What Australian CPAs Should Know About Outsourcing in 2023

For CPAs, accounting, bookkeeping, compliance, or taxation are important yet exhausting and time-consuming. Many accounting firms often struggle with meeting deadlines and heightened client expectations. Today, outsourcing has become increasingly adopted by CPAs worldwide to manage their accounting operations and get access to advanced technologies, which resulted in growth in outsourcing globally.

Outsourcing is one of the goldmine strategies for the success of accounting firms. Here’s why CPAs need outsourcing.

Know Why You Need Outsourcing

Top-tier CPAs often have major resources in place. But that’s not the case with mid and small-scaled CPAs. Mid-scale and small-scale CPAs often have challenges that impact their service delivery. Outsourcing takes care of the resources and allows CPAs to focus and channel their time and effort on important areas. Let’s look at some of the reasons behind CPAs going for outsourcing.

Attracting the Right Talent

The Australian accounting industry is passing through a difficult phase, and hiring the right talent works like salt on the wounds. To deal with such issues, outsourcing is one solution that addresses talent shortages. Outsourcing enables CPAs to recruit candidates for routine tasks, while the professionals at outsourcing partners will take care of the critical tasks.

Achieving Scalability

Outsourcing offers a scalable solution by helping CPAs from worrying about finding resources during peak times or scaling down during the busy season. Outsourcing makes CPAs more productive and efficient and enables them to grow without being restricted by limited resources. 

Retaining Efficient Personnel

Today, workforce burnout is a major concern in the accounting industry globally, which is giving catastrophic results. CPA firms are struggling to manage their existing workforce. In such a scenario, outsourcing helps ease the burden and allows existing employees to flourish.

Controlling Operational Costs

CPAs can reduce operational costs by outsourcing accounting tasks such as payroll, taxation, compliance, or bookkeeping. Outsourcing is a viable option to address significant labour challenges.

How outsourcing help, you tackle various challenges

CPAs often come across various challenges, such as compliance and regulatory challenges and technological setbacks. Such challenges hamper the flow of the work. Here are some interesting bits.

1. Compliance and regulatory concerns are primary matters for CPAs considering outsourcing while focused on fostering client trust, expectations, and integrity.
2. CPA firms are exploring virtual methodologies to handle employees who may never come to the office physically.
3. CPA firms with a robust cloud solution can set the standards, security protocols, and data protection.
4. For data security, it is necessary to ensure that outsourcing partners have a thorough data privacy and security policy.
5. Selecting the right outsourcing is the foundation of a partnership. A slight mistake would cost a lot in the future. It is important to know clientele management, data management, security policy, and the contingency plan in case of any technical mishaps.
6. Choosing an outsourcing partner with a multi-layered firewall system, secure database management, file access security, and file downloading protection. Besides, talented IT professionals play a major role in security overriding.

Know what you can outsource

CPA firms benefit in several areas from outsourcing. Some of these areas include:

• Taxation
• Bookkeeping & BAS Preparation
• Compliance & Back Office
• Payroll Services

Know why choosing the right outsourcing partner is crucial

Outsourcing is a practical solution for CPA firms when considering globalization. Outsourcing partnerships will help set the stage for efficient performance and positive results. When outsourcing, Australian CPAs trust Fourfold Global for managing their accounting operations. We have a track record of offering our clients a complete range of accounting & bookkeeping, taxation, back office, payroll processing, and compliance services. Our experience, coupled with our knowledge of the Australian accounting system, helps us offer quality solutions. Call us or reach out to us today.