The financial landscape has changed significantly from the last few years. Legislations are much more stringent making governmental compliance and maintenance of transparency mandatory.
The digital landscape has also evolved considerably resulting in fierce competition, increasing the pressure on CPA firms. They now need to deliver a wide spectrum of services, consistently, at reasonable rates and have flexible work schedules to meet evolving customer demands.
This has led to CPA firms taking on higher workloads with fewer resources. Yet, handling day-to-day responsibilities and more labor-intensive tasks such as bookkeeping, compliance, audit, and risk management are still the norm.
This leads to overflowing inboxes and swamped work desks as CPAs are inundated with bookkeeping, payroll accounting, and managing tax returns. These tasks are largely manual and time-consuming.
Current trends indicate that outsourcing accounting is one of the fastest-growing areas for CPA firms.
How does outsourcing offer an advantage?
Working in a digital ecosystem, technology now allows us to automate routine tasks to greatly reduce service costs and increase accounting accuracy. This frees up resources, allowing advisors to maximize their asset usage and help address client issues that matter the most.
Outsourcing allows frequent contact with the client, providing an opportunity to preemptively address issues before they arise. This reduces the time and cost of redressal and resolution.
Focus on value addition, not just accounting
Outsourcing accounting and bookkeeping help tremendously in boosting efficiency, thereby allowing accounting firms to spend more time on high-value and high-fee consulting and less time on accounting. Technology by itself isn’t the unique selling point. It is the value addition it brings to the client with novel technology and a changing business approach.
Secure bookkeeping and accounting
CPAs can work on remote access servers so that your original files do not leave your office. With data backup on multiple secure servers and disaster recovery systems, you can rest assured about the confidentiality and security of your data.
Real-time actionable insight
Real-time data when leveraged by technology enables interpretation of accounting. This further allows CPAs to give advice about potential opportunities and pitfalls. This provides a much higher value to clients than reacting to situations after they have occurred, as some outcomes are irreversible.
CPAs are thus able to identify key drivers affecting the success of the business and help in working toward them. In addition, they also make sure this information is cloud-based and easily accessible.
With differing needs of clients, CPAs can produce pertinent financial information leveraging high-quality data sets, following protocol, and using technology.
Outsourcing finance and accounting services offers access to advanced technology and technical expertise at lower costs than traditional domestic solutions. Additionally, it allows them to address pain points and gradually shift from a reactive to a proactive system.
This provides a chance to identify growth opportunities such as legislation changes or tax savings and take advantage of the situation. A change in the business model to proactive accounting would, in the long term, help clients save money, increase value, and gain credibility in the market.
Personalized service packages
In today’s fast-paced world, clients expect tailored solutions and services. CPA firms serve a variety of clients. From start-ups to established corporate giants, CPA firms provide value by operating as business advisors, engaging in personal interactions, assessing needs, and providing services tailored to each client’s unique circumstances and needs. These include companies that are financially hands-off, those that need to supplement current resources, and some that need technology and process expertise.
CPA Innovations help with scalability, in addition, to cost reduction by improving efficiencies, analyzing business operations, and adding value to the business.
How can CPA Innovations help your company?
CPA Innovations is a one-stop solution when it comes to accounting and finance back-office services. Our team consists of a range of qualified and proficient personnel, experienced with all major accounting systems such as Quickbooks, Netsuite, Sage, SAP, Xero, among others. Throughout the process, we ensure compliance, security, and quality with a dedicated team working with you.
Our key differentiators:
- Flexible service packaging offering greater than 40% savings
- Overnight, timely processing of transactions
- On-demand talent
- Consistent quality
We partner with accounting firms to help them enhance their productivity, efficiency, and profitability. With world-class processes, a highly qualified and experienced team, and robotic process automation, we are here for you every step of the way.
Please feel free to reach out to us in case of any questions.