How Remote Staffing Enhances the Productivity of CPA Firms during Tax Season?
by Nura Lee Bookkeeping servicesThe Tax Season is prepared to knock at CPA firms’ doorsteps with an enormous workload and long working hours. Now, it's the proper time for CPAs, EAs, and accountants to buckle up themselves for the tiresome taxation season. Some accounting firms and tax firms might argue here that March and April months are quite far and that they have lots time to organize themselves to require the warmth of tax period, but it's always good to be prepared than sorry because you'll disappoint your clients during crucial tax season.
According to the info presented
by Bureau of Labor Statistics, the amount of projects associated with
accounting and auditing goes to extend 22% between 2010 and 2021 which will add
up the need of 279,400 more accountants and enrolled agents to require up the
increased workload. This dramatic increase in accounting work has challenged small
accounting firms within the US to manage their workflow efficiently in order
that they will provide high-quality services to their clients, especially
during the busy tax season.
The CPA firms have two options
before them to extend their productivity during the tax season –
They can prepare their in-house
staff to watch all the additional workload during the tax preparation period
like appointing new accountants, train current staff, etc.,
They can make themselves
efficient by hiring remote staff for small period.
Which may be a Better Solution?
Well, if you're large firm with
the annual turnover of $500,000 or more, then you ought to hire new accounting
staff and concentrate to extend the efficiency of your current staff and
prepare them for tax season. However, if you're small firm who mostly gets
business during the tax preparation period, then remote staffing goes to be the
simplest solution for you. As you won’t need to bear the value of hiring new
staff and training the old employees.
How Remote Staffing for CPA Firms
during Tax Season helps in Increasing Productivity?
It’s observed that 91% of employees feel they
get more work done once they are working remotely. The workers work more
efficiently once they work under their familiar environment. So, when an firm
hires the remote staffing team during the stressful tax time, then they will
bring more productivity into their workflow like –
1. Income tax return Preparation
Time
When you hire the competent
remote staff to organize tax reports for your clients, then you'll increase
your income tax return preparation turnaround by quite 50%. Meaning you'll
double up the quantity of labor that you simply are already taking over.
Moreover, you'll increase the efficiency of your in-house accountants and CPAs because
they will now specialise in consultancy services like Tax Planning and Advisory
services which are more important. By online bookkeeping services in
honolulu, accounting companies can
increase their turnaround and may offer consultancy services to their clients.
2. Increase Recovery Rate
If CPA firms appoint an
additional accountant or auditor during the tax season to scale back the burden
of their staff, then they need to pay around $70,500 as a salary to at least
one person. Additionally, they need in touch miscellaneous costs sort of a
desk, computer, lunch, etc., to accommodate one extra employee. This may impact
the general profits of the corporate.
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know
However, by using remote staffing
services, accounting firms can avoid hiring tax professionals during tax
season. They will just hire services for the tiny tax period and pay them the
payment amount after the completion of labor. Plus, company’s pays the quantity
to remote staffing companies just after receiving payment from their clients
which suggests there won’t be any pressure on the financial resources of the
CPA firms.
3. Support of Accounting
Professionals
Normally, people think that the
work description of all the accountants is that the same. But, that’s not true,
there are some accountants present who are expert in handling corporate
tax-related issues and a few only manages the individual tax returns. So, when
a CPA firm wants to use the expertise of accounting professionals who handles
corporate tax for one among their clients, then it'll be very expensive for them
to rent an expert for only one project.
But, once they hire the remote
staffing firm to handle the project, then they will easily use the services of
their multiple experts. That’s because remote staffing firms always have
various professionals with them who can easily provide technical services at
affordable prices.
4. Quick Accessibility
The remote staffing companies
also use cloud computing technology to make tax returns. Meaning you'll access
their work anytime and anywhere using your mobile devices. There are multiple
cloud computing tools available for remote staffing companies to supply high
work. Like at online accounting services, we use Intuit’s QuickBooks accounting software,
Intuits Pro-Series, Intuit’s Lacerte, Drake, Creative Solutions’ Ultra-Tax,
Turbo Tax, ATX, and Prosy stem and lots of more.
5. Follow Up Tight Deadlines
Accounting remote staffing
organizations have solid manpower with them. So, whenever you would like to
make some tax report at a brief time, then remote firms can easily do this. The
resources and technology employed by these firms make it easier for them to
deliver high-quality work on tight deadlines.
Remote staffing for CPA firms may
be a good way to extend their productivity during the high workload tax season.
By using the remote tax preparation services, accounting firms can easily take
up more work and increase their recovery rate and that’s without burdening
their financial resources.
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Created on Feb 26th 2021 00:14. Viewed 226 times.