Tax return preparation is important – as accountants, you’ll already know this.
When you’re juggling multiple self-assessments and corporation tax returns and bookkeeping, it can be hard to find enough time to properly prepare each and every return.
The question remains: have you ever considered outsourcing your clients’ tax return preparation? If not, why not? You may find it benefits your firm in several ways. Here’s how.
Minimise potential risks
We understand accountants because we are accountants. If you’re a smaller firm, it can be hard to keep up with the constant workflow coming your way.
The higher the volume of work, the more likely you’ll have to rush things through. Unfortunately, that introduces a risk of error. If you’re trying to prepare several tax returns at once, you could make a small error. But, as HMRC sees it, one tiny mistake can result in your client receiving a fine. You don’t want that. We don’t want that. So, point standing, outsourcing can minimise these risks as a professional accountant will know your tax return process like the back of their hand.
Claim back the time (and money)
Your firm has a lot of talent and expertise. So why waste those resources on something as simple as tax return preparation? You’ll have higher-value services to offer, which clients may be looking for.
By handing over your standard tax return preparation to an outsourced firm, it allows your hard-working team to focus on higher-value services that may bring a better return.
Also, by outsourcing, you won’t need to worry about hiring an extra pair of hands to take over the tax returns. It’s expensive hiring a new employee, but it’s cheaper to outsource. That’s just a fact.
But it isn’t all about money (ironically): it’s about time. If you were to calculate how many hours your team spends on organising tax returns, you might be astonished. You can shave down those hours by simply outsourcing. If you’re unsure, you don’t have to take our word for it — take a look at what our clients have to say.
Find your flexibility
It can be easy to be pigeonholed as accountants. People may come to you with the same problems day in and day out. But if you can outsource some of your more basic processes, you can consider expanding your repertoire.
You may have a niche you want to focus on, or you may want to bolster another service. Either way, by outsourcing your tax return preparation, the world’s your oyster (within reason).
Valuable peace of mind
Accountancy can be stressful. Why wouldn’t it be? Looking after someone else’s money brings a lot of pressure.
When you outsource tax preparation to seasoned professionals, you can rest easy knowing your clients’ tax returns are in good hands. In fact, their entire job is taking on outsourced accounting processes – why not take advantage of that?
You’ll know that your client’s returns are done on time and accurately.
You’ll likely have a to-do list as long as your arm. So if you can take away the everyday humdrum of tax return preparation, why hesitate?
We help plenty of firms organise and file their client’s tax returns, so we can help you. Get in touch to discuss our tax preparation services.