The cost of tax preparation is on the rise. According to the National Association of Tax Professionals, new clients paid an average of $218 in 2023, up 25% from 2021. Even repeat clients experienced a roughly 23% increase over the same period.
According to a recent online article by Rebecca Chen for Yahoo Finance, much of the increase comes from the decline in CPA candidates, which has led to steeper competition for accountants and thus higher costs. It seems as though the accounting field has lost its appeal to apparently more lucrative or flashier financial fields in finance. In order to compete, accounting firms have had to increase salaries and benefits, allowing more and more staff to work remotely. One response has even been to increase dependence on outsourcing by hiring cheaper international employees.
Although going remote and outsourcing can lower costs, it might affect long term credibility for firms who rely on transitory staffing that threaten relationships and even standards of accounting. At Accelerated Tax Solutions, our clients can rely on relationships, experience, and high ethical standards. Our credibility demands cost effective processes that are trusted, efficient, and sound.