December 2, 2022
Many CPAs want to understand the need for accounting outsourcing for their firm. The sudden jump in CPAs’ progress rate due to the advantages of outsourcing shows that outsourcing is one of the rapidly adopted business strategies, and accounting firms are benefiting from it hugely.
CPAs are aware of delivering results effectively. Proper accounting management is essential for business growth, and negligence in this field can lead to unhealthy results. One of the primary troubles is managing the accounting for their clients and their firm, which gives rise to two situations. Firstly, a CPA might lose track of its accounting data. Secondly, it can hinder business growth by disregarding the client’s needs while monitoring its accounts. Outsourcing services can enable delivering quality services promptly.
Let’s look at how remote accounting can accelerate the growth of CPA firms.
Easy Recruitment Amid Great Resignation
The US-based CPAs are most affected by the growing talent shortage in the accounting industry. While finding qualified candidates is a challenge, retaining the existing staff is also challenging. As a result, CPAs are now focusing on advisory services. Outsourcing understands the staffing woes and crafts customized solutions to make the staffing process easy. Outsourced accountants are an extension of the in-house teams and manage critical tasks.
The Covid-19 pandemic significantly affected the costs of the services and put pressure to constrain prices. Clients now expect to deliver services at the existing prices or offer discounts. An easy way to resolve this issue is to switch to outsourcing services to reduce staffing costs.
Due to the labor shortage, accountants are in demand and thus dictate increased salaries. Recruitment, employee benefits, infrastructure, and training make hiring expensive. Outsourced accounting firms help CPAs hire offshore accountants at far lesser prices.
Technology has always been a challenge for CPAs as accounting is a traditional profession. Several of its processes have transformed over the years and made it difficult for CPAs to keep a tab of all the latest technological advancements; this is where outsourcing comes into the picture. Top accounting outsourcing companies offer technological advantages without significantly elevating costs. These companies train their accountants on the latest software, such as Quickbooks, Sage, Xero, Iris, Clear Books, AutoEntry, and more.
When their team adopts the latest technology, it is easier for CPAs to incorporate new software into their processes. With this, CPAs can maximize automation and minimize human work, thus mitigating the scope for error and improving efficiency.
Mindset of Growth
A firm can succeed when its teams are aligned with a growth attitude. However, it is challenging to cultivate this in the current scenario. A growth mindset thrives in an atmosphere where employees enjoy opportunities for self-development and have a work-life balance. However, accountants are often overworked and need more development prospects.
Outsourcing services help CPAs add capable professionals to handle compliance tasks and free up in-house accountants. These accountants can shift focus to providing value-based services to clients or indulge in skill development for career growth. Accountants who enjoy a healthy work atmosphere are automatically aligned to contribute to the firm’s growth.
In a Nutshell:
Outsourcing accounting and bookkeeping functions is an indispensable solution for small and mid-sized CPA firms aiming to grow their firm. Besides, accounting outsourcing offers other benefits such as productivity, efficiency, and data security.
Greenbucks Accounting is a pioneer accounting outsourcing provider with a rich experience in the American industry. We offer dedicated solutions to CPA firms and help scale them grow faster with a robust team of skilled accountants trained in the latest software and American accounting norms. These experts are an extension of our client’s teams and can adapt to complex processes. Connect with us for consultation, or call us today.