At Valenta we work with many accounting companies. Some of our best customers are CPA practices. In addition to consulting, and digital transformation, another service that we provide is virtual staff. Over the years, we have placed many virtual accountants and bookkeepers with a variety of companies, including CPA practices. In this blog, we’d like to point out some of the benefits of virtual staff for CPA practices.
We have developed a List of the Top 7 Reasons outsourced Accountants and Bookkeepers can help CPA practices. Here they are:
1) Focus on What is Most Important
Utilizing outsourced accounting services and outsourced bookkeeping services, CPA firms can truly focus on what is most important. For example, proper time and dedication can be given to strategic direction setting. Also, adequate time and attention can be given to top customers. Face to face meetings with clients can be prioritized. By leveraging accounts payable outsourcing and accounts receivable outsourcing (among other things) only the highest priority and highest value tasks can be worked on in-house and by firm principals.
2) Increase Growth
Many clients that we have in the accounting area cannot find staff to meet their growth needs quickly. Accounting is a services business, not having people available to provide services can be an incredibly significant challenge. We have helped countless clients over the years staff up when they have needed to onboard new clients. At Valenta we have service centers around the world. Outsourced accounting and outsourced bookkeeping services can be working off hours and can allow work to be done virtually around the clock.
3) Reduce Costs
According to ZipRecruiter, the annual salary of an accountant in the US is 55K per year. Also, according to ZipRecruiter, the average annual salary for a bookkeeper in the US is 40K per year. These salary amounts do not consider government taxes for Social Security, unemployment and other items. They also do not account for costs related to health insurance or infrastructure for employees in the form of office space and computer equipment. Outsourced accounting services and outsourced bookkeeping services can be provided for a fraction of these costs … typically, half the costs of salaries, and with no additional costs for taxes or benefits.
4) Supplement Inhouse Staff
In our experience, we are almost never replacing in-house staff with outsourced accounting or outsourced bookkeeping. Instead, we provide a supplement to in-house staff and are a back-office service. Accounts payable outsourcing and accounts receivable outsourcing can free up in-house staff to focus on more important tasks and customer facing engagements. Working together and dedicating the right resources to the right type of work significantly benefits CPA firms. Supplementing and enhancing inhouse staff is an important aspect of outsourced accounting services and a compelling reason to leverage them.
Outsourced accounting can flexibly provide people with specific skill sets and experience on an as needed basis. All outsourced accounting services and outsourced bookkeeping services are contract based. They are all flexible and all typically run month to month This flexible aspect of outsourcing is quite different than the employer employee relationship, … which is much more rigid and inflexible. The employer and employee relationship is also one that comes with some risks and liability. This risk is mitigated by the contract basis of outsourced accounting relationships.
The flexibility of outsourced accounting services and outsourced bookkeeping services also means that they are very scalable. Businesses can ramp up and ramp down quickly based on business and customer needs. Businesses can add staff at specific busy times of the year (like tax season in the US). They can also add staff as they add new clients and require resources to service them. The process of recruiting, hiring and training new employees can be daunting and time-consuming. With outsourced accounting services, you will always be contracting resources who have worked in the field. At Valenta we have managers of the staff we deploy to provide training and onboarding for any new resources that need to be added for a client.
7) Improve Profitability
Virtual staff can be a great option for any CPA firm. Besides reducing costs, flexibly addressing the needs of a changing business, and providing the ability to scale up and down, … virtual staff can drive top line growth and bottom-line results. Having owners, principals, and executives at a CPA firm able to focus on what is most important is invaluable. By being able to focus on what is most important, owners and stakeholders can drive a CPA business so that it reaches its full potential. Virtual staff is an excellent tool in the toolbox to improve profitability. It cuts cost, improves focus, and frees up time for principals and partners.
Want to Learn More?
So, there you have it … We trust that you enjoyed our “List of the Top 7 Reasons Outsourced Accountants and Bookkeepers can help CPA practices.” In addition to providing virtual staff, Valenta is a business consulting, digital transformation, and business software integration services provider. We focus on serving small and midsized businesses. We provide the same services large consulting firms offer to the Fortune 1,000. If you would like to learn more about outsourced accounting services, outsourced bookkeeping services, accounts payable outsourcing, or accounts receivable outsourcing … we are here for that. Our website is an excellent source of information. We are also available for no charge consultations.
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