Oops, I've done it again. As regular as clockwork, you'll find a whole bunch of people sharing this thought in January.
Financial reporting professionals are under-resourced and under pressure; never more so than during tax season. Although the tax season runs from January 1 to April 15, many businesses continue to wait until the last minute to submit their tax returns.
We hear it in the field every year, I can't go through another tax season like last year. However, a familiar pattern develops. Businesses are so thrilled to get it out of the way that they spend a few months recovering and then find themselves in the same overwhelming stress cycle all over again the following year.
Global Pressure on Firms
In 2022, the IRS received 164,246,000 filed returns. That's a lot of tax returns! Sure, that's great for accounting firms as more individuals and businesses are paying tax, which means more business for them. But ask anyone in the financial reporting industry and they'll tell you that tax season is the most disruptive and unproductive period of the year.
Business Process Outsourcing (BPO) is the smart option for businesses of all sizes
Fortunately, there is a solution. Before the holidays come, don't be underprepared. It's the New Year, new budgets have been made, and people are tightening their belts. But by outsourcing with The Back Room, businesses can save anywhere from 50-70% in labor costs. Why not turn tax season into a business advantage and outsource? Utilizing the skills of highly-trained and highly qualified offshore tax professionals comes with many benefits.
You'll save time on repetitive tasks and duplicate work because, simply, someone else is doing it for you. It's more budget-friendly too, as outsourcing to offshore professionals has been proven to lower cost structures, reduce staff and recruitment hiring costs, and fill the talent shortage gaps.
Choose what you outsource and when
You get excellent flexibility. You can choose what to outsource the most profitable returns, the mid-value work, or the highly manual and time-consuming ones.
Your in-house team will be less stressed and more productive by not having to work long hours. Eradicating work duplication optimizes your in-house team to take on higher-value tasks and you become more efficient as one office closes, and another opens, thanks to time zone differences. Your core team can also devote more time to servicing their high-value clients, getting new customers, and managing internal processes.
Time to consider tax preparation and outsourcing to offshore accounting firms?
Our best advice is don't delay. Remember if you do business in multiple markets, it's always tax season somewhere. You know what's coming around the corner. Assess your tax season capabilities now, so you don't have to face that last-minute panic, and you can take the dread out of tax season at a cost much less than you think.
There's a twist and a huge added benefit that comes when you outsource with us. Like Thanksgiving and the Christmas holidays, the tax season comes around every year. The best practices and systems you put in place now with your outsourcing team will set you up perfectly for the following tax season. No surprises, no stress, no oops just productive, efficient, and thorough tax season fulfillment next year and beyond.
Don't forget the mantra: I can't go through another tax season like last year. Wherever you stand in your tax season, we can offer you immediate assistance with your work volume. In the oops situation now? Let me help you out of it.
