Outsourcing is not a new strategy. The banking, medical, insurance and legal industries have all been outsourcing to various countries for a number of years. The accounting profession domestically outsourced tax return preparation in the early days of computerization. Firms filled out input sheets and mailed them to service centers at CCH and RIA. Economics and technology have both changed significantly over the past several years. The preparation of tax returns is typically a seasonal business. Therefore, many firms are interested in learning more about the potential of outsourcing and what the pioneers in the field have experienced the past two years.
This guide provides the basics of outsourcing:
The vendors
The cost of outsourcing
A questionnaire to determine if outsourcing is for your firm
Answers to frequently asked questions
Model to calculate the economic impact on your firm
A sample outsourcing policy and procedures
Most accountants are trained to be critical rather than creative thinkers, so new and innovative ideas are often met with numerous obstacles. In this guide you will learn how other firms are profiting from outsourcing and what it takes to improve your workflow systems, reduce turnaround time and improve client service while providing a more balanced lifestyle for your partners and staff. Just as remote job entry (service bureaus), in-house processing, laser printers and electronic filing have changed the tax preparation business over the years, outsourcing also has the potential to transform the profession. Improved workflow methods, reduced global labor costs and technology will all play important roles in transforming the tax return preparation business. Even if you decide outsourcing is not for you and your firm, you will know more about what other firms and your competitors are doing.
This guide is organized for a quick read and allows you to enter information and assumptions about your current tax practice to quickly determine the potential economic impact outsourcing may have on your firm. Individual income tax returns are the first service. Many outsourcers are already adding, trusts, partnerships, corporations and accounting (write-up) services to their offerings. Educate yourself and develop a strategy for your firm.
If you’d like more details on how we can help, complete an interest form or schedule a call today. We look forward to hearing from you!