A multi-state U.S.-based CPA firm was looking to scale its tax preparation and bookkeeping operations. Seasonal workload spikes, tight IRS deadlines, and increasing client volume were putting pressure on internal teams.
By outsourcing Tax Preparation and Bookkeeping Services to KnowVisory Global, the firm was able to improve its turnaround times, maintain high accuracy, and confidently meet critical filing deadlines.
Introduction
The client is a U.S.-based, well-established certified public accounting firm based in Parsippany, New Jersey, with multiple offices across New Jersey and New York. Established in 1973, the firm provides a wide range of services including tax preparation, financial and retirement planning, estate and trust advisory, investment management, and business accounting.
With growing client base and stringent tax filing timelines, the firm needed reliable offshore support to manage tax returns and bookkeeping tasks efficiently, without increasing internal costs.
That’s when they decided to partner with KnowVisory Global.
The Problem
The firm was growing quickly and began facing several operational challenges while trying to meet the needs of an expanding client base:
- The team was struggling with a heavy tax-season workload due to limited internal capacity.
- Faster turnaround was required without compromising accuracy.
- Their bookkeeping volumes were rising and the firm wanted end-to-end bookkeeping and accounting support.
- The firm had to adhere to IRS deadlines and obligations for all its clients.
- They needed to maintain service quality while controlling costs.
These challenges made scaling difficult during peak periods.
Decision to Transition
The firm decided to outsource part of its tax and bookkeeping workload with clear goals:
- Speed up tax return preparation and reviews
- Ensure accuracy across multiple return types
- Support bookkeeping work required for tax filings
- Meet strict deadlines, including last-day IRS extensions
- Reduce operational workload on internal teams
They needed a partner who could act fast and take full ownership. They approached us due to our strong industry reputation, proactive work approach, proven efficiency in meeting stringent deadlines, and competitive prices.
The Challenge
Execution came with its own complexities:
- Strict Deadlines: Tax filing deadlines were fast approaching and could not be delayed.
- Multiple Return Types: The work spanned individual, trust, partnership, and corporate returns, each with different requirements.
- High-Volume Workload: Peak season required quick scaling
- Real-Time Coordination: For efficient work delivery, constant communication with the client team was essential
- Every task had to be handled with urgency and precision.
The Solution
We implemented a structured and collaborative workflow for both tax preparation and bookkeeping support.
- Tax Return Preparation
Receipt of Source Documents: The client shared the source documents via Canopy, a secure third-party, web-based platform, with our team.
Internal Task Allocation: A dedicated project manager was assigned. He carefully analyzed the complexity of the tasks and assigned them to the right team members. Progress updates were shared regularly with the client to ensure visibility and coordination.
Preparation and Review: Returns were prepared and queued for review. Our CPAs checked the returns before final submission.
Finalization and Filing: Finalized returns were shared for client review and filed accordingly. Forms included 1040, 1041, 1065, 1120, and 1120S.
- Bookkeeping Support
We provided end-to-end bookkeeping and accounting support to the client. Our scope of work included:
- Categorizing bank and credit card transactions
- Performing reconciliations
- Posting payroll and adjustment journal entries
- Preparing adjusted trial balances
- Generating financial statements to support accurate tax filings
We also provided write-up services for tax return preparation.
The client shared source documents and input data through the Canopy portal, while questions and clarifications were addressed quickly through Teams for seamless communication.
The Result
Conclusion
- The engagement delivered strong and measurable outcomes:
- Over 500 tax extensions successfully e-filed in a single day
- Improved turnaround time for tax return preparation
- High accuracy across tax and bookkeeping deliverables
- Reduced workload pressure on the internal team
- Better readiness during peak tax season
- By outsourcing tax preparation and bookkeeping services to KnowVisory Global, the CPA firm was able to meet deadlines with confidence and scale operations without increasing costs.
- We not only helped them achieve their goals, our work directly contributed to their success. We consistently delivered on our promises – with urgency, consistency, and complete ownership. Our proactive efforts helped the client and their customers avoid potential IRS fines and penalties and made us their valuable partners.
- At KnowVisory Global, we provide expert Accounting, Bookkeeping, Payroll Management, Tax Support, and FP&A services to businesses across the US, UK, and Canada.
- If you are looking for reliable tax or bookkeeping support, connect with KnowVisory Global today.