This post contains highlights from a January 19, 2021 webinar discussing how accounting firms can utilize international tax outsourcing to increase firm productivity, reduce tax season compression, and improve capacity to focus on high-value services.
Welcome back to the myths of international tax outsourcing! If you missed the first installment, click here to read it, and keep reading to learn about some of the most common international tax outsourcing myths, as well as how to handle the 7216 conversation with clients. Let’s dive right back in!
Xpitax® has been handling international tax outsourcing for accounting firms for over 18 years. We've heard almost every question, myth, and outrageous rumor you can think of when it comes to international tax outsourcing. After answering thousands of questions throughout the years, we thought it was time to set the record straight and separate the myths and facts of international tax outsourcing.
As 2020 comes to a close, we’ve rounded up highlights from this past year our partners and customers have found particularly useful throughout 2020. Also, keep an eye out for upcoming webinars to help set you up for success in the New Year.
Several months ago, firms – and exhausted tax staff – celebrated the end of an extended busy season. However, celebrations may have been a little muted. Many immediately turned their eyes towards extension season and beyond to the looming 2020 busy season.
As the 2020 tax season begins to ramp up, and Managers and Partners continue to hold tax strategy meetings, the value of utilizing tax outsourcing services often comes up, and with good reason. Firms who utilize tax outsourcing services see an average increase of 8-15% in returns completed during tax season (based on an analysis of firms utilizing XCMworkflow®).
Having a successful partnership between the firm and its tax outsourcing partner takes more than just luck. It takes preparation and planning, even before the firm starts interviewing potential tax outsourcing companies. For those firms considering tax outsourcing services as part of their strategy, a tax outsourcing-specific plan should be made, as well.
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.
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 would affect the firm's bottom line and its ability to meet or exceed client expectations?
