Process for Using CapActix to Outsource Tax Preparation Services in Step-by-Step Order

CPA and Accounting Firms have started turning down tax preparation work due to labor shortages. There is a severe lack of accounting and tax professionals in the market. The reason is that they do not intend to compromise on the quality of their work as they want to hold on to their really good clients. To be able to identify possible deductions and benefits or any other red flags, the tax preparer and the reviewer have to be able to give enough time.

An Accounting firm in Northwest Birmingham has turned down dozens of clients in the past years. According to their estimate, the lost business has cost them more than $430,000 in revenues.

Accountants are not having it

The total number of US Accountants and Auditors leaving their jobs is 300,000. Which is a 17% decline. The reason is long hours of the same monotonous work and comparatively low pay. And to fill the gaps, college students are filling in at a diminishing rate. So, the existent gap is evident and is significantly affecting the ability of CPAs, Accounting Firms, and EAs.

Which firm does not desire to expand its clientele if there is an increasing demand out there? But the consequences and the possible errors that work overload brings is the reason for resistance.

Must read How to cope with the high volume of tax returns effectively in 2023?

A Practical Solution

Due to this, a lot of firms have started turning to account outsourcing firms in India. But how does this benefit them? Accounting services in the US cost up to $37.14 – $175 per hour. Whereas the cost for outsourced accounting tasks in India is $15 per hour.

By outsourcing taxation services, they can share their burden, allowing them to segregate their clients. They can focus more on marketing activities that bring in more clients, thereby maximizing their revenue and reducing an overload of burden, stress, and anxiety.

Process of Outsourcing from CapActix

Steps to hire offshore tax preparer from CapActixOutsourcing Taxation Services from CapActix is tailored to fast-track the signing up process and get to the execution asap. We do that because we understand the importance of being sensitive to your time. Tax Seasons do not go easy on anyone. The amount of work coming in demands immediate attention.

Below mentioned are the Steps to Outsource from CapActix

Step 1: Choose your engagement model

At this stage, you need to choose which model you want to go for. These 3 models are tailored with different specifications and adjustments which suit your tax preparation needs.

At CapActix we have 3 models.

1. Full-Time
2. Part-Time
3. Hourly

Full-Time

The full-time tax preparer will work 08 hrs a day for you. They will work exclusively for you. Here are certain benefits you are liable to receive if you hire an offshore tax preparer.

• You get to interview the remote staff before you hire them.
• The remote staff will prepare and submit timesheets daily.
• You can constantly monitor the remote staff, which prevents errors.
• You have Full-Control. As you choose the tasks you want the remote staff to do.

Part-Time

The part-time tax preparer will work 04 hrs a day for you. You can opt for a part-time tax preparer if you are confident of the in-house resources you have and you only need reduced tax preparation support. However, you are still liable for the above-mentioned benefits with the difference in hours of course.

Hourly

The hourly model is specially curated for those firms who are not sure of the amount of work they are going to execute. So, they pay on an hourly basis, which means they only pay for the number of hours the remote tax preparer has worked for them, nothing more – nothing less.

Step 2: Choose the Tax Preparer that you want

The best thing about hiring tax preparers is that you get to handpick the tax preparer you want by screening multiple CVs. You might have particular criteria for the tax preparer that you want to hire. So, in this step, we will send you the CVs of the available tax preparers.

Here are a few benefits of choosing your tax preparers.

You can hire remote staff who has more experience in core tax expertise.

You can choose a remote staff who has tax expertise in a specific industry that your client demands.

Maybe a remote staff with relevant software expertise in tax software interests you.

Or you can choose a remote staff who has been trained under a tax reviewer for 5+ years.

Step 3: Conduct 1 on 1 interview

Once you are done handpicking your remote staff, you now get to interview them on a 1 on 1 call. This helps you dust off most of the doubts that you might have regarding hiring offshore tax preparers.

In this step, you can assess the remote staff’s skills by asking theoretical and practical questions. This will help you understand the level of the remote staff before you start working with him/her.

Step 4: Welcome the Tax Preparer on board

In this step, the remote tax preparer that you finalized will onboard and join your team within 24-48 hours. They will initiate the process of collecting the scanned documents via a secure remote access portal.

You don’t have to invest extra time in training the remote staff like how you would have to if you had hired an in-house tax preparer. This is because the remote staff has already been trained and has seen multiple tax seasons.

Must read Build Your Own Tax Team with Offshore Staffing Solutions

Read the full blog: Step by Step Process for Outsourcing Tax Preparation Services from CapActix