So What Is “Outsourcing?” |
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So what is “outsourcing?” Usually when you hear the word “outsourcing” in the public accounting world it is usually in reference to the accounting firm outsourcing the preparation of income tax returns overseas. That’s not what we are referring to when we speak of Outsourcing. When we refer to Outsourcing at CHP, we are talking about businesses outsourcing their internal accounting, finance and tax functions to paid professionals to allow the company to focus on what it does best. Many companies already outsource their legal counsel, their IT Department and various other internal functions, so it is a logical step for a business to consider outsourcing CFO responsibilities, the accounting department functionality, and the company’s internal tax department. The benefits to outsourcing these functions are numerous, and while we provide a multitude of outsourcing services at CHP, the focus of this blog will be on the outsourcing of tax department responsibilities. Everybody is aware of the complexity of income taxation, but historically little care has been given to non-income tax related filings. Every state and most local municipalities have a form of localized taxation and filing requirements that range from annual state registrations to taxes on property and/or sales. Dedicating internal resources for accurate filing determination and compliance can be very expensive and difficult due to the technical expertise required, but failure to accurately file these returns can be even more costly. Outsourcing this responsibility to CHP ensures that you are efficiently and accurately filing your non-income tax related returns, and that you are filing in the proper jurisdictions.
This blog will be updated a few times each month to further discuss the issues facing internal tax departments, highlights on changes in local & municipality taxation, and suggestions and benefits for staying in compliance with your company’s non-income tax state and local filings. Any questions you have can be submitted through this blog, or if you prefer, can be emailed to me directly at tprice@chpllp.com
