While most accountants are swamped during the unavoidable, busy tax season, staying on top of data collection for a seamless tax filing process can be challenging. Outsourcing makes it easier to get ahold of someone when there are questions, but data collection, organizing, and sorting are also prompt so that risks can be avoided and deadlines can be met. We’re the go-to Tax Preparers that knows all the nitty-gritty of US tax rules and stays up-to-date with IRS changes. Our pros excel at sorting out individual and business taxes, no matter how complex.
Now that you know what features you should look for in an outsourced tax services provider, create a shortlist of 3-5 organizations and analyze each based on the abovementioned essential factors. You want your outsourcing partner to meet these criteria while providing the optimum investment return. With many options available, it can be challenging to identify a reputable tax preparation outsourcing service provider. Outsourced tax preparation services will help you keep your all-star team smiling during the busy season, but only if you choose the right partner. By cooperating with our pioneer tax outsourcing firm, you may resolve personnel issues, cut costs, and boost your profits. Bestarion has been in the tax outsourcing business for years and has remained current with new tax regulations.
Step 2: Strike a deal with the right service provider amp; candidate
However, not every CPA business that decides to outsource knows about all the benefits of outsourced tax preparation services. The first step is to ask yourself why you need to outsource and what you want to accomplish. Looking at the broader picture, the outsourcing industry is being reshaped by a collective push for cost reduction, technological innovation, and inventory cycle for manufacturers retailers and distributors a relentless pursuit of expert services. This push is creating a global demand for the most efficient, cost-effective, and high-quality business solutions, a demand that tax return outsourcing services are well-positioned to meet. Data security is a critical aspect that goes into the decision-making process while shortlisting an outsourced service provider.
- However, if you choose the correct outsourcing service provider, this should be fine.
- OBS specializes in accurate and timely tax return preparation when outsourcing.
- Ensure they have a track record of accuracy, compliance, and timely delivery.
- This can include services such as tax planning, research, and preparation of returns.
- Our US Tax team is proficient on all major tax software such as Intuit Pro-Series, CCH, Drake, Intuit Lacerte, Turbo Tax, ATX, Ultra Tax and many more.
Our commitment to precision and timeliness in tax return preparation has made us a trusted partner for numerous CPA firms and accounting businesses across the USA. Tax Season is the time when accounting firms try to boost revenue by doing as many tax jobs as possible. It is also the time when firms scramble to find seasonal talent to prepare all the tax returns coming their way. On average, prepared tax returns with review notes are returned within 12—36 hours of submission. And it’s not necessary to change existing processes — Xpitax will follow your firm’s existing processes and uses the same tax prep software you’re using today. With us, you can stay on top of tax season, knowing that the greatest professionals will prepare your client’s returns using the latest technologies and meet the strictest data security requirements.
Grow your tax practice
If you follow the process diligently, you won’t have to worry about losing control. According to recent statistics, 78% of firms worldwide are satisfied with their outsourcing service providers, and trustworthiness is still one of the top criteria when selecting an outsourcing partner. The primary purpose of tax preparation outsourcing is to complete the assignment on time without sacrificing quality. Outsourcing provides you with the benefit of receiving high-quality work from educated and experienced people while assuring compliance and data protection. Tax season remains one of the busiest times of the year, with accountants scrambling to fulfill tight deadlines while maintaining client confidentiality.
This is one of the most important yet underestimated benefits of outsourcing tax preparation. During the busy tax season, CPAs put in unimaginable hours to guarantee that their client’s tax returns are filed before the deadline. Outsourcing helps CPA firms strike the perfect professional and personal balance and cope with tax time stress. Having access to additional resources on your side can prevent the internal team from getting overworked.
How to Handle Time Zone Differences When Offshore Outsourcing
There was a shortage of people and we struggled to find the talent that matched our values. In the post-pandemic world, Robotic Process Automation (RPA) is in high demand – optimizing costs while increasing productivity, agility, scalability, and resiliency. With PABS on your side, you can grow your business, rake in more cash, and trust that your info is totally secure. They vary in experience and specialty, but on average, they have approximately 12 years of experience. We make sure the Pros attached to your account are capable of handling your specific needs.
Measuring the benefits and progress and assessing the risks of your firm’s outsourcing model can help you take corrective steps at the right time if staffing expectations aren’t being met. Outsourcing is a handy tool for businesses looking to cut costs while improving their efficiency. Tax preparation services can give your accounting firm an upper hand during the busiest and most exhausting period of the year.
Business development
It’s a common misconception that all tax outsourcing services are performed outside the United States and that firms only outsource for the offshore cost benefits. The reality is that some 1040 outsourcing services are performed onshore, others are offshore, and some vendors offer both options. Outsourcing is the practice of hiring a third party to handle work that would otherwise be done internally. When outsourcing income tax preparation, your firm flexes the preparation work to an external tax professional, who sends back a fully prepared 1040 return. A good outsourcing service offers a smooth, standardized workflow that makes their preparers feel like an extension of your own staff.
Regarding data security, we likewise adhere to strict SLAs and high-quality requirements. One obvious advantage of outsourcing tax preparation is that it simplifies data collection. While most accountants are overburdened during the inevitable, busy tax season, staying on top of data collecting for a smooth tax filing process can take time and effort. Outsourcing makes it easier to contact someone when concerns arise, but data gathering, organization, and sorting are also expedited so that risks are minimized, and deadlines are fulfilled.
Creating an additional to-do list focused solely on indirect tax activities can also make sense when managing multiple filings. Continuously monitoring tasks and timelines enhances visibility and information flow, improving ownership and accountability for each process. The task manager also increases enforcement of best practices and internal controls, methodically organizing people and their tasks to ensure on-time completion. They further help companies navigate the complex collection of withholding taxes for most transactions, from regular payments to credit sales. Automatically updating new tax rates into the system ensures vendor and client invoices are posted correctly. The tax preparer also shares the review notes, annotated source documents, tie-outs, and work papers with the onshore team.
When developing your outsourcing strategy, prioritize the capabilities you seek and why. Clearly defining the expertise you require makes selecting an outsourcing engagement model that meets your specific staffing requirements easy. You can choose from various outsourcing models based on location (onshore, nearshore, offshore, and onsite) and pricing. Not all accounting companies have the ability or skill set to handle the mounds of work that come their way during the busiest time of the year. Outsourcing such critical activities allows CPA companies to devote more time to core company functions. Given the intricacy and time-consuming nature of tax preparation procedures, outsourcing is the ideal option.
Data security and communication barriers are the most common concerns that accounting firms have. But this shouldn’t be a disadvantage if you choose the right outsourcing service provider. When you outsource to a company like QX, comprehensive data security measures will be ensured, and you will also have access to high-quality talent with excellent communication skills. Outsourced tax preparation services can provide accounting firms with myriad benefits. But just like every other option you have, you should do your research before signing up for a partnership with a third-party service provider.