Using Outsourced Accounting to Capitalize on Sustainability Opportunities
The recent Journal of Accountancy article "Sustainable services: CPAs positioned for burst in opportunities" highlights a significant shift in the accounting profession. As sustainability reporting moves from voluntary to mandatory, CPA firms of all sizes are facing new challenges and opportunities.
Key Takeaways:
92% of large U.S. companies plan to obtain assurance on sustainability disclosures in the next reporting cycle.
89% of these companies intend to use CPA firms for this assurance.
Smaller companies in supply chains will also need assistance with sustainability reporting.
These trends present a clear opportunity for CPA firms. However, developing expertise in sustainability reporting while maintaining current service levels can be challenging. This is where outsourced accounting can play a crucial role.
How Outsourced Accounting Can Help:
Free up in-house talent: By outsourcing routine tasks, your team can focus on upskilling in sustainability services.
Manage workload fluctuations: As demand for sustainability services grows, outsourcing can help manage increased workloads without over-extending your staff.
Cost-effective scaling: Outsourcing allows you to scale your capacity without the long-term commitment of hiring full-time staff.
Access to specialized skills: Some outsourcing partners may already have experience in sustainability reporting, providing valuable insights.
How do you Implement Outsourced Accounting?
Assess your current workload and identify tasks that can be outsourced.
Research and select a reputable outsourcing partner with experience in supporting CPA firms.
Develop a clear transition plan, including training and communication protocols.
Gradually shift routine tasks to your outsourcing partner.
Invest the freed-up time in sustainability training and client outreach.
By strategically using outsourced accounting services, your CPA firm can position itself to meet the growing demand for sustainability reporting and assurance services. This approach allows you to expand your service offerings while maintaining quality across all areas of your practice.
As the accounting profession adapts to these new requirements, firms that efficiently balance their resources will be best positioned to thrive. Outsourced accounting isn't just about cost savings; it's a strategic tool to help your firm grow and evolve with the changing needs of the market.
To learn how Madras Accountancy's outsourcing services can support your firm's growth in sustainability services, please contact us for a consultation.
