Services that CPAs Outsource and the Reason Behind it

Are you looking for a way to scale up your CPA firm without doubling your direct cost? 

Have you recently felt constant pressure to purchase advanced accounting software to stay ahead of your competitors? 

What if we tell you that outsourcing can help you achieve both without incurring any fixed costs? 

As a CPA or accounting firm owner, you can have different reasons to outsource your accounting, taxation, and bookkeeping functions. There’s a tremendous surge in workflow for CPA firms post-pandemic, opening new doors for augmentation and expansion. Outsourcing is that extended hand that allows you to achieve your business objectives. 

This blog post provides a holistic view of what services a CPA firm can outsource and why. 

Outsource Bookkeeping for Saving Payroll Cost

Accommodating new projects can be daunting for a CPA firm, especially when staffing costs are high. To meet the needs of a highly volatile market, it is important to keep a check on staffing costs during a high-demand season. Hiring an in-house bookkeeper or accountant adds to the payroll cost of the CPA firm, leaving fewer funds available for other significant services. 

By outsourcing the bookkeeping function to a trusted accounting outsourcing partner, you say yes to –

• Saved payroll cost 
• Project-based payments 
• Undeniable accuracy and timeliness 
• Doubled efficiency 

Outsource Accounts Finalisation for 100% Accuracy 

Before it gets messy and hectic at the end of the year, you should be ready for the surge time when finalizing your clients’ accounts. A CPA firm usually has a lot on the table during peak season, demanding more resources, attention, and investments. Errors and miss-outs sit next to the table in such complex situations. Hiring the required resources can be time-consuming and costly to meet peak season needs. 

That’s where accounting outsourcing emerges as the best option. Staying prepared for a busy season by partnering with a trusted outsourcing partner helps a CPA firm achieve- 

• 100% accuracy in accounts finalization 
• Zero delays 
• Effective tax computation 
• Flawless financial statements 

Outsource Taxation & Compliance for Better Control 

The tax season is the most sensitive period for every business. A CPA firm is busy with efficient tax planning and preparation during this time. Be it preparing TPAR, managing SMSF, BAS, or tax returns, there is much to ensure delivering the most accurate taxation and compliance services. Missing out on an important tax update or policy can lend your clients in the soup. To meet the season’s needs, it is not wise to incur direct expenses, i.e., hiring and training personnel. 

Compliance, on the other hand, requires extensive knowledge of various legislations, policies, and norms. It can get hectic to keep tabs on industry-wise updates and land in a tight spot. A compliance failure can lead to heavy penalties on the client companies, leading to a poor reputation for a CPA firm. 

An expert accounting outsourcing partner brings extensive knowledge, seasoned experts, and the required operational capacity. When a CPA firm hires a trusted outsourcing partner for taxation and compliance, it ensures- 

• Complete compliance with state, federal, and local tax rules 
• Freed-up time for better stakeholder relationships 
• Improved ROI by cutting costs 
• Assessment and mitigation of risk 

Outsource Payroll Processing to Save Administrative Hours 

Payroll management is time-consuming and must be free from all types of hitches. Salary components are complex, and processing payroll can be a complicated process. A CPA firm loses valuable time and resources in getting payroll processing right. With various imperatives like reimbursements, loan advances, leaves, and allowances coming into the salary structure, it gets tedious for CPA firms to process the payroll timely. 

As CPA firms have various other important services to render which require higher expertise and competence, payroll processing can be outsourced to a reputed outsourcing partner for better management and higher client satisfaction. 

When a CPA firm opts for payroll processing outsourcing, they ensure- 

• Higher client satisfaction 
• Better time management 
• Compliance with payroll rules and laws 
• Effective resource management 

Outsourcing unwinds the work for CPAs

CPAs and accounting firms outsource various financial services to outsourcing firms to improve their efficiency and productivity and grow their business. While it completely depends on several factors, outsourcing fundamental accounting tasks such as bookkeeping, payroll, tax preparation, auditing, and others allows CPAs to focus on developing strategies to provide greater value to their clients. Besides, outsourcing provides access to specialized technology that may be too expensive to maintain in-house. 

Unleash the Power of Outsourcing with Fourfold Global 

Fourfold Global is a recognized outsourcing partner with a proven record in managing several accounting-related operations. Many CPA firms trust Fourfold to streamline their accounting activities without compromising work quality so that they can focus on areas that require their undivided attention. Our experience, expertise, and advancement make us your top choice for accounting outsourcing. 

Email us your requirements today, and we will get back to you with a personalized outsourcing plan. Give us a call to book an appointment today.