You have a wide range of outsourcing models to choose from, including those based on locations (onshore, nearshore, offshore, and onsite) and pricing. A business that clearly defines its outsourcing goals is already ahead of the game. Accounting firms should outline their outsourcing objectives step-by-step to zero in on a suitable staff model.

It helps solve your staffing issues, and your firm doesn’t have to turn away profitable work during the bust tax season. The main advantage is that you will have access to a higher level of expertise. By outsourcing tax preparation services, you can work with tax preparers with extensive experience and skillsets, expecting on-time and accurate deliverables. An outsourcing service provider should be able to solve your staffing woes by giving you access to highly skilled labor. You need to find out if your outsourcing partner has a dedicated team of experts who are qualified and seasoned professionals with experience in handling tax preparation. The best outsourced tax preparation service providers let you interview and hire preferred candidates.

• Accounting firms need to have some clear key performance indicators to help them decide if their outsourcing engagement model is working well.
• V      The firm doesn’t have to turn away profitable work that comes in during tax season.
• Tax professionals charged an average of $218 for new clients in 2023, a 25% jump from $174 in 2021, the National Association of Tax Professionals found in its 2023 Tax Fee report.
• It’s important to get quotes from multiple service providers and compare the costs, services, and the level of expertise they offer before making a final decision.
• Some firms keep an onshore option on deck for an additional fee in the unlikely event that a client remains resistant.

Maximize your engagement margins and drive down operating costs by automating job sourcing to qualified professionals. Browse all our upcoming and on-demand webcasts and virtual events hosted by leading tax, audit, and accounting experts. Join Shaun Hunley from Thomson Reuters and Business by Design’s Paul Miller to learn about the right tax strategies to help ensure your firm’s longevity and success in the years ahead. Our US 1120s entering charitable contributions 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. Since 2008, we have helped numerous CPAs smoothly navigate through the challenging tax seasons especially the 2021 season which has been the most difficult and busiest of all. Your team has been very professional, courteous, and prompt in helping me handle the workload of my firm.

Outsource is available for firms using these Thomson Reuters solutions

Our staff uses the same tax software as your firm, so you can jump right into review as if your own staff prepared the return. Finding qualified staff can be difficult—and training new hires while tax season ramps up is even more inconvenient. Outsourcing tax preparation to an experienced team with quick turnaround time helps you prepare more returns without hiring additional team members.

• As a result, you’ll need a 7216 consent form signature from your clients before outsourcing their returns offshore.
• Find out what data security precautions your potential tax preparation outsourcing partner takes.
• Top accounting firms have already taken the outsourcing path, and we need to accept the necessity of shifting all mundane tasks to the safe hands of offshore tax preparers.
• To establish a solid and trustworthy alliance, it is also crucial to evaluate their technology infrastructure, data security protocols, and industry reputation.
• More than 99% of the country’s top CPA firm leaders said they can’t find adequate staffing domestically, a survey by alliantTALENT, a professional service firm addressing CPA talent shortage, shows.

Don’t be shy about embracing the use of temporary staffing solutions to alleviate the challenges posed by a demanding labor market. It won’t be the season when you have to extend on weekends after working over 11 hours on all weekdays. V      Fast turnaround when prepared in India where they are working during our sleeping hours.

Security and Compliance

Some firms worry that clients, knowing that outsourcing is done to save money, may demand lower prices for their returns. We adhere to stringent quality checks, utilize advanced software, and keep abreast of the latest tax regulations to ensure precise, high-quality work for every client. Once the tax return is prepared, it is reviewed by the Quality team, and then the finalized return is sent to the onshore team. The first step is for OBS staff to login remotely into the tax software that our client is using through a secure encrypted link. Various parameters are used to identify the cost of a project, like the volume of work, etc. We work with clients to determine the correct pricing structure to fit their budgetary needs.

Full-preparation vs. OCR verification outsourcing

Our tax preparers are seasoned professionals with 15+ years of expertise in tax regulations and accounting practices. They maintain up-to-date knowledge of tax laws and undergo regular training to ensure accurate and compliant tax returns for businesses and CPA firms. The best outsourcing providers prioritize staying on top of the always-changing legislation and tax law. The offshore team can do this easily, given that they have a designated team of tax preparers and experts who read up on the law and legislation. The point is that your outsourced service provider will have the capacity, skillset, and experience to handle your firm’s tax prep while being well-versed in legislation and tax laws. Tax season can be a nightmarish time even for professional accounting firms, and it only worsens.

CPA Services: We offer specialized tax processing services. Get more information on our cpa services and sub-services.

This is a more economical model than hourly rates if your accounting firm has high volumes of work. Data security is a critical aspect that goes into the decision-making process while shortlisting an outsourced service provider. It is best to partner with an outsourcing service company that complies with ISO standards and uses robust and secure information technology systems. Be it as an individual or as an accounting firm, filing taxes can be a demanding task.

Compared to data entry, OCR verification takes a fraction of the time, but it still pulls preparers away from value-added work. It’s an economical option for firms that need a middle ground between full outsourcing and in-house services. According to US Bureau of Labor Statistics data, 312,000 accountants and auditors left their jobs between 2019 and 2022, a 16% decline. To combat this, accounting firms have been raising salaries, giving out bonuses — like Deloitte’s $20,000 to $35,000 retention pay — and adding benefits to attract and keep talent.

By outsourcing these responsibilities, you can ensure compliance, minimize errors, and stay up to date with the ever-changing tax landscape. We have a dedicated team of tax wizards who deliver exquisite tax preparation outsourcing according to your demands. Most outsourcing companies price their services based on your requirements and the engagement model. They offer a variety of pricing models to suit your firm’s requirements and budget. It is best to analyze each engagement model so you can evaluate and determine which is best for your accounting firms.

They stay updated on the latest changes, ensuring that your clients’ tax returns are prepared accurately and in compliance with the ever-changing tax codes. Data security and confidentiality are vital for your accounting firm with increased data breaches. Partnering with an outsourced tax preparation service provider will ensure that your valuable, sensitive data is secure over the cloud using robust and cutting-edge security.

VAT Return Services

The American tax system has a tax code that is more complex than rocket science, and even though most people think about taxes only in April, the process actually runs all year long. 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. Taxfyle is powered by Tax Professionals across the U.S. capable of preparing the simplest to the most complex returns — all at unbeatable prices.