The numbers do not lie. 75% of CPAs reached retirement age in 2020, and accounting graduates declined by 4% annually from 2020 to 2023.
16% of accounting professionals cite new laws and regulations as a top challenge. The Public Company Accounting Oversight Board (PCAOB) penalties increased by 80% year-over-year, impacting firm operations.
Ascendum’s award-winning outsourced accounting, bookkeeping, tax preparation, and auditing services empower accounting firms to scale their operations, save costs, and improve efficiency. By tapping into the expertise of a trusted partner, firms can focus on growth while delivering exceptional results to their clients.
Here’s a closer look at the top nine benefits accounting firms can realize when they outsource these essential services.
1. Access to skilled professionals
Outsourcing provides accounting firms with access to a deep pool of skilled professionals across various specialties. Whether it is experienced bookkeepers, tax preparers, or auditors, outsourced providers like Ascendum ensure that firms have the right expertise at their fingertips. This eliminates the need to recruit and train in-house teams, saving time and resources while maintaining high standards of service.
2. Improved cash flow
Cash flow is the lifeblood of any business, including accounting firms. By outsourcing tasks like bookkeeping and accounts receivable management, firms can gain greater control over their finances. Providers can efficiently manage invoicing, collections, and cash flow forecasting, enabling firms to optimize their financial planning and reduce cash flow bottlenecks.
3. Flexibility to scale
One of the significant advantages of outsourcing is its inherent flexibility. Accounting firms experience peaks and valleys in workload, depending on tax seasons or client demand. Outsourcing allows firms to scale their operations up or down as needed, ensuring they can handle busy periods without overextending their in-house resources. For example, during the height of tax season, firms can rely on their outsourcing partner to manage the increased workload without the need to hire temporary staff. Once the season passes, they can adjust the scope of outsourced services accordingly.
4. Easier tax preparation
Tax compliance continues to grow more intricate as regulations evolve. Outsourcing tax preparation ensures firms can stay on top of these changes without constantly retraining in-house staff. Expert tax preparers from providers like Ascendum stay current on regulations at local, state, and federal levels, ensuring accuracy and minimizing the risk of errors or penalties. With tax preparation handled by experts, accounting firms can focus on advising clients and uncovering strategic financial opportunities instead of being bogged down by paperwork.
5. Enhanced organization
Outsourced accounting services can bring a new level of organization to a firm’s operations. From streamlined bookkeeping processes to quick access to financial records, outsourcing providers implement systems that keep information orderly and accessible. This improved organization not only boosts efficiency but also enhances client satisfaction when records are readily available for reports and audits.
6. Compliance guaranteed
Compliance is a critical concern for accounting firms, given the complex regulatory environment. Outsourcing to a trusted partner like Ascendum ensures processes are aligned with the latest industry standards and legal requirements. Providers bring specialized knowledge of compliance frameworks, reducing the risk of errors or violations. With compliance managed externally, firms can rest assured that they are adhering to best practices while protecting their reputation.
7. Expert advice
Beyond day-to-day accounting tasks, outsourcing providers offer valuable advisory services. This includes financial analysis, forecasting, and guidance on improving efficiency or profitability. Access to expert advice empowers accounting firms to take a proactive approach in delivering value to their clients. A provider like Ascendum, with its award-winning reputation, offers a level of strategic insight that goes beyond transactional tasks, serving as a collaborative partner in the firm’s growth.
8. Time efficiency
Outsourcing frees up valuable time for accounting firms. By delegating labor-intensive activities like bookkeeping or audit preparation to an external team, firms can focus their energy on core services and client relationships. This time efficiency translates to better service delivery and improved client satisfaction. Rather than splitting their attention between administrative tasks and client needs, in-house teams can dedicate themselves to value-added activities that propel the business forward.
9. Cost savings
At first glance, outsourcing may seem like an added expense, but it often delivers significant cost savings in the long run. By outsourcing, accounting firms eliminate the need for additional in-house hires, salaries, office space, and technology investments. Additionally, outsourcing providers typically operate on a pay-as-you-go model, meaning firms only pay for the services they utilize. For SMB accounting firms working with tight budgets, this combination of cost-effectiveness and scalability makes outsourcing an attractive option.
Outsourcing with Ascendum is more than just a solution to operational challenges—it’s a partnership in growth. By leveraging award-winning services, accounting firms can deliver better outcomes to their clients while building a more agile and efficient operation.
If you’re ready to experience the benefits of outsourcing for your accounting practice, Ascendum is ready to help you take the next step. Our team can get you up and running within a week, with no upfront costs or setup fees. Contact us today to learn more about how our services can transform your firm. From improving cash flow to accessing expert advice, the benefits of outsourcing are just a call away.
