Tax preparation outsourcing services can help public accounting firms of all sizes. These firms cut costs by up to 60 percent by supplementing in-house staff with highly trained onshore and offshore tax professionals. With Outsourcing, firms can:
- Increase morale and productivity by reducing long work hours and weekend staffing requirements.
- Reduce or eliminate peak season overtime costs.
- Refocus staff on higher-value tasks.
- Convert the variable cost of tax preparation to a fixed cost.
- Lead to faster turnaround times on returns because of time zone differences.
- Improve document management processes.
Client Data Security is Priority #1
When considering an Outsourcing solution, you need to be sure your clients’ data is going to be safe and secure. Before you take advantage of an outsourcing service, do your due diligence and make sure that the outsourced tax preparation and accounting vendor maintains:
- Comprehensive non-disclosure agreements.
- A fully trained staff.
- Extensive and continuing training on all the latest federal and state tax laws and codes.
- A high-level final review process.
Some Firms are Utilizing Outsourcing Services to Great Benefit
When JM CPA LLP — a full service firm offering consulting services in addition to the traditional services of accounting, auditing and tax planning and preparation — needs a little extra help getting through the busiest parts of the tax season crunch, they turn to Wolters Kluwer and CCH ProSystem fx Outsource.
With 23 employees, JM CPA LLP leverages CCH ProSystem fx Outsource to manage staffing requirements during peak season and to allow its professionals to focus on the most complex work without sacrificing productivity. In this way, the firm can serve both business and individual clients more effectively. For example, during the early part of the tax season when the staff is concentrating on business returns, they send individual returns to Outsource. This better serves the individual clients who turn in their information early, because they can receive their tax returns sooner.
The partners at JM CPA LLP appreciate the organization and accuracy they receive with returns prepared by Outsource. Senior Partner Steven J. Eller, CPA, JD explains: “Outsource not only prepares the return, but it provides nice, neatly bookmarked and indexed workpapers, which can be voluminous for a high net worth individual. Our whole tax workflow is paperless. We get the papers bookmarked and indexed in a folder, within the client’s binder inside CCH® ProSystem fx® Engagement, making it much easier to review the return.”
Maybe your firm should consider Outsourcing to help you get through tax season. For more information, click here or call 1-800-PFX-9998.