Outsourcing Tax Return Preparation to India
America's Largest CPA Firms (and Big 5) Outsource Tax Preparation
"In the long run, outsourcing is another form of trade that benefits the US economy by giving us cheaper ways to do things."The largest CPA firms pioneered outsourcing tax preparation and other accounting services. Economists expect smaller CPA firms to follow their example. Outsourcing online is an option that offers services at a much, much lower rate but with a highly productive mass work force.
Janet Yellen, Chief Economist to President Bill Clinton, Wall Street Journal
CPA firms are discovering that outsourcing tax preparation online saves payroll, overhead cost and it's a giant step in freeing up valuable time.
"Only 19% of US businesses have an offshore outsourcing strategy, a study by Ventoro found. However, the percentage skyrockets to 95% if only Fortune 1000 companies are considered." - ZDNet Research
Outsourcing - Some Remarkable Facts !
"Outsourcing is not slowing down, in fact it's growing faster," says Pradeep Udhas, Global Head, KPMG Advisory Services. "This industry is going to go much beyond where it is today."
Here are some of the significant results of the "Strategic Evolution" research study by KPMG:
Outsourcing has been declared as a life saver for the many CPA firms. The idea of tax preparation outsourcing has been developed to lessen the burden of tax preparation firms, so that they can manage their peak season tasks well. As the total cost for managing the tax preparation work by outsourcing firm is far lesser than hiring in-house staff, many CPA firms are making tax preparation outsourcing a part of their long-term sustainable business model.
Top 3 Benefits of Tax Preparation Outsourcing
By outsourcing your Tax Preparation the major benefits that your company would derive include:
India - World's Leading Outsourcing Destination
India has a mature outsourcing industry with world-class systems and quality. Not only does India offer technological edge, flexibility, time-to-market and a competitive advantage, it also offers world-class infrastructure. India is fast becoming a major outsourcing center of the world. With the rapid growth of the industry there has been a distinct increase in the opportunities in outsourcing jobs in India
According to McKinsey, India has the potential to process 30% of US transactions by 2010. Currently Indian BPOs are handling 10% of all US transactions. Indian service providers provide cost effective quality solutions.
Outsourcing Tax Preparation Online - A Powerful Business Strategy !
"Only 5% of the global population lives in the US. That means that 95% of our potential market is outside the US. We need to stay engaged with the rest of the world, to keep those markets opened to our farmers, our service industry and our manufacturers - to businesses like yours."For many years the Big 5 consulting companies have used outsourcing as a strategy. At last you, too, can tap into reduced overhead and focused sales efforts just like they do.
Treasury Secretary John Snow, Speech to the Cincinnati Businesses
Begin by asking this question -