The evolution of the accounting industry is nothing to new anyone working within the profession, but the challenges this has thrown up, continue to pose both challenges and opportunities for growth, for CPA firms.
While outsourcing was once viewed as a cost-saving approach alone, it has since transformed into a competitive strategy for accounting professionals wanting to deal with the challenges of the industry, while offering their clients enhanced services and value for money.
As we progress further into 2024, it has become increasingly evident that outsourcing CPA work is no longer simply a budget-friendly solution for busy CPAs, but a lifesaving strategy.
Read on to discover what trends are predicted to continue shaping the landscape of outsourcing in the future:
Virtual CFO services
Chief Financial Officers provide an integral, and often essential service to accounting professionals, and many CPA firms are now opting to hire their services in virtual firm. Without all of the costs associated with an in-house CFO, CPAs get all the same assistance and advice regarding finances, budgeting, forecasting, and risk management, but at a much lower cost.
Automation and advanced tech
Accounting firms who refuse to integrate modern technologies into their working practices (or who simply aren’t interested in it), risk losing out and getting left behind in today’s tech oriented landscape. AI, machine learning and data analytics are already proving to be real game changers for many within the industry, enabling firms to shift their focus to other aspects of their business that may previously have been neglected, such as value-added services.
Access to global talent
Outsourcing and offshoring are more than mere buzzwords within the world of accounting; they’ve become important strategies for growing firms to tackle high workloads, and attract new clientele. From tax prep and bookkeeping, to cybersecurity and forensic accounting, being able to access talented pools of accounting pros from all corners of the globe, has opened up myriad affordable and convenient opportunities for those in the accounting world.
Delivery of client-centric services
As the expectations of clients evolve, so must the accounting profession, and in recent years, there has been a significant shift towards client-centric services that offer a higher value experience. Helping to play a pivotal role in this shift, are outsourced service providers, who enable CPA firms and accounting professionals the chance to offer their clients round-the-clock support, real-time reporting, and enhanced protection of their sensitive data.
Data protection and cybersecurity
With the ongoing, and seemingly increasing risk of breaches to cyber security, the majority of accounting firms are working hard to make data protection and cyber security, one of their top priorities. One way of doing this, is to work with outsourced partners, who adopt robust security protocols and uphold them at all costs.
Flexibility and scalability
By outsourcing, CPA firms can quickly and easily adapt to changes in their workload, such as at that which typically occurs during tax season, when staff shortages are causing problems, or if a firm is expanding. Without the commitment to hiring additional tax professionals, firms can save money and be more efficient.
Sustainability
With sustainability a big priority for many companies nowadays, CPA firms are no different. By working with outsourced accounting firms who have adopted a variety of eco-friendly practices to reduce their carbon footprint and help protect the environment, CPA firms can give their own sustainability efforts a boost, and be more responsible in their practices as a whole.
No longer a trend, outsourced bookkeeping services are used by CPA firms of all sizes, all over the world, to help them stay ahead of their competitors and continue to provide their clients with valuable services. And, with the trends above taken into account, the future of outsourcing looks bright, exciting and lucrative for anyone involved in the accounting profession willing to embrace technology and take steps towards sustainable practices.