Though outsourcing tax preparation isn’t new, many people are still unaware of the major benefits that come with outsourcing their accounting support and tax prep. Many companies and smaller businesses still opt for in-house tax prep, bookkeeping, payroll, and more, but often to their detriment.
Even those that opt to use CPAs or local accounting firms quickly find that being able to get in touch with anyone around tax time is often a miracle because they are so busy handling multiple accounts. But then, when you choose to outsource all your accounting and tax needs, you’ll find a quite different experience than you’re probably used to.
Data collection made easier
One of the clear major benefits of outsourcing tax prep is that data collection is made easier. As briefly mentioned, most accountants are swamped during tax season, which makes it very hard for them to stay on top of all of the emails, questions, and data collection required for a seamless tax filing. However, when you opt for an outsourcing firm, this is simply not the case. Not only is it easier to get ahold of someone if you have questions, but your data is also promptly collected, organized, and sorted, so that fewer mistakes are made, and filing deadlines are met.
Well-versed in legislation and tax law
What’s more, outsourcing providers make it their business to stay on top of the always-changing legislation and tax law. Here, the outsourced team is able to do this because there are designated accountants, tax preparers, tax experts reading up on the law and legislation, as well as other staff members collecting and sorting data.
The point here is that there are enough people to handle anything that comes up, and everyone is focused on the task at hand. Yet, this is often not the case if your current staff is handling your tax prep, or if you’re working with a local CPA or accountant.
Best accounting software
In addition to being on top of the law and data collection, outsourcing providers make it their business to have the best accounting software around. Moreover, quality outsourcing firms always have current accounting systems/software, and offer their clients the latest technologies.
Along with top-notch accounting software, outsourcing firms value security almost above all else. In contrast, most accountants and bookkeepers work from saved files on their devices and often work from home, where sensitive information can be easily hacked by whomever. Yet, outsourcing providers, on the other hand, make it a point to always be a step ahead—by deploying security measures that allow for a much safer environment to exchange sensitive data.
No more mistakes
Finally, you’ll find that there’s no more room for error when you choose to outsource tax prep and accounting needs to an expert tax firm.