Accountants can outsource work during the busy tax season, helping them save costs while ensuring they don't become overwhelmed
For an accounting firm, tax season is always hectic and full of stress. Sure, it’s nice to have an influx of clients but the work can quickly add up to the point where it’s impossible to complete it all on time.
Of course, no accounting firm wants to turn potential clients down but it isn’t always possible to hire a short-term employee with the necessary expertise and training.
Business Process Outsourcing (BPO) is a solution to this issue as it puts accounting firms in touch with professionals in the field that can take on work during the busy season. The result is less work on your plate without having to turn down clients.
We take a look at the reasons accounting firms should consider outsourcing some of their business processes when they get busy.
Key takeaways:
- Accounting firms often become overwhelmed during the busy season.
- Hiring full-time employees isn’t always financially possible.
- Local workers might not want short-term employment.
- BPO provides a solution.
Time management
Perhaps the main reason for accounting firms to look into BPO is time management. Accountants will tell you firsthand how busy tax season gets, making it impossible to create a work-life balance. Some firms are dynamic all year, as well, adding even more stress.
Outsourcing some of this work frees up an accounting firm to focus on a manageable amount of production. That way, they don’t end up overwhelmed and will perform better on the job.
It’s also possible to outsource more tedious tasks, like payroll, billing, and administrative duties, so that a firm can focus on its clients or work towards growing the business.
Cut costs
A significant benefit of outsourcing your business processes is the cost savings. Hiring a new office assistant or certified public accountant (CPA) will cost a firm money that could cut into its bottom line.
Outsourcing these jobs means one doesn’t have to hire a full-time professional, helping to eliminate major costs.
Cutting costs makes it easier to scale a business because there will be more cash on hand to fuel growth. Savings can be used to expand the offices, market the firm, or even hire additional employees in the future, depending on the goals.
Other expenses like training, benefits, and sick leave are also eliminated when outsourcing, as you’ll only have to pay for the tasks the worker completes.
Work with professionals
Attracting trained professionals can be a challenge. When seeking local expertise, you’ll have to compete against other firms in your area and the talent will usually go where wages are the highest. If you’re looking to save money, hiring professionals in your field might not be an option.
This fact could force you into hiring unskilled labor to handle tedious jobs around the office, opening up an entirely new set of issues. For example, you might look at hiring college students to file records or handle administrative duties.
While hiring these employees could cut costs and save you time, there’s no guarantee they know what they’re doing. If the work isn’t completed the right way, you could end up having to redo it anyway, costing you even more time and money.
BPO firms provide you with professionals with training in your desired field. For an accounting firm, this is an essential feature that makes these services well worth considering.
Reduce risks
BPO firms have strict quality control features in place that reduce risks. This feature minimizes the errors a business will experience, ensuring it’s getting the money’s worth and then some.
For example, if you need a certified accountant to fill in during the busy season, a BPO firm can provide you with a professional in the field. The same goes for administrative work that you need to complete.
A BPO service provider ensures these workers know what they’re doing, so you don’t take on any additional risk as you attempt to scale your accounting firm.
Get help today
Whether you need extra staff so you don’t have to turn away new clients during tax season or you’re looking to permanently remove some administrative duties from your workload, outsourcing some business processes is an exciting option for accounting firms.
Through this process, these firms can utilize the services of skilled workers without paying an exorbitant wage, making it easier to keep up with the work and scale the business in the process. There’s assistance available for multiple jobs within your accounting firm, depending on your needs.
DOXA helps small and medium-sized companies scale their businesses by building a team of global talent. BPO allows accounting firms and other organizations to increase output while saving on the costs of hiring full-time employees. Contact us today to set up a free consultation and inquire about speaking with a few candidates before making a hire.
