How CPA Firms Can Streamline Their Practice through Automation and Outsourcing

The Age of Automation

The World Economic Forum’s Future of Jobs Report has indicated the years 2018 – 2020 as the pivotal period for the Age of Automation. This is also considered as the beginning of the Fourth Industrial Revolution. Artificial intelligence (AI) and robotic process automation (RPA) are radically transforming business models and operations. Adapting to RPA can afford numerous opportunities for your CPA business, such as reducing error rate and turnaround time and improving services and compliance.

Tax Automation

Tax rates and rules are increasingly becoming complex, causing operational challenges and compliance risks. Of all the required tasks that companies undertake in running a business, tax compliance is on top of the list. It’s not only time-consuming, it’s also costly and prone to error.

Automating the tax process is necessary for increasing accuracy and driving productivity. To ensure compliance, tax automation is of utmost importance in enhancing financial transparency and consistency. It can mitigate undue burden on accountants, enable greater collaboration, and improve their tax compliance practices. This can help free up CPAs to focus more of their time on advising clients rather than routine processing.

Benefits of CPA Outsourcing Solutions

While automation has many benefits, investing in technology and maintaining it is fairly expensive. Moreover, most financial decision-making and tax planning cannot be totally automated. Even in the most automated workflows, robots still aren’t ready to replace humans, especially in providing expert advisory and strategic insights.

Combining automation technology and outsourcing solutions for your CPA firm is the forward-looking approach that can lead to major operational productivity, technical labor cost efficiency, and greater business profitability.

Automation reduces data processing inefficiencies while providing more timely and accurate data that enables your business to do more with less. When partnered with outsourcing, your accounting professionals can have more time engaging with clients and offer higher level advisory services, which can help solidify your advantage as a trusted business advisor and maximize returns on your core functions.

Here are some CPA Outsourcing benefits that can help streamline your accounting firm:

1. Eliminate Overpayments and Underpayments

Tax technology software systems can help CPA firms to better manage value added tax (VAT), goods and services tax (GST), retail sales tax (RST), and international indirect taxes, among others that can eliminate over and underpayments. They can identify applicable taxes faster, along with penalties, interest, and other fees. This lessens the time CPAs spend in tracking exemptions, making corrections, and handling tax disputes.

2. Identify and Resolve Tax Data Problems

Tax compliance solutions can help accountants to immediately identify errors in the accounting process. When errors have been identified, the system automatically generates the correct tax data. The tax software can provide complete data analysis that can help CPAs make audited manual adjustments easier. It can streamline the process by rapidly consolidating data feeds from multiple systems and providing specific tax data validation to ensure integrity.

3. Access to Secured Infrastructure

Partnering with a global outsourcing partner can help CPA firms gain access to world-class and secured IT infrastructure. A reliable outsourced provider has proven capabilities for strong cybersecurity and back-up system. Utilizing a robust cyber technology is a huge benefit for accounting firms considering their volume of expected deliverables and confidential documents. Through outsourcing, you’re spending less while getting a much improved technology.

4. Access to Highly Skilled Workforce and Quality Services

A trusted outsourcing partner offers domain expertise. This can assure CPA firms of fulfilling timelines without compromising quality. Outsourcing a highly skilled workforce means the CPA firm can manage high work volumes efficiently and ensure that all deliverables are met promptly. Maintaining a top quality service level adds value to your customer experience.

5. Reliable End-to-End Support

Outsourcing provides a reliable and complete end-to-end solution to support your finance and accounting needs. It assists you to streamline your CPA Practice through state-of-the-art online systems so you can increase your customer base. It offers a full array of CPA outsourcing solutions while ensuring service continuity, scalability, and security.

Partner with a Tax Accounting Expert

Accounting companies that embraced automation and outsourcing have seen increased profit margins, improved employee work-life balance, and have experienced rapid growth in the industry. Many are discovering that outsourcing their middle and back office functions can significantly save overhead costs and free up valuable in-house staff and resources, especially during their busiest tax season. By outsourcing their day-to-day transaction processing, tax return preparation, and bookkeeping tasks, CPA firms can provide enhanced solutions to their clients. Outsourcing accounting and financial solutions can generate 40-60% savings in your current staffing and processing costs.

Infinit-O is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare and Technology sectors by delivering continuous improvement through technology, data and people.

For more information on how Infinit-O Global can help you automate your tax functions, increase compliance, and reduce risks, please contact our teams: USA +1(866) 727-2504, UK +44(292) 002-6274, AU +61(2) 8405-7542 or schedule a consultation.

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