Top Accounting & CPA Firms Outsource Bookkeeping Services to Accommodate New Clients Amid Talent Shortage
➢ CPA and Accounting Firms Face Talent Shortage Crisis
➢ Survey Reveals Challenges in Client Acquisition and Staffing
➢ IBN Technologies Offers Cost-effective Outsourced Bookkeeping Services
Pune, India, September 20, 2023: In the wake of the ongoing talent shortage plaguing the accounting industry, a growing trend of outsourcing bookkeeping services has emerged. The results from the 2022 CAS Benchmark Survey, featuring insights from 167 CAS Practices reveal a pressing issue: firms are struggling to take on new clients due to staffing constraints. This limitation is attributed to the scarcity of qualified professionals available in the market.
The survey reveals that 33% of the top-performing firms in 2022 and 26% of all respondents have resorted to outsourcing bookkeeping services to third-party providers, including offshore services. Additionally, 33% of top-performing firms and 27% of all respondents are leveraging AI-enhanced software for bookkeeping. These statistics underscore the industry's shift towards innovative approaches to free up staff from lower-margin bookkeeping, thereby creating capacity for more high-value client work.
The findings from the 2022 CAS Benchmark Survey spotlight the pressing need for CPA and Accounting Firms to explore creative capacity-expanding strategies. Amidst this challenging landscape, IBN Technologies, a leading outsourcing service provider, emerges as a strategic partner offering substantial benefits of outsourcing for CPA and Accounting Firms.
In 2022, as reported by Accounting Today, CPA firms were eager to shift their focus to advisory services. However, a significant 47% found themselves caught up in compliance tasks due to resource shortages. The downward pressure on service prices, previously identified as a top challenge, compounded the dilemma, making profitability a challenging pursuit.
The talent shortage played a pivotal role in this dilemma, driving up salaries for accountants and inflating associated recruitment, employee benefits, infrastructure, and training costs. Hiring, as a result, evolved into a prohibitively expensive endeavor for CPA firms.
“The accounting industry is undergoing a major transformation, demanding substantial time and resources that many firms may find challenging to allocate. That’s where IBN Technologies comes in. We take care of the bookkeeping tasks for our clients, so they can focus on delivering value-added services to their clients and staying ahead of the competition.” - Ajay Mehta, CEO of IBN Technologies
With IBN Technologies, CPA firms can access offshore outsourcing services starting as low as $10 per hour, significantly reducing expenses by up to 50% compared to onshore hiring. IBN takes care of offshore team salaries, infrastructure, and overall management, alleviating CPA firms' worries. The result is substantial cost savings for CPA firms struggling to navigate the challenges of pricing pressures and talent shortages.
When CPA and Accounting firms collaborate with IBN Technologies, they not only achieve cost savings but also reclaim valuable time otherwise spent in lengthy recruitment and training processes. This streamlined approach enables firms to scale rapidly, affordably, and with greater flexibility.
Moreover, IBN Technologies ensures that CPAs stay technologically up-to-date without substantial cost escalation. Their certified team is proficient in the latest accounting software for CPA firms, including Sage, Xero, Quickbooks, and other industry-specific tools. This proficiency empowers CPA firms to seamlessly integrate software into their processes, enhancing automation, reducing human error, and improving overall efficiency. Check out their Case Study on Outsourcing for CPA Firms.
IBN Technologies holds ISO 27001:2022 certification for Information Security Management and is CERT-certified for Data Security, assuring clients of its commitment to securing its infrastructure.
Ajay Mehta further emphasizes: "At IBN Technologies, our goal is to not just provide cost-effective outsourcing but to empower CPA firms with the latest technology, security, and scalability. We're dedicated to ensuring our clients can thrive in this competitive landscape."
IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2022 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
