By Karthi, Founder of GKM
Outsourcing, if looked at very practically, is an integral part of human life. It simply isn’t possible to do everything on one’s own. We all co-exist and depend on one another. From cars to clothes to iPhones, we depend on outsourced services for all of these items and more without really realizing the nature of the service. We just do not call it outsourcing, but the fact remains that a major part of all our tasks are done by invisible hands across the globe. Tax preparation and book keeping services are no exception.
Accounting firms that wish to grow rapidly require a strong pool of employees within or contracted through an outsourcer. Staffing internally poses its own challenges in terms of hiring the right resource and then spending quality time training them. Outsourcing firms ensure bookkeepers are well supervised and review staff are highly qualified. In essence, the outsourcer takes over employment training requirements and relieves the accountant of training hassles. The resource’s training and performance become the outsourcer’s responsibility. This also has the added benefit of reducing your payroll taxes. Partner outsourcing firms can also provide additional resources at short notice, whenever necessary, the tax season being one obvious example. A blend of onshore and offshore resources is required to take full advantage of time differences and the ability to run one’s office 24/7 from any location.
The accounting and tax preparation service market is extremely price sensitive. In such a situation, cost control becomes the key. Cost optimization via outsourcing provides an optimal solution as the end is achieved without compromising on quality or cutting any corners.
Successful accountants who have used and experienced the outsourcing model assert that at least 60% of the services must be outsourced in order to reap the benefits of this business strategy. Outsourcing helps accounting firms cut costs, grow very rapidly and improve bottom lines. It lightens their low value work load and those efforts can be channeled into high value added assignments. This translates into growth and stability in the long run.
GKM (www.gkmtax.com) offers both bookkeeping and tax preparation services. The USP of our tax prep. services includes:
• Quick turn around • No seasonal hiring/training hassles for Accounting firms • Sufficient time for top level review • Substantial incremental profit • Abundant scope for further business
GKM has been in this field for more than a decade and has established various procedures which include a work flow portal that provides status and robust security systems. GKM understands that no two practices are alike. While the client base might be uniform, each firm has its own unique way of achieving goals. GKM adapts to these expectations through training and documentation. The “one size fits all” rule cannot be applied to this business – accounting principles may be the same the world over but the way things are done differ and our success can be attributed to our ability to adapt to this requirement.
For more information and a list of references who are benefiting from our service call or email Viji Sudhakar at 609-240-5130 / [email protected]. You can also learn more at our website, www.gkmtax.com.