Time is a precious commodity that many busy CPAs simply don’t have enough of. Overworked, particularly during busy times of the year like tax season, and without the budget to hire in-house staff to relieve the burden, they are often left burned out and frustrated. Over time, this is bound to have an impact on their clients, too, as work isn’t produced on time, or costly errors are made.
Fortunately, there’s one simple, convenient and highly effective solution to the chaotic and high-pressured world of the CPA: offshore bookkeeping.
Read on to discover 5 advantages of offshore accounting and bookkeeping for CPAs that are impossible to ignore:
1. Cost savings
Staffing costs are high, even for the biggest of CPA firms, but by offshoring to countries with lower operational costs and salaries, a significant amount of money can be saved; for many, as much as 50%. These savings can then be passed on to clients with lower fees, or it can be reinvested back into the business.
2. Access to highly skilled professionals
Being able to tap into a vast pool of global talent is often seen as one of the most advantageous aspects of offshoring for CPA, particularly in light of recent talent shortages in the US accounting market.
For CPA firms wanting to scale, or who wish to address a niche area of the industry for example, having access to such a talent pool (and often at a significantly lower cost) can be a real game changer.
3. Enhanced efficiency
It’s easy for struggling CPA firms to lose sight of efficiency when they’re able only to focus on non-core tasks. Offshoring gives them a chance to outsource those time consuming tasks that take away from the higher value services, and shift their focus and their energy to areas that are more productive. Over time, offshoring non-core tasks can add real value to a firm’s services, and boost profits.
4. More flexibility
When you work with an offshore team, it’s easy to scale your staffing levels up or down as required. When workloads intensify, such as during tax season, you can access as many professional tax experts as you need to ensure that accuracy levels are high and deadlines are met. Then when the busy period dies down and the workload shrinks somewhat, you can adjust staff levels accordingly. This method is great for managing costs more effectively, and for ensuring that whatever may happen, you’ve got enough staff to be able to cope. Such flexibility is a real bonus for CPAs, and means that they can also be responsive to market changes as well as the needs of their clients.
5. Enhanced competitiveness
Competition is fierce in the accounting world, and even if a CPA firm makes it to the top, staying there is a whole different story. But with offshore tax preparation, companies can reap all the rewards of lower operational costs, talent pool access and scalability, and make themselves highly competitive, for as long as they wish.
There are many more advantages of offshore accounting and tax preparation for CPA firms in the U.S. and beyond, than the 5 listed here. And if you want to get ahead of the game and start expanding your client list, there’s no better time than now to start exploring your offshoring options.
