Why CPA need to outsource bookkeeping services?
CPA firms or individual freelancing CPA's have come a long way in managing the core CPA services, i.e. tax and accounting functions, etc. Since, there is a need to grow in terms of profitability as well as service quality; there is a need for outsourced bookkeeping services.
CPA's do not want to hire bookkeepers that are lacking professional skills, value experience and a strong work ethic. Hence, they always look to outsource their services to other CPA's in foreign countries, mostly freelancing CPA's with adequate knowledge and enough market exposure.
Moreover, it will solve their problem of managing the books 24/7, because while they are sleeping, their "friend" in the other part of the world is doing their job. Hence, they are getting productive results round the clock. This means, that you are earning, even when you are sleeping. Sounds good, doesn't it?
Since, you do not have a back-end team to manage your books, all your overhead costs will decrease, and this will give you an added advantage in saving a large amount and using that amount to spend on advertisement to get more business. That's a great deal right here.
Here are some of the statistics that show how outsourcing bookkeeping services have helped businesses grow. Read it to believe it:
“Businesses that outsource simple and discrete tasks can only save 30-40%, while outsourcing the full range of internal accounting related functions can save businesses up to 60%.” WNS Global Services
“CPA firms have found the outsourcing of tax compliance work such as 1040s creates faster turn- around times and can be done 40-60% cheaper.” Newswire Today
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