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TOP 3 Outsourcing Service Providers In Accounting Industry
TOP 3 Outsourcing Service Providers In Accounting Industry
Allen Smith
Published On : Aug 11, 2021
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Inside This Article
Nearly all accounting companies and firms in North America are aware of ‘offshore accounting’ and ‘tax preparation outsourcing.’ There are hundreds of such organizations that already have staff working from remote locations abroad. So while this concept is not new, it has come into vogue post-pandemic. Read on to know more about offshore staffing and the leading service providers in this domain.
Why outsource accounting services?
As you are probably aware, the offshore staff is simply your staff who work remotely from another country. Offshore staffing offers several benefits, especially in the current world scenario where ‘work from home has become a norm:
Firstly, it helps you ramp up (or shrink) your workforce easily and swiftly without any overhead costs. This makes hiring an offshore staff 75% less costly, thus helping you save money and raise profitability.
Secondly, you have control over the quality of work because it’s easy to monitor and review since offshore staff uses the same tech and software as you do.
Finally, you can pick the personnel that suits your company's needs in terms of experience or qualification. If you feel dissatisfied, then you can hire another. As simple as that!
Forward-thinking, we did a survey from our members to identify top accounting outsourcing companies based on various parameters, and glimpse are highlighted as under:
Leading accounting outsourcing companies
1. Entigrity
Entigrity is a leading offshore staffing solutions provider to 600+ accounting and tax firms situated across North America. Its clientele comprises accounting & tax firms of all sizes ranging from solo practitioners to mid and large-sized firms with more than eight hundred employees. It boasts a client retention rate of 96% and has worked with over 600 CPAs across the nation. It is headquartered in Sugar Land, TX, and has five offshore offices located in India.
It offers offshore accounting services for various designations, tax preparations, payroll, accounting & bookkeeping, audit, state taxes, and even for administration and billing work. It assures stringent recruitment standards, extensive research, and comprehensive planning. It works only for accounting firms, thereby underscoring its expertise. Moreover, it was set up by ‘accountants, for accountants.
Entigrity is an ISO 27001:2013 certified organization for information security and ISO 9001:2013 certification for Quality Management.
2. SurePrep
SurePrep is renowned among offshoring companies for providing technology solutions to the tax and accounting industry. It was founded in 2002 and is the leader in 1040 tax automation for CPA firms. It excels in providing innovative, comprehensive, and productive solutions that include scan and populates with an optional OCR verification service, outsourcing, and a two-time award-winning mobile solution that eliminates the paper organizer. It provides solutions to:
As one of the oldest organizations in accounting, Wolters Kluwer has come up with Xpitax Tax Preparation Outsourcing that helps firms manage their staff bandwidth. It believes in bringing its experienced tax preparers to prepare tax returns to the same standards and quality expected by their firms' clients. On average, prepared tax returns with review notes are returned within 12—36 hours of submission. Also, it assures you to follow your firm’s existing processes and uses the same tax prep software you’re using today.
Overall, the benefits of outsourcing accounting are too many to ignore. It enables you to boost profit margins by making significant cost reductions. It can also come in handy during high compression periods and help your in-house team find a better work-life balance. But before hiring an offshore accounting service provider, do ascertain its credentials that will ensure that engagement details and client information remain secure at all times.
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Allen Smith
Learning Consultant
The Authors, Allen Smith is a Practicing Certified public accountant and senior vice president at MYCPE ONE – Continuing Education Platform for Professionals. He understands the current needs of the education domain and strategies for the presenters to adapt the new changes.
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