CPA and accounting firms are declining tax preparation assignments due to a shortage of labor. They prioritize maintaining quality service for their top clients, requiring sufficient time for tax preparers and reviewers to identify deductions, benefits, and potential red flags.
The US is experiencing a significant exodus of 300,000 accountants and auditors, marking a 17% decline. The departure is attributed to the repetitive nature of the work and relatively low compensation. The diminishing rate of college students stepping in to fill these roles exacerbates the existing gap, profoundly impacting CPAs, accounting firms, and EAs.
In recent years, another accounting firm located in Northwest Birmingham has rejected numerous clients. Their calculations suggest that foregoing this business has resulted in a revenue loss exceeding $430,000.
What’s a practical solution to address this issue?
Consider outsourcing tax preparation firms in India. This approach offers numerous benefits. It enables firms to share their workload effectively, allowing for better client allocation. With more time freed up, they can focus on marketing efforts to attract new clients, ultimately maximizing revenue.
Moreover, outsourcing to India significantly cuts costs, with tax preparation services priced at $15 per hour, compared to the US range of $37.14 – $175 per hour. This strategy not only relieves the burden, stress, and anxiety on the firm but also ensures efficient handling of client needs.
Process of Outsourcing from Globus Finanza
At Globus Finanza, outsourcing tax preparation services is designed to streamline the sign-up process and expedite execution. We prioritize efficiency because we recognize the value of your time, especially during tax seasons when workload surges require immediate attention.
Below, we outline the steps involved in outsourcing tax preparation services from Globus Finanza.
Step 1: Select Your Engagement Model
During this initial stage, you’ll need to determine which engagement model best suits your requirements. We offer two distinct models for outsource tax preparation services:
1. Per Return Model:
If you require seasonal assistance and are uncertain about a fixed number of hours, the per-return model is ideal. This option allows you to outsource tax returns as needed, paying based on the volume of returns completed. For instance, if you have 50 tax returns to file, outsourcing on a per-return basis eliminates the need for a hiring commitment. In this model, we charge a fixed base price for the first few hours, with any additional time incurring an hourly rate beyond that.
2. Hire Tax Preparer:
Alternatively, you can opt to hire your own remote tax preparer, functioning similarly to an in-house staff member. Our hire models are customizable to accommodate various specifications and adjustments tailored to your specific tax preparation requirements.
Step 2: Select Your Preferred Tax Preparer
One of the key advantages of hiring tax preparers is the ability to handpick the candidate who best fits your criteria. During this step, you’ll have the opportunity to review multiple CVs and select the tax preparer that aligns with your specific requirements.
Here are some benefits of choosing your tax preparer:
- Access to remote staff with extensive experience in core tax expertise.
- The option to select a tax preparer with expertise in a specific industry relevant to your clients.
- Opportunity to hire a tax preparer with proficiency in relevant tax software.
- Ability to choose a tax preparer who has undergone training under a tax reviewer for over 5 years.
Step 3: Conduct Individual Interviews
After selecting your preferred remote staff member, you’ll have the opportunity to conduct a one-on-one interview with them. This allows you to address any lingering doubts or concerns you may have regarding hiring offshore tax preparers.
During the interview, you can evaluate the remote staff’s skills by posing both theoretical and practical questions. This process enables you to gauge their proficiency level before initiating collaboration.
Step 4: Welcome the Tax Preparer Onboard
During this step, the selected remote tax preparer will swiftly onboard and integrate into your team within 24-48 hours. They will commence the process of collecting scanned documents via a secure remote access portal.
Unlike with in-house hires, there’s no need for additional training as the remote staff members are already trained and seasoned, having navigated multiple tax seasons.
The Process Workflow at Globus Finanza
Allow us to introduce you to our process workflow here at Globus Finanza, which revolves around three key aspects:
Access:
We prioritize security and confidentiality by ensuring client financial documents never leave their computer. Utilizing ISO & GDPR-certified protocols, our remote staff access client PCs via secure remote connection software, either through cloud login access or RDP access.
Communication:
Our proficient English-speaking remote staff are adept in various communication tools for seamless interaction. With swift communication apps and software, we guarantee immediate response and operate in the Indian Time Zone for 24-hour turnaround time.
Task Monitoring:
We ensure transparency through regular task monitoring, allowing clients to review timesheets and conduct review meetings for assigning tasks and providing feedback.
Conclusion
Tax preparation services are integral offerings provided by CPA firms, given their significant ties to legal compliances. Understanding the intricacies of hiring offshore tax preparers is paramount before proceeding.
At Globus Finanza, we outline our comprehensive process for engaging offshore tax preparers to ensure clarity and efficiency in our operations.
- Inquiry: +1 302 532 9025
- Email: connect@globusfinanza.com
- Website: https://globusfinanza.com/
- Address: 600 N Broad Street, Suite 5 #665, Middle Town, Delaware 19709, United States
