As the end of tax season approaches, many businesses are scrambling to ensure compliance with ever-changing tax laws and regulations while also striving for sustainable growth. Navigating the intricacies of tax filing can be a daunting task for employers, especially if they lack employees with the necessary expertise. The complexities of legal jargon and tax codes can easily lead to errors, potentially resulting in hefty fines of up to $500,000.
In light of these challenges, businesses are increasingly turning to accounting staffing firms to bolster their tax teams with experienced professionals. In my role as senior director of a company that engages with accounting tax firms, I have seen firsthand how our clients can help businesses during a busy season. This article explores the benefits of utilizing accounting staffing firms for tax season – and beyond.
The first step
While we are approaching the end of tax season now, in reality the first step starts before tax season. And that step is for business owners and corporate tax managers to assess if they need extra help to manage the tax process. And while some view temporary staff as a solution only for low-level tasks, specialized staffing firms can help provide highly necessary, highly skilled professionals like tax accountants and CPAs.
When looking for accounting and tax help, Rosa Padilla, a principal at RLP CPA LLC, says that hiring someone that understands your industry is a must. "It's very important to engage with or hire an accountant that understands the industry you are in. There are financial nuances specific to each industry, and it's important for businesses to do their due diligence and choose a partner with prior experience in that field."
Benefits of hiring accounting staffing firms
While there are many benefits to hiring temporary accounting staff during tax season, let's discuss what I consider the four major ones:
1. Enhancing compliance and confidence. The primary advantage of engaging accounting staffing firms during tax season is the assurance of compliance and accuracy in tax filing. With experienced accountants onboard, businesses can navigate the maze of tax regulations with confidence, minimizing the risk of costly errors and penalties. Accounting staffing firms specialize in matching businesses with qualified professionals who possess the expertise needed to handle complex tax scenarios efficiently and effectively.
2. Flexibility and scalability. Another key benefit of utilizing accounting staffing firms is the flexibility and scalability they offer. Businesses can tailor their staffing needs to match the demands of tax season, whether it's a short-term project requiring additional manpower or a long-term engagement to address ongoing tax-related challenges. Accounting staffing firms provide access to a pool of qualified candidates, allowing businesses to scale their tax teams up or down as needed without the overhead costs associated with hiring full-time employees.
3. Expertise on-demand. By partnering with accounting staffing firms, businesses gain access to a diverse talent pool of experienced accountants with specialized knowledge in tax preparation and compliance. These professionals bring a wealth of expertise and industry insights to the table, enabling businesses to navigate complex tax issues with ease. Whether it's corporate tax planning, individual tax preparation or IRS audit support, accounting staffing firms can match businesses with the right professionals to meet their specific needs.
4. Cost savings. Hiring full-time employees may not be an option for some companies. Accounting staffing firms offer a flexible and cost-effective solution, allowing businesses to access top talent on demand without the overhead costs of traditional hiring.
Building a strong relationship
Partnering with reputable accounting staffing firms that have a proven track record of delivering qualified professionals is the best way to tackle tax season hiring needs. Communication is key, according to Padilla.
"When choosing a partner, you want someone that can communicate with your internal team to gain an understanding of the numbers. Part of that is understanding the industry you are in. It's also important for your internal teams to be able to communicate — the front office needs to know what the back office is doing, etc. That will help you most in the long run."
Strategic advantage
As businesses navigate the complexities of tax season, leveraging the expertise of accounting staffing firms can provide a strategic advantage. From enhancing compliance and confidence to offering flexibility and scalability, accounting staffing firms offer a range of benefits that enable businesses to navigate tax season with ease. By partnering with reputable staffing firms, businesses can maximize their success during this critical time of year.
