Scopes of work of outsourcing tax services:
Please see details here
Benefits of outsourcing tax services:
- Highly qualified and professional tax accountants: Nowadays, recruiting is extremely difficult, especially for a position that requires high expertise, discipline and ethics in the profession like tax accounting. Therefore, it is obvious that with outsourcing tax services you are using personnel with high expertise and ability to handle problems professionally and quickly. Moreover, they always update themselves with the latest changes in the industry to assist you in all situations, help to maximize the interests of your business and comply with the regulations.
- Ensuring working efficiency and risk minimization: With service providers having professional working attitude and skills you will feel secured about the quality of deliveries. Moreover, the outsourcing service providers are fully responsible for the related records and documents. Therefore, you will feel secured running your business when all accounting – tax matters are taken care of by the service providers.
- Saving time and costs: When using tax/accounting services, you will save a lot of time in your work because all related issues will be supported quickly, accurately and professionally. The cost of using outsourcing tax services is normally calculated basing the volume and complexity of the job. This cost is likely be cheaper than recruiting fulltime tax staff and investing in equipment for their works. Therefore, outsourcing tax service is a reasonable option for small enterprises or newly established.
- Solving problems quickly and professionally: With high expertise and diversified experiences, outsourcing tax service providers become masters in identifying and handling tax and accounting problems in the most efficient ways. With difficult transactions, they usually have available solutions or can easily consult with their teammates for the best solutions.
- Representatives on behalf of the enterprise to deal with tax authorities: It is certain that explaining and presenting documents tax authorities is inevitable. When using outsourcing tax services, enterprises will feel more confident with this matter because it is handled by professionals.
Limitations of using outsourcing tax services:
- Outsourced accountants are not be always present at the enterprise, therefore, they may not be as available as fulltime staff
- Outsourced accountants only focus on the scopes of work under the service contract, additional or sudden jobs, if any, will be of further discussion and negotiation.
- Enterprises may feel concerned about the confidentiality of their accounting information
However, the above limitations can be mitigated by the following solutions:
- Enterprises should select companies that are reputable and have sufficient human resources
- Enterprises should be open with the service providers about the limitations and request them to propose suitable solutions.