Business Advantages of Tax Outsourcing (1) - PowerPoint PPT Presentation

Loading...

PPT – Business Advantages of Tax Outsourcing (1) PowerPoint presentation | free to download - id: 87b67c-YTUzM



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

Business Advantages of Tax Outsourcing (1)

Description:

There are many benefits of hiring outsourced tax return preparation company. Read this article to find out if you should consider them. – PowerPoint PPT presentation

Number of Views:13
Slides: 19
Provided by: outsourcinginsight
Category: Other

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Business Advantages of Tax Outsourcing (1)


1
Business Advantages of Tax Outsourcing
  • Outsourcing Insight

Website - https//www.outsourcinginsight.com/
Article Source - https//www.outsourcinginsig
ht.com/tax-returns-preparation/
2
  • Today, with the current handling of technology
    development, sales and business operations the
    tax filing and income tax returns submissions are
    a tough task to execute for businesses as well as
    the individual taxpayers.
  • On the other side, small and medium sized
    business companies, CPAs and tax firms around the
    globe struggle with time limitations, while the
    period of busy tax seasons. However, they also
    deal with the reduced operation during the
    off-season.
  • Outsourced tax services includes tax validation,
    the liability calculation, returns preparation,
    managing forms, and certifications. An outsourced
    company can assist you with the complications
    faced at the time of an exceptionally packed in
    tax season.

3
  • Tax preparation outsourcing services can get
    better effectiveness and productivity by
    releasing your companys engaged resources to
    focus on better value customer service and get
    needed work-life balance by achieving finer
    client and employee satisfaction.

4
What Makes Outsourcing Tax Returns so Unique?
  • The expertise and knowledge with an experienced
    income tax outsourcing company is always on the
    higher side as they do the same work day and
    night. They have greater commitments to their
    multiple clients.
  • By outsourcing tax return preparation to India,
    you are getting a trusted partner who will hold
    up you and enthusiastically dig out your
    requirements, is it a high refund or a smaller
    legal tax-related liability.
  • An experienced financial services company will
    have the expertise to deal with all types of tax
    reporting for small businesses. You can be
    completely confident of secured work delivery,
    and use of better tax softwares when you
    outsource to an experienced company.

5
  • So you can have the luxury to concentrate on
    getting better and better with your client
    relationships, business operations and futuristic
    corporate planning, while outsourcing company is
    managing your tax processing tasks from the
    backend.

6
Experienced Team
  • An experienced team is well skilled and
    competent. Companies on a regular basis upgrade
    the knowledge and skills of their employee team
    at every level. They need to be updated with the
    latest software and statutory laws through
    continuous training, webinars, and seminars.
  • By sending work to an experienced company, a
    business can reduce its costs up to 40 to 60.
    You can timely focus on your core business
    operations and reduce strain, in addition to
    saving the costs.

7
Preparation of taxes through an outsourced
company
  • The company will go through your balance sheets
    and other critical data to organize all required
    items correctly. While to put in order and
    process your tax returns, the company will
    analyze and understand the till date profit and
    loss. Additionally, they will go through the
    taxability details in regards to your different
    accounts
  • Before the tax season, they converse regarding
    their keen observations, industry or market
    viewpoints and let you know how to move forward
    with the current and futuristic tax arrangements
    smoothly.

8
  • Tax preparation company usually receive data
    related to tax returns in one of the approaches
    which comprise of remote access based, secured
    server based or email based. They examine the
    information and feed it into software of your
    preference.
  • The services also include auditing of the
    information to make sure that it is accurately
    accounted for and go through the defined process.
    After that, they convey the returns back to you
    by the transmission process you select.
  • When the returns reaches you, you can review,
    modify and conclude the details as needed and
    return it to them. They then update your files
    and forward the closing copy to you for the final
    filing.
  • Some companies also offer free pilot project
    services you can even try them and then take the
    final decision.

9
Accounting Softwares used
  • Software Used in the United States
  • Intuits QuickBooks accounting software
  • Intuits Lacerte
  • Intuits ProSeries
  • Ultra-Tax, ATX
  • Turbo Tax
  • ProSystem fx Suite CCH
  •  

10
  • Software Used in Canada
  • Ufile
  • Taxprep
  • Cantax
  • Taxnic
  • Quicken
  • Profile
  • TurboTax

11
  • Software Used in Australia
  • MYOB
  • Thomson Reuters
  • Handisoft
  • CCH ProSystem Tax
  • Taxcat

12
  • Software Used in the United States
  • Intuits QuickBooks accounting software
  • Intuits Lacerte
  • Intuits ProSeries
  • Ultra-Tax, ATX
  • Turbo Tax
  • ProSystem fx Suite CCH

13
  • Software Used in the United Kingdom
  • Thomson Reuters
  • CCH Software
  • Sage (UK) Ltd
  • IRIS Software Ltd

14
Business Benefits of Outsourcing
  • There are cases where documents related are lost
    due to carelessness by the in-house staff.
    Whereas if the outsourced tax service is
    utilized, they will ensure the documents are kept
    correctly as well as tracked properly.
  • Access to superior resources makes access to
    analytics for areas which can be enhanced, while
    you deal with a tax outsourcing companies. You
    will have access to the updated technology and
    skilled staff without in fact hiring them.
  • By using the services of outsourcing companies
    improved processes and procedures can be created
    with lesser efforts.  This will assist in having
    improved relations with creditors and avoiding
    penalties due to late or non-payment.

15
Some Of the Limitations of Outsourcing
  • It is much simpler to control the in-house
    employees or staff working on the different tax
    preparation processes. On the other hand, there
    is a chance of making errors due to the
    communication or collaboration gap while working
    with an outsourcing team.
  • There are also chances of raising privacy issues
    while working with partner company. Even though
    the 3rd party companies will give the complete
    guarantee in relation to the safety of your data,
    but it is easier said than done to rely on them
    fully. Data security will also be a concern in
    case you choose to work with a CPA near you.
  • The processes or the procedures followed by the
    outsourcing company would be different from the
    technique developed earlier by the in-house
    employee or staff. So there is always a
    probability of duplication of data entries taking
    place in these procedures.

16
Key Takeaways
  • Outsourcing tax preparation allows you to focus
    on your business and execute revenue generating
    processes, while they manage all the required
    complexities of tax preparation as well as the
    processing.
  • An experienced outsourcing company will always
    follow quality assurance protocols and consider
    deadlines which do not affect his clients work.

17
Contact Us Through
  • Website - https//www.outsourcinginsight.com/
  • Article Source - https//www.outsourcinginsight
    .com/tax-returns-preparation/

18
Thank you
About PowerShow.com