TAX SEASON 2023 is coming nearer & CPA firms bemoan the talent shortage and Burnout!
Why battle through another seasonal time when you can easily counteract the stress and staff crunch by providing outsourced tax preparation services to a significant number of clients?
Talent Shortage
In a recent survey, companies with operations in the USA stated that it is becoming challenging for them to secure the staff or accountants needed for financial reporting, general accounting, etc. The less number of accountants and auditors puts a burden on companies of varied sizes across various sectors; wherein private and small-sized companies are particularly bearing the brunt of the talent shortage.
Burnout
Look out for these signs –
Further, as per experts ‘burnout crisis’ is plaguing the accounting industry in the US. Legislative reforms, the pandemic’s repercussions, and the worsening economic situation are exacerbating an already demanding accounting profession, elevating levels of stress, despair, and burnout in the industry.
Let’s look at some points on how burnout and staffing issues can be dodged with Outsourcing.
- Manage Overloaded Compliance Tasks – You may manage big volumes of tax preparation with the help of a pool of personnel. Outsourced tax preparation service providers are knowledgeable in bookkeeping, tax preparation, and accounting, as well as working with major tax and accounting software.
- Eliminate the need to hire in-house staff – Outsourcing Tax Preparation and accounting work is an apparent and sensible choice to handle staffing concerns and eliminate/reduce the requirement to hire tax preparers or accountants in-house due to the aftermath of a Great Resignation.
3. Mitigate Staffing Issues – Staffing is a major worry for many business owners, so now is a good time to assess your office staffing requirements and evaluate how you can effectively utilise existing employees. Consider alternate approaches to address your needs as openings arise rather than simply posting the job.
If you have a lot of turnover in your accounting or bookkeeping position, you might consider outsourcing your back-office accounting.
- Ward of Seasonal Burnout – Tax preparation is a time-consuming task. Every year, accountants in the United States devote 6.1 billion hours to tax preparation.
Tax preparation is frequently delayed until the last minute because clients do not always communicate or exchange information immediately. Accounting firms are continually chasing their clients for vital information, adding unnecessary stress to the already stressful deadline strain.
To avoid fatigue during the busy tax season and resource crunch, offshore tax preparation experts are required. A minor inaccuracy or missed deadline might result in a significant fee for your clients as well as damage to your firm’s reputation. Outsourcing, on the other hand, ensures that the work is done precisely.
- Get Access to Expert Accountants – Accounting businesses, according to a study, spend 70% of their human resources, time, and money on tax preparation.
Offshoring tax preparation can provide access to qualified personnel while remaining within your budget. Staff members are knowledgeable about US tax legislation and evolving norms. As a result, you receive correct and timely work, freeing you to focus on your company’s strategic goals. Furthermore, you will save money on hiring, training, maintenance, office supplies, tax and accounting software, and other cutting-edge financial instruments.
- Increase Services Portfolio – The staffing industry is always evolving. To keep ahead of the competition, you must always be on the lookout for fresh chances. You’ll have more time in your day to seek fresh prospects if you outsource your accounting. You’ll have the time to grow your services or explore new markets. Outsourced accounting can assist you in doing exactly that! You can focus on building your business and take it to the next level by freeing up your time.
- Accurate & Timely Reports – Offshoring tax preparation can provide access to qualified personnel while remaining within your budget. Staff members are knowledgeable about US tax legislation and evolving norms. As a result, you receive correct and timely work, freeing you to focus on your company’s strategic goals. Furthermore, you will save money on hiring, training, maintenance, office supplies, tax and accounting software, and other cutting-edge financial instruments.
- Flexibility & Scalability – Offshoring tax preparation can provide access to qualified personnel while remaining within your budget. Staff members are knowledgeable about US tax legislation and evolving norms. As a result, you receive correct and timely work, freeing you to focus on your company’s strategic goals. Furthermore, you will save money on hiring, training, maintenance, office supplies, tax and accounting software, and other cutting-edge financial instruments.
Many business owners are concerned about staffing, so now is a good time to assess your office staffing requirements and identify how you can effectively utilise existing employees. Consider alternate strategies to address your needs as openings arise, rather than simply posting the job.
If you have a lot of turnover in your accounting or bookkeeping role, you could consider outsourcing tax preparation or accounting to a co-sourcing partner like AcoBloom International.