14 Mar

Why CPA’s & Accountants Should Consider Outsourcing a Part of Accounting Services?

Businesses are changing and with these changes are making a strong case for service providers to have a relook at its delivery strategy. This phenomenon is also impacting the practice of CPA’s and accountants and opening a new era of opportunities. With exclusive outsourcing products being designed for them, now accounts and CPA’s are in a position to outsource a part of their finance and accounting services to specialized outsourcing firms  

Outsourcing Accounting

 

The following core areas for accountants and CPA’s can be outsourced:

1.Bookkeeping

  • Transaction Recording
  • Bank Reconciliations
  • Credit Card Reconciliations
  • Account Management

2. General Accounting

3. Payroll and Tax

  • Payroll Calculation & Creation
  • Payroll Tax Filing & Payments
  • Payroll Checks & Direct Deposits
  • Workers Compensation
  • 401K Allocations
  • Benefit Deductions
  • Personal Tax Preparation
  • Business Tax Preparation

4. Financial Control Services

  • Budgeting
  • Forecasting
  • Variance Analysis
  • Job/Product Costing
  • Import/Export Costing
  • Departmental Costing
  • Fixed Asset Registry
  • Cash Flow Preparation

5. Reporting & Analysis Services

  • Group Reporting
  • State Based Reporting
  • Profitability Reporting
  • Financial Analysis
  • KPI/Ratio Analysis
  • Trend Analysis
  • Sales/Rebate Analysis
  • Retention Analysis

Reasons why CPA’s and Accountants must look at Outsourcing?

         1.Access to Multiple Accounting & ERP Systems

Other than cost savings, the efficiency enhancement and development of core competency is one of the important benefits of outsourcing. The outsourcing firms specializing in outsourcing support multiple accounting and ERP systems namely SAP, Attache, Freshbooks, Sage, Express Accounts, Xledger, Saasu, Visma, Mamut, Oracle, Myob, Quickbooks to name a few

This gives a wider access to the accountant and CPA’s and saves a lot of critical time in upgrading from time to time

         2. Cost Advantage & administrative convenience

By slashing expenses and overheads, the same money can go back into growing the business further. By outsourcing, the accountants and CPA’s can save:

  • Cost arbitrage of outsourcing to lower cost countries
  • Have no benefits to pay to workers
  • Have to headaches of managing absenteeism
  • No replacement costs
  • No workstations or seat cost

      3.Capacity on Demand

This is a very important point as it gives scalability and flexibility to accountants to manage their business. As a small business particularly, the entrepreneurs behind the firm need not worry of:

  • Capex to increase business
  • Worry of fixed costs in downturn of revenues
  • Worry about payment of overtime during crunch time
  • And most of all, the accounting firms and CPA;s can expect accuracy because professional outsourcing firms have multiple quality checkpoints 

     4.More Time to Focus

When you look at the advantages listed above, one clear impact is that the entrepreneur will have more time to focus and grow his business. It makes sense to outsource the headaches and support activities and grow your business and deepen your client relations

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