Utilize Xpitax and stop worrying about seasonal staff; hire, train, and retain experienced tax staff and managers as W2 employees who support your firms goals and priorities. Outsourcing tax prep internationally has been common
practice for many years, but many misconceptions remain. Because our teams act as an extension of your in-house ink to the people team and adjust to existing processes, there’s no need to change your existing processes. And with our SOC2 certifications, you know that engagement details and client information remain secure. Our platform manages the database to maintain SOC 2 compliant controls with data security, information policy, and compliance requirements.
They examine the information and feed it into a software of your preference. Access to superior resources makes access to analytics for areas which can be enhanced, while you deal with us. You will have access to the updated technology and skilled staff without even, hiring them.
Our onshore facility is located in Irvine, California and our offshore facility is located in Mumbai, India. Both locations are owned by SurePrep and staffed by SurePrep employees who adhere to the same training requirements and strict security protocols. Whether you choose onshore or offshore, you’ll enjoy the same turnaround time and high accuracy. Various parameters are used to identify the cost of a project, like the volume of work, etc. We work with clients to determine the correct pricing structure to fit their budgetary needs.
- After a few people said no to giving us permission to outsource, we created an email to ease their minds, and I also recorded a video to better explain what outsourcing means and what they can expect.
- Finding qualified staff can be difficult — outsourcing tax preparation to an experienced team with a quick turnaround time helps you prepare more returns without hiring additional team members.
- Any mistakes concerning tax filing can have devastating consequences for your accounting firm.
- Our onshore facility is located in Irvine, California and our offshore facility is located in Mumbai, India.
Outsourcing tax prep internationally has been common practice for many years, but many misconceptions remain. Maximize the value of your firm’s investments by leveraging Taxfyle’s domestic outsourcing service. Our skilled professionals are ready to provide your firm with an additional set of hands whenever you need them, ensuring your business runs smoothly and efficiently. Outsourcing even a portion of your workload can help make peak season more manageable. Our staff uses the same tax software as your firm, so you can review it as if your own staff prepared the return.
additional disguised cost of the outsourcing tax return preparation
Data security and communication barriers are the most common concerns that accounting firms have. But this shouldn’t be a disadvantage if you choose the right outsourcing service provider. When you outsource to a company like QX, comprehensive data security measures will be ensured, and you will also have access to high-quality talent with excellent communication skills. Tax preparation outsourcing can give CPA firms a massive advantage in staying ahead of their competitors.
Outsourcing tax preparation to an experienced team with quick turnaround time helps you prepare more returns without hiring additional team members. We may from time to time, and depending on circumstances, use certain third-party service providers and transmit information to them in serving your account. We may share confidential information about you with these service providers, but remain committed to maintaining the confidentiality and security of your information. The process of filing for corporate and business tax returns is time consuming and lengthy. We will start by using the relevant forms depending on the type of corporation.
After which, they convey the returns back to you, by the transmission process you select. By sending work to an experienced company, a business can reduce its costs from 40% to 60%. You can focus on your core business operations and reduce strain, in addition to saving the costs. Your business saves more when they work with us, than when you seek the services of a mainland tax accountant.
Maximize your engagement margins and drive down operating costs by automating job sourcing to qualified professionals. From the ground up, our network of tax accountants is entirely composed of licensed CPAs and EAs that are located within the U.S. These Pros have the experience and capability to facilitate any scope of work and can use the same software as your firm. We are enthusiastic about assisting CPAs, EAs and other firms of the USA in making Offshore Staffing and Knowledge process outsourcing as seamless as possible.
As a result, in the first quarter, because of the prepayment, our labor margins were much higher than a typical year. As expected, our cost of goods sold will start to decrease as the outsourced firm completes about 100 additional returns in the off season. While we have not calculated the full savings yet, we know there will be lower labor costs, even with having a project manager oversee all the tax returns that were outsourced. There is a common misconception that 7216 consent causes friction with 1040 clients. SurePrep works with over 33,000 tax professionals and in our experience, this problem is almost non-existent. Most firms send the 7216 consent form along with the engagement letter and receive signatures without issue.
Training & support
Our team has the expertise to ensure that your payroll tax filing goes smoothly, and your business complies with all rules and guidelines set forth by your respective state. An experienced financial services company will have the expertise to deal with all types of tax reporting for small businesses. You can be confident of secured work delivery, and use of updated tax software’s, when you outsource to an experienced company. Apart from satisfying your client requirements, tax preparation outsourcing will also help improve your client retention rates. Outsourcing your firm’s tax prep will free up more time so you can focus on growth & innovation and explore new specialized service offerings that will give your firm a competitive edge. In our situation, we had to prepay a monthly amount over a period of five months.
Aside from consent, cost is the only notable difference between offshore and onshore income tax outsourcing services. Many firms make the mistake of overestimating client resistance to 7216 consent and pay extra for their assumption. For most practices, there is no reason not to benefit from the cost savings of outsourcing income tax preparation offshore. Outsourcing your company’s tax return preparation to QX is a straightforward process.
According to data, firms who are using XCM® Solutions are in a comparable place to last year’s 9/15 deadline, despite the impacts of COVID-19. But those who also utilize Xpitax Tax Outsourcing are over 9% ahead of the national pace. More than just replacing manual processes, firm management supports clear visibility by creating a holistic view of the firm that supports increased productivity and firm growth in every department. Some companies also offer free pilot project services; so you can evaluate them and take a decision accordingly. Also, they have greater commitments to their clients because their Business runs solely on delivery, quality and turn around.
Domestic outsourcing with Taxfyle
If you have never done this before, you can’t for sure have a clue of everything at hand. You’ll receive complete returns, including any questions or comments the preparer thought to be necessary. Less experienced preparer`s will overlook credits and deductions that you may your your clients may be entitled to. Our unwavering expertise is your key to success in tax planning, compliance, and deductions. They have good knowledge of software, and the communication between our teams on workflow planning and completion has been very professional.
Outsourcing verification in conjunction with an effective scan-and-populate solution can eliminate as much as 80% of the preparation work for roughly 20% of what a full-preparation service would cost. It’s an economical option for firms that need a middle ground between full outsourcing and in-house services. Outsourcing income tax preparation is a powerful way to supplement your 1040 practice. If you’re considering income tax outsourcing, you’ll find the information you need here.
This model is widely preferred as it offers a dedicated team working for you for a pre-determined period. The ad hoc model is most recommended for CPA firms that do not have large volumes of work. Every year, CPAs and accounting firms receive hundreds of tax returns to be prepared and filed before it is due.