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Tax & AccountingMarch 22, 2022

Leverage Your Tech Stack to Remove Growth Restrictions

By:Wolters Kluwer Tax and Accounting

When things are going well, it’s easy to focus on your firm’s short-term growth and get distracted from your big-picture goals. You adjust to the status quo instead of considering how your firm can use its technology, processes, or people to build a plan for the future. 

But working harder on the current workload rather than building a smarter strategy for successfully scaling your firm can backfire. 

Don’t Let Limited Resources Constrain Growth

If your firm’s growth strategy is focused on freeing up time to take on higher-value advisory services, take a good look at where you’re focusing the majority of your time and resources—and the role your tech stack plays. 

You’ve probably already invested in solutions for practice management, document management, and workflow, but those will only take you so far. If cumbersome low-value tasks are still taking up most of your staff’s time, it will be impossible to implement your growth strategy. 

Solutions that automate and streamline your firm’s low-margin work can be a game-changer in terms of helping your staff become more productive and shift your staff’s focus away from administrative tasks.

So, what tools can help reduce the time spent on that type of work? Outsourcing is one solution that takes transactional tasks off your staff’s to-do lists and allows them to turn their attention to services that add more value to client relationships.

Outsourcing Supports Growth and Increases Engagement

Think outsourcing is just for large firms? Not true, even though currently only 11% of small firms are outsourcing any accounting services, compared to 42% of large firms. Especially given the struggle of retaining and hiring top-quality staff in today’s marketplace, outsourcing time-intensive, transactional work is a smart way to increase staff capacity. 

And with today’s technology, small firms can use the same tools — and get the same benefits — as regional and national firms. But don’t invest in outsourcing solutions blindly. Make sure your tech stack is built to meet your strategic growth goals — whatever those look like. 

If your firm is considering outsourcing, make sure to ask these questions:

  • Will the outsourced staff work with my internal team? 
  • Do I have a dedicated contact? 
  • What security precautions are in place to protect my data? 
  • Will they use the same software and processes we use now?

Solutions to Expand Staff Bandwidth

Outsourcing is a big step, especially for small firms. As you choose technology to support the effort, make sure you select a solution that can scale with your firm as it grows to support your strategic goals.  

One such tool that can help your firm save time and money on hiring, training, and retaining staff by outsourcing tax preparation and accounting services is Xpitax®. There’s no sacrificing quality as our teams act as an extension of your in-house team and adjust to your existing processes. And with our SOC2 certifications, you know that engagement details and client information remain secure.  

If you’re looking for more ways for technology can help your firm meet its growth goals, read our white paper, “Building Your Small Firm’s Ideal Tech Stack.

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and expertise that helps tax, accounting and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed and accuracy.

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