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The world of accounting can be a fiercely competitive one, and if modern CPAs want to grow their client base, they have not only to be great at what they do, but also be able to offer their clients everything they could possibly need.
However, while offering financial advisory services, for example, is one way for CPAs to attract new clients and offer more for those already on their books, it’s of little use if they can’t get their bookkeeping and tax preparation in order.
Successful CPAs must master their bookkeeping and tax preparation services before shifting their focus to any other services they may wish to offer (or are already offering), and fortunately, help from tax outsourcing services can help them do exactly that.
Think you’ve got a handle on your tax prep requirements and don’t need any outside help? If you recognize any of the 8 classic signs below, you may need to think again:
- Workload is too intense
Your employees are making mistakes and failing to meet deadlines during tax season, and it could be due to the intensity of their workload, which as we all know, can increase tenfold during busy periods of the year.
- Not enough qualified bookkeepers
Bookkeeping is an essential element of any CPA firms workload, but your team are having to share the burden due to a lack of qualified bookkeepers, or because your firm can’t afford to hire them. Inevitably, this will lead to a drop in standards, mistakes will be made, and you’ll likely lose clients.
- Operational costs are rising
Struggling to cover the running costs of your business, and worrying that you’ll never be in a position to expand, let alone meet client demand, is a common concern for many CPA firms today.
- Concerns are increasing over the security of data
Keeping client data secure is a growing concern for many accounting professionals, but outsourcing is a highly effective way to ensure that there are no breaches and that fraud is nipped in the bud.
- Tax season is looming and you’re not prepared
Okay, so tax season comes around at the same time every year, but it’s not always easy preparing for it, particularly if your firm is facing a talent crunch. Some busy times of the year such as tax season, can cause burnout among employees; outsourcing helps to prevent this.
- You’re unable to focus on high-end services
Your team is overwhelmed with routine bookkeeping, tax and accounting tasks, and you don’t have the time or resources to offer your clients any value-added services, such as financial advisory.
- There are limited options for scalability
You’re unable to scale up due to a lack of qualified accountants and bookkeepers, or a lack of funds. A common problem, but one that outsourcing can easily and effectively solve.
- Service standards have dropped
Your team are feeling overwhelmed and as a consequence, customer service has taken a back seat. While this is understandable, it’s the quickest way for a CPA firm to fail, and is totally unnecessary when tax preparation outsourcing is readily available.
Tax preparation isn’t just a problem for CPA firms during tax season, but when there is a problem with it – no matter when it is – it can have any number of disastrous consequences for your firm. So, if you can relate to any, or all of the 8 signs listed above, it could be time to give outsourcing some serious consideration.
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