Outsourcing Tax Returns have previously been seen as ‘not the done thing’ as far as Accountancy Practices are concerned. However, the downturn in the economy is starting to dictate that all companies become more business savvy not only to stay competitive, but also to stay in business.
This is the time of year that Accountancy Practices suffer the most as the January deadline looms and clients have to be chased in order to get the work processed and submitted in time. Although some money is earned from tax returns it is often at the expense of higher fee earning work – and that does not make commercial sense.
Tax Returns have to be completed to retain year round clients, however, there is another solution in which Accountancy Practices stand to earn and gain so much more. However, it involves accepting the term outsourcing and seeing it for the positives it can bring, just like almost all SMEs do when they choose to outsource their Accountancy needs to you, their outsourced Accountant.
Shaun Crozier from Simply Outsourcing, a UK based outsourced tax preparation service explains that “although many Accountancy Practices are apprehensive about outsourcing their Tax Returns, the face of the market has totally changed and it is perfectly safe and accurate. All ours are completed by -trained technicians (equivalent to ATT) and Accountancy Practices can rest assured that outsourced providers can and do complete tax returns to the same accuracy and standard that practice staff do. We even offer trials for Firms to effectively test us prior to using our service”
The incentive for Firms to outsource their Tax Returns is mainly based upon the cost saving made, but how much do firms stand to save? Shaun adds “Savings vary for Firms who use us, but if we complete between 250 – 300 Tax Returns which had been previously completed by a member of staff on a salary of £30,000, we would save that Firm up to 50% – and in return enable that member of the team to earn more valuable fees. It’s a win win”
Although Outsourcing Tax Returns is something that in the past has caused apprehension within the industry it is perfectly safe and firms can stand to benefit from an incredible cost saving. In this climate can you really afford to not to look at this opportunity?