In reaction to the rapid spread of COVID-19, on March 24th, the Indian government passed mandated stay-at-home legislation for private businesses. For many tax outsourcing organizations, this meant temporarily pausing operations. A few outsourcing partners, like Xpitax, were able to implement business continuity plans and maintain security while operating in a reduced, work-from-home capacity.
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What if there was a way to take the clients that cause the most substantial amount of tax season workload compression, and turn that into streamlined, recurring revenue for the firm?
The best part about that strategy is that every firm already has an existing client pool to capitalize on. These are not clients with pristine books. No, these clients send over files at the end of the year with missing data, or drop off boxes of receipts, invoices, and who knows what else, and it becomes the firm's responsibility to sort through the irrelevant, analyze the data, and prepare the return. Then, after receiving their return (and paying the bill), the client disappears – only to repeat the cycle next year.
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Tax outsourcing has come a long way from its nascent beginnings back in the early 2000s. We know that tax outsourcing works - firms that outsource complete anywhere from 8-15% more returns during tax season than those who do not (based on an analysis of firms utilizing XCMWorkflow).
Putting it into perspective, for a firm used to a max capacity of 2,500 returns during tax season, with outsourcing, that firm could process an additional 200-375 returns. How do you think an increase in capacity