OUTSOURCING SOLUTIONS FOR USA-BASED CPA FIRMS.
Over the past decade, the global marketplace has witnessed a multitude of economic challenges. Businesses have had to learn to adapt and tackle unprecedented issues, and it has been a proven fact that it is only those who managed to do so that have come out on top today. Accounting and CPA firms have not been spared the brunt of it either, whether it's due to the ever changing nature of governmental regulations and tax laws or the fight to stay cost-effective. Finding qualified employees and being up to date with changes to tax law are among the CPA firms' top worries, according to the 2022 PCPS CPA Firm Top Issues Survey.
Firms need to stay on top of new technological advances that can affect the efficiency of their work processes. In addition to that, it is imperative that they take the necessary steps to ensure and uphold data security and confidentiality. With more CPA firms flooding the market, maintaining relevance and gaining a competitive advantage is the biggest difficulty of all.
Setting up an efficient and balanced workflow, maintaining cyber security, adapting competently to changing laws and technologies, all the while maintaining cost effectiveness, is overwhelming and largely very confusing for firms that do not possess the financial prowess that Big 4 and larger firms hold. With businesses are coming back on track post the Covid-19 pandemic, now more than ever, accounting firms are struggling to cater to the increasing business coming their way. This has led to overburdening on their onshore staff and caused numerous issues related to reduced quality of life and error-prone quality of work.
Outsourcing and offshore staffing are the perfect solutions for such organisational problems. Even the smallest of firms have started to build their offshore teams to minimise the costs and promote growth and efficiency.
“Many firms dragged their heels on offshore staffing before March 2020 and have only grudgingly accepted or ignored offshore staffing, but like many other expedients, you started looking toward outsourced accounting services as a stop-gap solution during this pandemic. However, in my opinion, it is a long-term solution, and it is worth continuing once things return to normal," -CPA Melvin Caine, President, MC Accounting Services, Calgary, AL
Outsourcing your work can offer respite in two important ways:
1. Access to a diverse talent pool
A critical issue affecting the current global accounting landscape is the lack of skilled workers. Firms frequently have adequate access to a candidate pool, but not always to people who have the education or experience necessary to fill particular tasks. By utilising the vast pool of offshore talent, particularly in India, one can successfully overcome this obstacle. Outsourced accounting gives firms access to a wider range of qualified staff members they can benefit from.
CPA firms can enjoy levels of staff flexibility by establishing strong offshore teams that are challenging to attain with simply an internal staff.
Lower costs and facilitation of a competitive edge.
2. Lower costs and facilitation of a competitive edge
Lower expenses are the primary driver for businesses choosing the offshore path, according to their statements. Accounting firms are also driven to use offshoring's cost-cutting strategies by contending pressures caused by variables like rising competition. Firms that utilise offshore accounting services properly and take the effort to set up an efficient system, successfully integrating their onshore and offshore teams are definite to reap the benefits associated with it.
Other financial and non-financial benefits of offshore outsourcing include quicker time-to-market for new products and services, increased focus on core competencies, staff augmentation for work load balancing and/or access to skilled accounting professionals on a need-to-know basis, access to skilled offshore staff to supplement existing (internal) skill sets, access to cutting-edge technologies with the ability to have work performed nearly 24/7 by enhancing local resources.
The best solution:
So, in light of all the difficulties faced by accounting firms, we may draw the conclusion that outsourcing accounting services is the best way to address every issue. Yes, CPA firms can minimise their staff's workload during tax season, immediately establish their own brand, more easily meet customer expectations, utilise cutting-edge technology, and, most crucially, lower their overall business costs by outsourcing services. This is a single solution that applies to all issues.
Entigrity is a Texas-based offshoring and fintech company that provides a wide range of staffing services to accounting firms. 600+ accounting and tax firms located throughout North America rely on Entigrity, a major provider of offshore staffing solutions (US, CA, and UK ). The organisation assists small and mid-sized accounting firms with the hiring of skilled and knowledgeable offshore staff members who work from their locations in India.
Entigrity caters to those small and mid-sized accounting firms that require the services of more staff but cannot justify the investment it would require to set up offices and workspaces in another country, in addition to dealing with challenges such as attracting and retaining local talent on a small scale, establish trust and data security, etc. It aims to provide innovative and simple solutions to modern problems faced by CPA firms across North America.