10 Benefits of Outsourced Audit Support Service for CPA Firms
Audit services are a key aspect of any CPA firm. By providing audit services to clients, you are offering value and mitigating risks for them. But, in many cases, CPA firms find themselves struggling between client communication and actual audit work. This increases the need for an outsourced audit support service.
If you are looking to scale your CPA firm by adding audit services to your accounting offerings in addition to accounting and bookkeeping, or if you want to scale up your capacity to handle more audit clients, using an audit support service for CPA firms is indispensable.
You will not need to have a specialist in-house audit team or auditing software. You can opt for an outsourced audit support service from a reliable outsourcing audit company or hire audit associates. The audit support service for CPA firms will ensure accuracy, reduce risks, and detect fraud or miscalculations in the accounting systems of clients.
Outsourced audit support service refers to the comprehensive support and guidance offered to the CPA firms by expert and experienced auditors. There are many benefits of an outsourced audit support service.
Here are the top 10 benefits of an outsourced audit support service for CPA firms.
1. Cost effective auditing
It is a myth that audit support services for CPA firms is an additional expense. An outsourced audit support service is an effective way for CPA firms to offer audit services to clients. By nature, an audit is a time consuming and complicated process. With an outsourced audit support service, your CPA firm does not need to have a separate audit department.
Audit support service for CPA firms means saving a lot of cost by cutting down on expenses that would otherwise have been spent on hiring, recruitment, training, and retaining auditors. By outsourcing audit support services, you can minimize the overhead expenditure, while getting the same or even more expertise.
2. Scalability and flexibility
As the owner of a CPA firm, your objective or goal is to expand your business and grow bigger. Business growth is measured based on increased revenue and increasing ROI, not headcount. Acquiring new clients and scaling up is not easy for any CPA firm. Along with constant efforts in marketing and customer retention, a CPA firm also needs to focus on providing reliable auditing services to clients.
When you are planning to scale up your CPA firm, you cannot do everything on your own. Even if you hire a team of auditors and marketers, you will need to put energy and time into managing these resources.
With an outsourced audit support service, you can focus on getting new clients and accommodate a larger workload without panicking in audit and customer relationship management stress.
Outsourced audit support services mean you can scale upwards, remain flexible, and eliminate the stress, tension, and hassles of conducting audits. All you need to do is focus on customer experience and retention.
3. Save time
In today’s world, time is money. An audit support service for CPA firms can save the valuable time of in-house employees, who can then focus on your core services like accounting and bookkeeping or client coordination and communication. You can also save time that would otherwise be wasted on managing auditors and other human resources.
4. Quick turnaround time
Outsourced audit support service means you can offer audit service to clients quickly without compromising on quality. Businesses and large organizations prefer working with an accounting firm that can complete audit services quickly and adhere to the highest quality standards.
The audit firm that provides audit support services for CPA firms will have a team of auditors that can provide a complete audit report as per the timeline.
5. Focus on core business functions
Outsourced audit support services let you focus on the core business functions to generate higher revenue as compared to performing an audit that is really tedious and time consuming. When you hire an outsourcing audit company, you can keep all your focus on core strengths while the company handles the auditing.
6. Better quality of work
Audit support service for CPA firms also means better quality of audit work because you have professional and experienced external auditors conducting the audit of your client’s businesses.
Hiring an audit support service provider that is ISO compliant will help meet the accuracy requirements too. Audit support services for CPA firms will ensure that the highest quality standards are met in auditing the financials of large organizations.
7. One-stop destination for all accounting needs
With outsourced audit support services, your CPA firm can offer audit services as well to clients, along with other accounting and bookkeeping services. Even with auditing, businesses may also need reconciliation services, which will be covered by your CPA partner. Thus, your clients can hire you for comprehensive services, including audits, without the need to go anywhere else.
8. Hire expert auditors
An outsourced audit support service makes it possible for you to hire audit professionals with a high degree of expertise at an affordable price. These expert auditors are up-to-date with the latest rules and regulations. They ensure that your clients, i.e., businesses, meet the statutory requirements and regulations and are 100% compliant with all regulations.
9. Manage all aspects of auditing
The audit support service for a CPA firm lets you manage all the auditing aspects through an individual outsourced auditor or an entire team of auditors. From answering audit queries of clients to converting traditional Excel audit files into electronic versions, outsourced audit support services can make auditing seamless and hassle-free for your CPA firm.
10. Reduce team bandwidth
You may not receive this benefit in the case of hiring in-house auditors. Whenever your workload reduces, you can reduce the hours of hired auditors or you can redefine your contract by reducing the audit support service for CPA firms. This can help you maximize your ROI model.
When going for an outsourced audit support service, you need to hire a trained, professional, and expert audit support service provider, who has the technical expertise and hands-on practical knowledge along with a proven track record of working on diverse audit projects form various CPA firms.
Hiring an expert CPA company to use an outsourced audit support service can bestow several advantages, along with the top 10 that we discussed in this article. We, CapActix, are a leading certified and expert accounting company that offers audit support services for CPA firms. If you have any queries, visit our website and Contact us at +1 201-778-0509 or reach out at [email protected].