Cost-Effective
You can save up to 60% of your cost by outsourcing tax return preparation to India. The exchange rate difference results in a substantial reduction in the cost of getting the work done while also maintaining the quality. Besides, the cost of hiring a tax expert is significantly less in India compared to other countries. Furthermore, with outsourcing, you get access to the latest technology and tools without incurring any in-house costs. The reduced cost ensures increased profit margins and a significant marketing advantage to acquire new clients.
Fast Turnaround
Compared to managing returns singlehandedly, outsourced tax prepoffers the biggest advantage of the quick turnaround as outsourcing services are usually offered by service providers who work in different time zones. This means tax files given by aclient from the United Statesin the evening can be quickly downloaded, analysed and completed by an Indian outsource firm like Meru Accounting by the next morning. Quick turnaround is especially beneficial during peak tax season.
Improves Efficiency and Productivity
Tax return season is often exhausting for employees of accounting firms and CPA firms which can lead to reduced efficiency and productivity. When you hire an outsourced tax firm, this concern can be completely eliminated. The entire headache of tracking deadlines, preparing tax returns, filing returns, etc. is shifted from your employees to outsource firm.As a result,your employees can continue to focus on their core competencies rather than getting exhausted by work overload.
More Focus on Important Tasks
Outsourcing enables you to free up your time and energy from preparing clients’ tax returns and meeting deadlines and focus more on the core revenue-generating activities. It enables you to concentrate on tasks that generate higher value, thereby enhancing productivity and establishing better client relations.
Better Document Management
Tax preparation often involves huge paperwork which can get difficult to handle thereby increasing the chances of documents getting misplaced. When you outsourcing tax preparation work, all the information and data areexchanged electronically via cloud-based accounting software. The data transmission is well encrypted and protected by firewalls to keep it secure and safe. Thus reducing the chances of document misplacement.