As the owner of a small business, do you find yourself worrying when it comes to filing tax returns? Do you find it burdensome to collect all your financial and business transaction records at the end of every quarter / year and send it a CPA to prepare your tax returns?
Preparing your tax returns at the last minute is not only an expensive affair, but can also cause other issues such as, recruiting seasonal accountants and then managing them for a short time period. Instead of such problems, your small firm can outsource tax preparation by sending over all your documents to a skilled tax financial service provider in India.
By outsourcing tax returns, you can get immediate access to a team of dedicated and skilled charter accountants who are familiar with how a small business, like your firm, needs to pay tax.
Still not convinced if your small business should outsource? Read on to find out seven reasons why your small business should outsource tax returns:
- The number of CPAs in the United States is not sufficient to cater to the high volume of accounting jobs. Also, with the ever changing government rules for tax returns and accounting, it is difficult to find experienced CPAs. Therefore, outsourcing tax returns is a practical and wise business decision.
- Large businesses choose to outsource mainly to reduce cost and increase productivity. These are the same reasons why a small business should outsource too. After your small business starts to outsource for a certain amount of time, you can clearly see the benefits of outsourcing. Your fixed costs will be turned into variable ones and your business can redirect its funds for better productivity.
- Professional tax service providers know the importance of meeting a deadline and can ensure that your small business meets your tax return deadlines on time. Most outsourcing service providers have hi-tech web management systems that can help you keep a track of the current status of your tax returns at any time.
- Fast turnaround time, sometimes as low as 3 to 6 hours is another good reason to outsource tax returns. Because of the time difference between the US and UK with countries like India, a tax return that you send in the morning can be completed in time to be downloaded in the morning by your small business situated in the US or UK.
- The cost of outsourcing your tax returns to India is far less when compared to what you would have to pay for a CPA in your country. Also, it may be quite a challenge to find an experienced CPA to work on your small firm’s tax returns, during the tax season.
- By outsourcing tax preparation, you can successfully reduce your paperwork, as all your financial documents will be stored electronically.
- With the improvement in technology, outsourcing has become more safe and secure. With service providers in India singing NDA (Non-Disclosure Agreements) and securing their premises, network and data, you can fearlessly outsource your confidential tax related documents.
Has your small business outsourced tax preparation or any other accounting function before? If yes, how did it go? Let us know by leaving a comment in the box below. We, at Outsource2india to hear from you!
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