether your accounting firm’s needs are seasonal or regular, you can decide if you would like to onboard a full-time equivalent (FTE) bookkeeper or an ad-hoc model.

WRAP UP

It might be hard to decide when exactly is the right time to hand over your bookkeeping to your third-party provider. But now that you know the benefits of outsourced bookkeeping services, you can get started with it if you have made up the decision. Outsourcing your CPA firm’s bookkeeping requirements can undoubtedly help you optimize your business and streamline your systems. It also removes many associated stresses and allows for a sense of freedom and flexibility that wouldn’t have been possible if you had kept your bookkeeping in-house.

Want to stay on top of your books, help your clients keep regular financial records, map out their business goals more accurately, and achieve scalability?

TEAM UP WITH QXAS FOR EXPERT OUTSOURCED BOOKKEEPING SERVICES

Partnering with QXAS for outsourced bookkeeping services offers all the above benefits and more. It also gives you time to add more value, engage more with your clients and improve their experience. QXAS is a pioneer bookkeeping outsourcing service provider in the USA with more than 12 years of experience offering customized staffing solutions to help CPA firms scale quickly.

WHY QXAS?

  • Interview and onboard our talented & experienced bookkeepers within 48 hours
  • Up to 50% Cost Savings on all bookkeeping tasks
  • Save valuable time to focus on growth and innovation
  • Flexible engagement models to suit every requirement
  • Comprehensive data security measures at all times
  • Quick scalability & immediate capacity building
  • Fully compliant: SOC-2 & ISO 27001 certified for security & ISO 9001 for quality

Originally published Aug 11, 2022 01:08:26, updated Aug 16 2022

Topics: benefits of outsourcing, bookkeeping, outsourced bookkeeping services, Outsourcing


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