The financial landscape has changed significantly over the last few years. Legislations, in particular, have become more stringent making governmental compliance and ensuring a high degree of transparency mandatory.
In addition, the digital landscape has evolved considerably resulting in fierce competition and rising pressure on CPA firms. They now need to ensure consistent and quality delivery of a wide spectrum of services at reasonable rates and have flexible work schedules to meet the evolving customer demands.
Hence, the CPA firms are forced to take on additional workloads at a time when their resources are reducing. This is particularly hampering their ability to execute labor-intensive, largely manual, and time-consuming tasks such as bookkeeping, compliance, audit, and risk management are still the norm. This leads to overflowing inboxes and swamped work desks, ultimately reducing productivity and outcomes.
Current trends indicate that outsourcing accounting services are one of the fastest-growing areas for CPA firms.
How does outsourcing offer an advantage?
1. Cost-effective expertise
Working in an increasingly “digital” ecosystem, technology allows us to automate routine tasks to greatly reduce service costs and increase accuracy. This frees up resources, allowing advisors to maximize their asset usage and help address client issues that matter the most.
Outsource Accounting Services enables frequent contact with the client, providing an opportunity to preemptively address issues before they arise. This reduces the time and cost of redressal and resolution.
2. Focus on value addition, not just accounting
Outsource accounting services help to boost efficiency, thereby allowing CPA firms to spend more time on high-value and high-fee consulting and less time on accounting and finance. Technology by itself isn’t the unique selling point. It enables value addition for the client and a chance to upgrade their existing business approach.
3. Secure bookkeeping and accounting
CPAs can work on remote access servers so that your original files do not leave your office. With data backup on multiple secure servers and disaster recovery systems, you can rest assured about the confidentiality and security of your data.
4. Real-time actionable insight
Real-time data when leveraged by technology enables interpretation of accounting, providing a much higher value to the clients than reacting to situations after they have occurred, as some outcomes are irreversible.
CPAs are thus able to identify key drivers affecting the success of the business and help in adding on to them. In addition, they also make sure that this information is cloud-based and easily accessible.
In addition, with different clients having different requirements, CPAs can produce pertinent financial information leveraging high-quality data sets, following protocol, and using accounting technology.
5. Proactive accounting
Outsource accounting services offer access to advanced technology and technical expertise at lower costs than any traditional domestic solution.
Outsourcing accounting services enables the CPA firms to address pain points and shift from a reactive to a proactive system, providing a chance to identify growth opportunities such as legislation changes or tax savings and take advantage of the situation.
A change in the business model to proactive accounting would, in the long term, help clients save money, increase value, and gain credibility in the market.
6. Personalized service packages
In today’s fast-paced world, clients expect tailored solutions and services. Therefore, the CPA firms provide differentiated value by operating as business advisors, engaging in personal interactions, assessing needs, and providing services tailored to each client’s unique circumstances and needs. These include companies that are financially hands-off, those that need to supplement current resources, and some that need technology and process expertise.
We, at Sentient Solutions for Accounting, can help you with this scalability. In addition, we can enable you to reduce costs whilst improving efficiencies, better-analyzing business operations, and adding value to your clients.
How can Sentient Solutions for Accounting help?
Sentient Solutions for Accountings is a one-stop solution when it comes to accounting and finance back-office services. Our team consists of a range of qualified and proficient Chartered Accountants (CAs) and MBAs, experienced with all major accounting systems such as Quickbooks, Netsuite, Sage, SAP, and Xero, among others. Throughout the process automation, we ensure compliance, security, and quality with a dedicated team working with you.
Our key differentiators:
1. Flexible service packaging offering greater than 40% savings
2. Overnight, timely processing of transactions
3. On-demand talent
4. Consistent quality
We partner with CPA firms to help them enhance their productivity, efficiency, and profitability. With world-class processes, a highly qualified and experienced team, and the latest in Artificial Intelligence (AI), Machine Learning in Accounting (ML), and Robotic Process Automation in accounting, we are here for you every step of the way.
Please feel free to reach out to us in case of any questions.