Virtual Accounting Services | Virtual Bookkeeping Outsourcing Company | CapActix

Virtual accountingoutsourcing services provided by CapActix. Our Virtual bookkeeping services make handling your accounts easier and help business grow potentially. Call us at +1 201-778-0509 for all your Virtual accounting services requirements.

Inventory Management Outsourcing Company | Inventory Management Services | CapActix

Inventory management outsourcing services offered by CapActix to keep the track of goods in the system in a timely manner and availing accurate reports. If you are any doubt call us at +1 201-778-0509 for all your accounting requirements.

Finance & Accounting Outsourcing Company in USA - India | CapActix

Finance and Accounting outsourcing services company - CapActix is having expertise in provide full range of accounting outsourcing services from bookkeeping to virtual CFO for small - mid-sized businesses and CPA firms. Call us at +1 201-778-0509 for all your bookkeeping to virtual CFO requirements.

Bookkeeping Outsourcing Services | Bookkeeping Company | CapActix

Bookkeeping outsourcing services provided by CapActix is reliable and cost-effective. Our small business bookkeeping outsourcing services ensuring the smooth management of your finances. Call us at +1 201-778-0509 for all your bookkeeping requirements.

Outsourced Tax Preparation Services for CPA Firms, EAs and Tax Firms | CapActix

CapActix provides Tax Preparation services to CPA Firms, EAs and Tax Firms across US. Contact us for your tax preparation at cost effective rate. If you would like to have free trial, call us at +1 201-778-0509 for all your accounting requirements.

Outsourced accounting services | Accounting services | Accounting firm | CapActix

Accounting outsourcing services company - CapActix - providing wide range of accounting services to CPA Firms, Start-ups, Medium & Small-sized businesses. Call us at +1 201-778-0509 for all your accounting requirements.

Join our dynamic team of accountants and finance professionals to kick-start your business solutions at CapActix

Join our dynamic team of accountants and finance professionals to kick-start your career at CapActix. If you would like to have to join our team or doing any work Which is related to the accounting. We can guide you properly on behalf of our trust; call us at +1 201-778-0509 for all your accounting work requirements.

Our Certifications highly proven that accounting outsourcing best services provide by us | Alliances | CapActix

We are ISO 9001:2015 and ISO 27001:2013 certified company provide accounting outsourcing services; Adopting best industry standards, practices, and systems for best client experience and best people experience. If you would like to have free trial, call us at +1 201-778-0509 for all your accounting requirements.

Data Security & Asset Management Plan; confidentiality | Infrastructure | CapActix

We, at CapActix, take the utmost care of the confidentiality and security of our clients’ confidential data. We believe that data Security is most confidential for everyone and the organization. Hence, we have identified various security-related issues and have taken appropriate measures for them.

Employees Data Confidentiality

• Confidential Non-disclosure Agreement is signed by each Employee with penalty clauses in case of any breach of contracts
• No access of personal emails and file transferring platforms
• No provision for the personal electronic devices to the system
• No provision to the external devices like printer and fax at the employee’s workstation
• Separate login credentials for each employee with tracing of an activity log

Network IT Security

• Digital environment and restricted Printing access
• Regular performance of security audits
• SSL Secure network and electronic locks on every access
• Regular Virus assessment through Antivirus systems
• Regular backup of data on secure destinations
• Lease line ports connectivity with static IPs for a secure and uninterrupted flow of dat

• Power Backup and Disaster management system within the Office Buildi
• 24X7 security guards
• Firefighting equipment throughout the building
• Separated place for the employees to prevent taking personal belongings on to the work station

Our office is located in the central Developing corporate area in Ahmedabad with excellent infrastructure, which includes a computerized environment and up-to-date licensed version Software relating to the Profession. The firm is also equipped with latest computers along with sophisticated communication system.

• Original Windows Operating Systems
• Dual TFT Monitors Availability for easy access to online documents and processing
• Cloud-based Servers and Desktop
• Uninterrupted Power Supply (UPS Backup)
• Remote Access facilities
• Firewall and integrated LAN

Is Artificial Intelligence Future of the Accounting Industry? Or it’s Already a Part of the Financial World!

In the words of Kai-Fu Lee, a Chinese venture capitalist, technology executive, writer, and an artificial intelligence expert – AI is the pursuit of performing tasks usually reserved for human cognition.

The most important AI breakthrough in on deep learning which is a wider term of machine learning. For example, the output retrieved from deep learning could be the decision like –

• How much risk is involved in the venture?
• What type of profit is this?
• How to calculate the taxable amount?

If we carefully observe the decision making a science of AI, then it is clearly evident that AI can fit perfectly in accounting and financial services. That’s because, in accounting, we are looking for answers to make fruitful decisions.

Presence of Artificial Intelligence in Accounting

 AI is a technology that is transforming the norms of accounting and finance industries drastically by bridging the gap between tedious tasks and advancements. Today, we might think that AI is part of fairy tales or Hollywood movies only, but in reality, we are using numerous components of artificial intelligence in our day to day activities. Especially, accounting machine learning is something that is gaining lots of momentum.

It is just due to the lack of understanding about the subject – accountants won’t realize that they are massively using AI. To understand the present influence of the AI in financial services, CPA and accounting firms need to streamline their daily activities and they will observe that AI is a prime part of their operations such as;

1. 1. Data Entry & Analysis

Today, accounting companies don’t have their data spread over various documents and files. Instead, accountants are using PDF, Excel sheets and other digital formats to record financial transactions. And, all these digital bookkeeping formats are part of an AI which automatically extracts data from receipts and classifies it based on the revenue and expenditure head and record in the analytical report at the right place. Following are some examples,

• • People using QuickBooks must have noticed that on posting receipts from customers, QuickBooks suggest that against which Sales this Deposit can be offset.
  • We have also observed an element of AI in bank reconciliation using accounting software like QuickBooks.
  • Moreover, accountants can scan the receipts submitted by their clients into their computer and AI-based accounting software can easily record the transaction. When entire data is compressed in one place, then it becomes very convenient for accountants to draw insightful conclusions.

1. 2. Digital Payment Methods

The digital payment methods like net banking, e-cheques, UPI transfers, bitcoins, etc., are new ways of conducting business operations. All these digital payment methods are also a branch of the Artificial Intelligence that has been making the life of CPAs very easy and eliminating the chances of internal fraud.

For instance, earlier accountants can easily influence financial records with their biased attitude as all transactions are mostly based on cash. But, with the cashless system, every single entry is executed by the computer system and backed by proof that eradicates the chances of internal frauds.

1. 3. Automating transactions and alerting on possible errors

Today, all the popular accounting software which are used by most of the accounting firms like QuickBooks, Zoho, and others are trained to follow the basic accounting principles and generate future entries based on previous data.  Like, if accountant mistakenly adds the wrong amount of rent from the receipt, then the software will automatically pinpoint it to drag the attention of the accountant. Moreover, as we all know that accounting is a dual entry system, but software accountants just have to enter one entry and the software will automatically create a dual entry.

And, everything is possible because of the learning using Artificial Intelligence which stored in the accounting software which is present on your computer.

1. 4. Artificial Intelligence in security management

The security has been always a concern for the accounting organizations because they have a responsibility to protect the valuable financial data of their clients. However, today there are plenty of different security tools and software are available which accounting companies are using to safeguard their digital data. Some advance accounting organizations like CapActix use an SSL encrypted document management portal to transfer sensitive data. Moreover, some companies assign photo identity or retina scan ID cards to their employees to exceed the data.

Apart from this, dynamic antivirus and anti-malware software are used by companies to beat the external security threats. It will be easy to fathom that all the latest accounting security technologies used by accounting organizations are designed on the pillars of AI.

1. 5. Artificial Intelligence in Credit Score assessment

A credit score assessment system is a new way to access the capacities of the borrowers which is keenly adopted by accounting companies to examine the credibility of their clients. The credit score is created on the terms of AI where financial records and history of a person are processed to rate the creditworthiness of a person according to which he or she will be able to take a loan in the future.

Leading automobile companies in the US have reported that AI-generated Credit Score has cut down 23% of their annual losses. And, all this because financial institutions used AI to rate the credibility of a person.

AI is the Future of Accountants

The examples discussed above have made it crystal clear that AI is playing a role and will going to play a major part in the accounting and finance industry’s future. It’s just that we are so used to technology now which makes it possible to observe the components of AI. Today, it is impossible for accounting firms to execute their task without using any of the AI components.

The present of AI in accounting is glorious, but now we should focus more on the future which is going to be more glamorous as the machine learning, supervisory learning, and other AI technologies are going to even a major part of the accounting world like blockchain, robotics, cloud computing, and such other technologies.

AI is an integral part of accounting so if you are looking for an accounting firm that possesses AI components, then contact CapActix at email – biz@capactix.com or can call on (201) 778-0509.

10 Facts about Accountants We bet you didn’t know..!

Do you believe that the account is boring? Here are the big famous names and stories which you certainly do not know about accounting.

Accounting is essential for any small OR big business. Through accounting, anyone can know about the position of business, financial condition of business and profit OR loss of business.

If you are having a small business and not willing to hire in-house accounting then it is advisable to take advantage of accounting outsourcing services.

An accountant is an important part of the organization.

Here you can come to know the less known things about accounting and accountant.

How Technology Has Modernised Accounting Structure?

The finance and accounting services are rapidly changing with the availability of productivity based on newer technologies. Today, accounting isn’t burdened with task-oriented projects because, in the shift of technology trends, various accounting software are available which are automating the accounting work.

According to a the survey conducted by Robert Half Management Resources, around 41% of CFOs stated that technology is becoming a major part of the accounting industry. The technology has modernized accounting services in multiple ways that it becomes difficult for accounting companies to keep up with all the latest trends. The shift in accounting requires new skills to be developed in the accountants. For CPA firms, it is very important to keep up with modern accounting technologies so that they can train their employees to perform a better job.

Blooming Accounting Technologies

CapActix – a leading accounting outsourcing company in the USA has been constantly working with the latest accounting technologies. We follow the latest accounting technologies very keenly and according to our experts, these technologies are reshaping the accounting industry in the future.

1.    Blockchain

When we are speaking about the emerging accounting technologies, then we have to start a discussion with the blockchain. Recently, numerous researches are conducted where blockchain is presented as an emerging paradigm for trade. Blockchain is currently used as the public ledger for bitcoin transactions, but it is a very powerful technology that can be used to keep track of transactions and helps in distributing value to all the participants in the public networks. The impact of blockchain technology is still much underwhelmed, but in the future, it is going to be a big part of the accounting industry.

2.    Cloud Computing

Cloud computing is a very popular business technology of 2019 and has been proving its worth in the accounting businesses as well. Cloud applications can manage everything from payroll to tax preparation. For outsourced accounting services, it is a very useful technology that enables accounting companies to update financial information as soon as any change occurs and the outsourced company will get an automatic notification. Moreover, by using cloud technology, the burden from the IT department can be reduced as they don’t need to handle software management and updates anymore.

3.    Artificial Intelligence & Robotics

Artificial intelligence and robotics technology has automated complex and repetitive accounting tasks. The high level of accuracy and low cost of operation has been gifted by this technology to accountants. AI is a prominent accounting technology of the future because currently, we don’t have any substitute for human brains. So, these technologies can increase the efficiency of accountants by performing repetitive tasks, but they can’t yet fully automate the accounting work.

4.    Custom Integration

The integration of different software is a new modern business technology. And, the custom integration has been proving a dynamic trend for the accounting executives. The accuracy has been always a big concern for accounting firms, especially when they have to transfer information from one department to another. One small error in the transferred data can waste so much time and resources of the company.

But, today accounting outsourcing companies in the USA have found a solution by linking their ERP, CRM and CMS software together to create a unified environment where authorized users can easily access information anytime and anywhere.  This technology has made accounting outsourcing services very efficient.

5.    Optical Character Recognition

The integration the solution has already reduced repetitive entry task of the accounting companies, but with the presence of optical character recognition software, the process of adding manually entries have been limited.  This technology allows companies to scan or even use the mobile camera to capture the data from printed files and convert them into the digital files. It has improved the level of accuracy and the process of adding accounting entries have been fastened up.

6.    Tax Solution

When all the taxable information like payroll, receivables, payables and other related information is available through integrated cloud-based technologies, then the tax preparation gets very easy. But, with the integrated cloud-based solution, tax time becomes much less stressful. Modern innovations in accounting and tax software allow CFOs to take advantage of the correlated data collected throughout the year to ensure accuracy for all tax forms and payments. Tax preparation is a process where one mistake can cause big trouble, but thanks to tax software the small details like deduction and rates can be easily checked.

7.    Mobile Apps

One of the major The benefits of modern accounting technology are remote access to information. Accounting professionals don’t need to be present in their office to update or access accounting data. With mobile accounting software, they can handle finance and accounting services from anywhere. The changes made by accountants through mobile apps will automatically be updated to the office server via the cloud. This technology has brought flexibility in accounting work.

8.    Social Media

Accounting organizations understand the value of social media platforms that’s why they are using social media networks to connect with their potential clients.

Social media marketing has made it easier for accounting companies to reach clients from around the globe and expand their business. Social media marketing strategies like blogging, posting regularly, etc., helps businesses to grow digitally.

Accounting professionals need to embrace these technologies to survive the whirlwind of the future. This means accountants need to regularly update their skills as per the new modern accounting developments.

If you are a busy accounting firm in the USA and looking for the outsourced accounting services to share your burden with the help of modern accounting techniques, then you have CapActix at your service. We are a team of modern accountants who know the value of technology-based accounting tools. To connect with our professionals, you can contact us at email - biz@capactix.com or can call on +201-778-0509.

How to maintain common set of books to satisfy requirements of Cost Accounting with Financial Accounting

The integrated accounting system is the system wherein books for the Financial Accounting and Cost Accounting requirements are maintained in a common set. This is why, it is called, that Cost Accounting and Financial Accounting are integrated into one System.

CIMA defines that an “integrated accounting system refers to the interlocking of the financial and cost accounting systems to ensure all relevant expenditure is absorbed into the cost accounts. Under this accounting system transactions are classified both according to their function and nature.”

Integrated accounting should be configured in a way that while it can provide information for the cost of each unit, batch or job or any other measurable unit it should not distort financial statements viz., Profit and Loss Account and Balance Sheet.

For example,

• The purchase of raw material can be directly posted into Stores Ledger Control Account, Work-in-progress Ledger Control Account or Overhead Account in-stead of Purchase account.
• The Direct wages can be posted into Wages Control Account or Overheads Control Account instead of Direct Wages account

Benefits of Integrated Accounting System:

1. Since figures for financial accounts and cost accounts are from a common source, there are no requirements for reconciliation between two.
2. Saving of significant time and cost which otherwise gets wasted in maintaining both accounts separately.
3. Because of the auto reconciliation of cost accounting with financial accounting, management reporting will be quick and accurate and it will help in timely decision making.
4. It simplifies and improves the internal control mechanism
5. All cost related figures are basically derived from financial records so when it is directly linked to financial accounting, it is more reliable and accurate.
6. This system helps in eliminating clerical errors happens in fetching data from financial account books in preparation of cost accounts books data

Process for configuring Integrated accounting system:

• First of all, the degree of integration needs to be considered.
  > Full Integration: Under full integration, all the cost accounting elements in deriving the cost of sales are integrated with financial accounting.
  > Partial integration: Sometimes when full integration is temporarily not possible, difficult or management wants to test an integrated system; integration can be configured up to a particular stage of cost sheet such as prime cost, factory cost, cost of production, etc.

• Then the most appropriate and adaptable coding system should be developed to codifying charts of financial accounts and cost accounts including but not limited to SKU, Locations, etc.
• Standard process data documents should be developed containing all the details related to Cost Accounts and Financial Accounts.
• Establish coordination between departments handling financial information and costing information.
• Account department should be trained so that they can become familiar with, record transactions in, and prepare reports from Integrated accounting System.
• An appropriate accounting package needs to be selected which can best suit the requirements of integration, report generation and automation of the processes.

Examples of posting under an integrated accounting system

Keynotes:

Success always depends on your ability to timely and proper decision making. To have that ability you need accurate, reconciled and advantageous information in your hand. This information can be generated with an Integrated Accounting System which gives all the information which you need for decision making. Using appropriate accounting package and integrating the advance application with the software, a superior integrated accounting system can be developed for any business which can help to keep that business on top of the peers.

We at, CapActix have an expert team available to understand your reporting requirements and helps you set up an appropriate system integrating your financial accounting with cost accounting. We are a prominent accounting outsourcing company based in India. We can help you with establishing an integrated accounting system to make your reporting requirements accurate and reliable. For more details, you can reach us on biz@capactix.comor call us on +1 201-778-0509

Disruptive Developments in Accounting Industry to look for in 2019 and beyond

Current era of technological revolutions have changed the way we perceive our day to day life. Accounting is also not left untouched by technological advancements and disruptive thinking to make life easier and automated. Accounting firms that don’t evolve with the changing dynamics always found themselves lagging behind in the competition. This article is to introduce you to the current trending topics in accounting which you should look for in 2019.

1. Artificial Intelligence (AI)

In simple terms, Artificial Intelligence is a computer system that can learn from experience. Although AI techniques like machine learning are not new to the market, now its pace of adoption in various businesses and industries is increasing. Accounting & Auditing is also one of them. For the proper usage of the technology and turn vision into value, we need to have a deep knowledge of the artificial intelligence and its use in solving business problems.

Among other, Machine Learning is one of the techniques which can play a vital role in the accounting profession. Extensive use of ML in decision-making process enabled accountants to make financial and non-financial analysis faultlessly. AI will eventually take over laborious work from accountant such as data management, data entry, report generation, etc. Therefore, accountants can devote time in value-added services such as problem-solving, advising, strategy developing, and leading.

2. Collaborating platform

Nowadays, accounting is not just taken as posting daily transactions and generating reports. It is perceived as a total solution for Payable management, Receivable management, Payroll Management and Regulatory Compliance management. These expectations from the accounting department can only be met if accounting software uses some collaborating platforms. This allows communication of accounting data with various stakeholders precisely. Some examples of collaboration are as follows;

1.    Sending customer’s the statement directly via accounting software on one click

2.    Generating & submitting a tax return directly from accounting software

3.    Processing payslip & sending to employees directly from accounting software

4.    Preparing payroll compliances directly from accounting software

Such many more tasks which can be done by creating a collaborating platform with accounting software which minimize efforts by accountants.

3. Blockchain

Blockchain technology is basically an accounting technology. With the use of Blockchain technology, accounting efficiency can be increased via a system of universal bookkeeping. Moreover, the scope of accountancy can also be expanded which will make accounts more closure to economic reality.

Unlike database owned other ledgers which are run by a single party, under Blockchain, ledgers will not be controlled by one party. Experts have defined 3P’s what differentiate Blockchain from other ledgers technologies of today as follows

i. Propagation:

Blockchain ledger doesn’t have many identical copies without any affiliated principal copy. All authority has a full copy of the ledgers. Thus, no single authority can exclusively control ledger. All the new transactions posted by any participant will reflect in all the copies with authorized participants.

ii. Permanence:

Because each user has its own copy of the ledger, any dispute can be resolved with consensus. Moreover, any posted transaction can only be edited with the approval of the majority of participants. Thus, it can be concluded that once transactions are recorded on blockchain ledgers, they are permanent and free from any illegitimate altering.

iii. Programmability:

Some blockchain ledgers could allow programming which can automate ledger posting and journal posting on meeting the criteria of the trigger point. Experts have termed it as ‘Smart Contracts” under blockchain technologies.

4. Automation

Automation of accounting processes, specifically for routine and voluminous transactions improves the speed, accuracy, and reliability of the accounts. It helps greatly in reconciliation and balancing tasks. Automation can be achieved through;

•       Certifying and matching business processes based on pre-defined rules
•        Role-based controlled access and permission matrix
•        Automated validation of vouchers based on pre-defined validation points,
•        Creating peer to peer linking and collaborate processes or source documents

As a result of automation, accountants can get rid of process-oriented tasks and can utilize their valuable time and skills on critical issues that fuel business growth.

5. Remote Staffing

Currently, where the real word platforms are transforming into virtual platforms, accounting is also not lagged behind. All the accounting related tasks are being managed on the cloud or online platforms. This has broken the concept of an in-house accountant and staff in front of the eyes. Even online time tracking, as well as staff reporting and

managing tools are more effective.

This makes possible the concept of remote staffing where your place of business and place of work for your staff doesn’t need to be the same. Remote staffing is beneficial in many ways; some of which are as follows.

i. Cost reduction:

The cost can be reduced by exploiting Trade-off opportunities between different markets. For example, because of the wide differences in per-hour rates of different countries, accounting tasks can be outsourced from the USA market to the Indian market by hiring the remote employees in India.

ii. Better utilization of resources and Increase productivity:

In the case of remote staffing, you can hire staff for the required time and with required skills. Moreover, you can hire diverse staff for different activities for a limited amount of time. This gives you immense flexibility and ultimately “You pay for what you need.” This results in increased productivity of the business.

iii. Increase in satisfaction:

As remote staff are working from their place without another interruptive environment of the office culture, they can better concentrate on their tasks and produce better results. Moreover, they can work on task-driven approach rather than time-driven approach which increases satisfaction among both the parties.

We at, CapActix have an expert team available to understand your accounting, reporting and compliance requirements. Our remote staffing solution will take all your accounting burden and add value to your business. We are prominent accounting outsourcing company based in India. We can help you to make your accounts accurate and reliable. For more details you can reach us on biz@capactix.com or call us on +1 201-778-0509.

8 Tax Preparation Related Challenges Faced by CPA Firms

The work of CPA business organizations is very complicated and needs to be accomplished with utmost seniority and professionalism. The work of accounting companies varies from simple bookkeeping to challenging tax preparation services. Additionally, with the advancement of technology, the work environment of CPA organizations have been dramatically changed.

The complication of the taxation process has generated numerous challenges for accounting firms which they have to overcome regularly to satisfy their customers. Some of the CPA firms have been already using the outsourced tax preparation services to overcome the challenges of the taxation system. Below are some of the challenges faced by CPA tax preparation services;

Taxation Challenges faced by Accounting Firms

The accounting companies have to prepare taxation reports of their clients very carefully after following all the local rules and regulations. Apart from this, there are a series of challenges that CPA firms have to face, such as –

#1. Challenge of Handling Rush Season

In the USA tax return for the period ending in December, it needs to be filed by 15th March (for corporates) and 15th April (for Individuals) of next the calendar year. It means CPA firms have to prepare tax reports of their corporate client and submit it within only two and a half months. Moreover, all individual tax returns need to be filed within 1 month of the deadline for corporate returns. This becomes very hectic for accounting firms to manage tax preparation with their regular workload while making sure that their CPAs won’t feel overwhelmed with the workload. This challenge of CPA firms can be pretty easily resolved by using the outsourced tax preparation services for your business. Accounting firms can delegate their tax burden to outsourcing accounting companies and deliver the best services to their clients.

 #2. Challenge of VAT Collection

The cross-board sales made by the client makes it difficult to evaluate the VAT. This gets even more difficult when the exchange of goods and services involves vendors or customers from abroad. Moreover, the concept of online shopping has made VAT calculations even more dramatic. It is a challenge for CPA firms to evaluate the VAT amount of their clients after applying all the international and national norms and file the tax before the due date.

#3. Challenge of Different State Tax Rulers

The USA is a very vast country with 52 states and each state has slightly different tax preparation rules both for Income Tax and Sales & Use Tax. Plus, these days most of the business organizations are involved in multi-states transactions so it is the responsibility of accounting firms to follow local rules before preparing the tax reports and that can be a tricky job. To manage the problem where the customer and supplier belong to different jurisdictions, it becomes highly challenging for accounting firms to handle tax preparation services.

#4. Challenge of Keeping up with Changing Tax Policies

This is a very common challenge that CPA firms have to face as the government keeps on improving the tax policies for the betterment of people and tax preparation ratios also keep on changing. In this, it becomes highly critical for accountants to keep up with the changing taxation policies to deliver accurate tax reports to their clients. However, it is difficult for accounting firms to keep a tab on the latest taxation trends while handling their truckloads of other work.

Again here outsourcing taxation services is going to be a great solution for CPA organizations as they have designated a team of accountants who always monitor the changing tax policies both nationally and internationally.

#5. Challenge of Managing New Business Models

With the introduction of digital technology, the traditional business models have been replaced with new digital business models like eCommerce business, online submission of returns, etc., The new business models have made it difficult for accounting organizations to train to old staff for new systems. Plus, the tax complications increases in the new business models with the availability of new technologies like 3D printing and much more. So, accounting firms need to have staff that can manage all the complexities generated by the new business models which are quite difficult for small CPA companies to acquire such a versatile employee’s strength.

In this case, tax preparation outsourcing services work for Small CPA firms who can’t afford to hire new people or train existing people with changing business models.

#6. Challenge of Satisfying Clients

Every client has different requirements and business structure which makes it very difficult for accounting companies to satisfy their clients. It takes lots of effort and research to satisfy a client. If one client isn’t satisfied with your taxation services, then he will leave a bad review of your company and this will takes numerous clients with it. CPAs have to work very hard and evolve different methods to satisfy their clients and one of the easiest methods for CPA would be outsourcing professional services like tax preparation.

#7. Challenge of Coping up with Technology effort

In a recently conducted survey, it is concluded that two-third of CPA tax preparation services suffer because of the technology challenges. It is very difficult for CPA’s to find a correct balance between the changing technology and client expectations. CPA firms have to keep up with the changing tax preparation technology and provide training to their staff to use the new technology. Moreover, technology keeps on obsolete very quickly so it is very challenging for CPAs to find a solution to this problem.

#8. Challenge of Retaining Employees effort

Just like every other business organization, talent acquisition is a very crucial problem for accounting firms. The task of tax preparation requires an optimum level of expertise. But, due to the cut-throat competition in the accounting firms, it gets very complicated for organizations to retain good tax preparing staff who is fully competent to handle the tax preparation services. For this accounting firms have to create a strong brand image and have to offer lucrative benefits to their staff. However, if you are not in a position to offer extra benefits and a large salary to your tax staff, then outsourcing tax preparation services is one ideal option for you.

After carefully reading the challenges faced by CPA firms, one thing has been concluded that the solution for many challenges is hiring the outsourcing tax preparation companies and benefiting your accounting business. There are numerous tax preparation companies available, but you should choose which offers highly trained tax experts, the latest technology tools and advanced services. CapActix is one of them. Our taxation services are highly modern and technical to handle the workload of any business model. We follow the latest taxation policies and always keep a tab on the changing tax trends.

To acquire our tax services, you can contact our team on email – biz@capactix.com or can calling on +201-778-0509.

Outsourcing for CPA Firms & Accounting Firms is Vital; The Services Mostly Outsourced & Reason behind It

It is a very complicated task to establish a successful operating accounting firm in today’s competitive world. Numerous elements need to work in the proper order to run a smooth CPA firm. However, one of the essential elements of a successful accounting and finance company would the strength and capabilities of their accountants.

Every accounting firm needs to cater to the needs of its CPAs because if they aren’t fully satisfied or under lots of pressure, they won’t be able to perform well and this will eventually negatively influence the image of your business. That’s why to focus the attention of your accountants on important tasks, the accounting firms have opted for the outsourcing accounting services to assist theirs in house staff. Additionally, accounting outsourcing for CPA firms is a financially beneficial solution as well.

Today, there is a plethora of outsourcing accounting services are provided by outsourcing companies like CapActix. The CPA companies can outsource any of their business operations today, however, the most popular accounting services outsourced by companies are –

#1. Bookkeeping Services

One of the popularly outsourced services by CPA firms & accounting companies – bookkeeping services. Bookkeeping is the basic foundation of all other accounting activities that’s why it should be done properly without any error. On the other hand, this task can be very time consuming so most of the companies outsource their bookkeeping work and let they are in house staff handle the other important business. Moreover, bookkeeping services outsourcing for accounting firms can be very beneficial – income issues can be resolved quickly with deep analysis, expenses tracking problems, inventory management and much more.

#2. Payroll Services

Payroll management services are also rapidly outsourced by accounting firms. The reason behind outsourcing payroll services is very simple – if the company puts the burden of preparing payroll on their in house accountants, then they won’t be able to complete it on time while managing other client’s work. And, delay in the payroll process means your staff will get a late salary and it isn’t good for the reputation of the company. Moreover, appointing one accountant to handle payroll work isn’t going to financially feasible for your business. That’s outsourcing payroll services is one of the ideal solutions for accounting firms.

#3. Tax Preparation

Handling busy tax season is one of the biggest problems for CPA firms & accounting firms where they have to access books of every client and file the tax return under strict deadlines. This pressure can sometimes overwhelm their accountants and if they hire a new person for taxation purposes only, then this will overburden their expenditure during the offseason. So, in this, outsourcing for CPA firms & accounting firms is the best solution. This way they can delegate their extra workload during the tax season to offer the full dedication to their clients.

#4. Reconciliation of Accounts

For small accounting firms, it is very important to micromanage their financial reports so that they won’t foresee any loss. Thus, the reconciliation of account creation is yet another service that is outsourced by accounting as well as CPA firms. By outsourcing reconciliation services, companies can use another professionals outlook on the financial reports created by their in house staff and this will improve the efficiency of their workflow. The most outsourced reconciliation services are – Bank Reconciliation, Card Reconciliation, Vendor Reconciliation, Payroll Reconciliation and much more.

#5. Cost Analysis Services

The cost analysis services stand for the calculation of incoming and outgoing resources of the business for a particular time. This procedure involves some effective steps that help in determining the profitability of the organization such as a collection of data, allocation of different resources and drawing the constructive analysis. This work of accounting firms required lots of technical skills and attention, that’s why to use the expertise of different accounting professionals to produce an effective outcome, they outsource the cost analysis services.

#6. CFO Services

Virtual CFO services are something that can financially benefit accounting companies a lot as they can outsource CFO services as per their client’s requirements. Sometimes clients don’t require full-time CFO services and in this, if accounting firms appoint full-time CFO, then this will increase the business cost. That’s why financial organizations prefer to outsource CFO services as per their client’s requirements. The mainly outsourced CFO services include – capital budgeting and planning, budgeting and forecasting, working capital management, accounting policy preparation, internal control consulting and much more.

#7. Accounting Software Consultation

This is a rarely outsourced service by accounting firms as very few outsourcing accounting companies provide the service of accounting software consulting. By taking the consultation from the expert accounting software users, business organizations can improve their internal control and reduce accounting integration related to risk. They can even ensure that their accounting staff is using the correct software and application to utilize their efficiencies accurately. In today’s automated accounting environment, there’s nothing worst, then using obsolete technology. It is a one-time job to upgrade your accounting software that’s why getting a consultation from outsourcing services is a feasible option.

Accounting outsourcing for CPA firms or accounting firms is very helpful as they can save cost, get experts output, reduce the workload of their accountants, provide effective work to their clients and so on. So, if accounting firms want to release some of their stress, then outsourcing is the right way to do that. However, to get an accounting outsourcing partner, accounting firms need to fully research and select the company like CapActix which can assist them in any sort of services. To view the outsourcing services offered by us to accounting firms, you can visit our website or can quickly contact our team by email biz@capactix.com or can calling on +201-778-0509.