Many businesses globally have been affected by the COVID-19 crisis, but as the world tries to regain its feet and recover in its wake, businesses are left struggling to cope with their financial, accounting and operational requirements; CPA firms are no different.
If you’re the owner of a CPA firm who is finding it hard to meet their client obligations while battling the after-effects of the pandemic, outsourcing to a back-office accounting firm could hold the solution, and here’s why:
- There are qualified professionals queuing up to help you!
Right now, there have never been more qualified accountants available for outsourcing to busy firms, and gaining access to experienced accountants trained in global standards such as US GAAP, IFRA and so on, has never been easier. From accounts payable to tax preparation, there isn’t a CPA firm in the world who wouldn’t benefit from the services of an outsourced accounting firm.
- Time zones make everything more convenient
Outsourcing often involves experienced accountants working in different time zones, which can mean that while your clients are fast asleep in bed at night, their bookkeeping and accounting requirements are being taken care of, and will be ready and waiting for them on their desk the very next morning.
- Give your clients a quick turnaround
While your clients are undoubtedly more than happy to burden you with their accounting and bookkeeping responsibilities, they’re probably equally as happy to get the work finished for them, fast. When CPA firms outsource their more mundane but important back-office tasks, they can find more time to deal efficiently with their clients more complex issues, and even take on new clients thanks to the added convenience of outsourcing.
- Drive revenue
When a busy CPA firm outsources some of its bookkeeping, tax and payroll duties, it gives them the opportunity and flexibility to make more time for strategic and other core tasks that can help improve revenue. In essence, they can become more efficient, and efficiency is always a key factor in driving revenue.
- Save both time and money
Outsourcing gives CPAs instant access to a wide and varied pool of qualified and experienced accounting talent, helping them give quicker turnarounds with added flexibility, something that’s extremely cost-effective for them. Money typically spent on infrastructure, recruitment and in-house training for employees, can also be saved when you outsource, and many overhead expenses such as payroll taxes, insurance and medical benefits.
- Expand your services and client pool
With access to an expert accounting workforce – such as you get when you outsource – that helps you reduce time and money, you can serve a much broader range of clients across a variety of industries, and offer them more services, too.
There are undoubtedly more advantages to be gained from outsourcing then those mentioned above, but if your CPA firm is seeking to expand their services or is struggling to keep up with their workload, outsourcing to a professional accounting firm, could be the ideal solution.