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eCPAn presentation of Outsourcing & XCM workflow

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1. Outsourcing tax preparation – a growth model for small firms Joseph P. Manzelli Jr. CPA.CITP Coordinator of Outsourced Workflow Doubletree Suites Phoenix, AZ July…
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  • 1. Outsourcing tax preparation – a growth model for small firms Joseph P. Manzelli Jr. CPA.CITP Coordinator of Outsourced Workflow Doubletree Suites Phoenix, AZ July 17, 2013
  • 2. Agenda • Background – Joe Manzelli – XCM Solutions & Xpitax LLC • The Tax Process – How can it be Optimized • Workflow what is it? • Outsourcing as a Tool • Demo of XCM software
  • 3. History of XCM / Xpitax • Founded in 2001 as an outsourcing company by accountants for accountants • Pioneer in the outsourcing model (tax & bookkeeping) • Unique in Industry – Own Dedicated Facility in India – Only Patent Holder in the Outsourced Space – XCM – Automated Workflow Process
  • 4. History (cont’d) • Growth to 25 US Employees & 125 employees in India • 500+ accounting firms & 28,000 XCM users • Prepare 15,000 to 18,000 returns for firms – Over 28,000 in 2007 (Section 7216 came along)
  • 5. • Doing More With Less – Economy – Fee Pressures – Increased Regulation – Condensed Tax Season – Rapidly Changing Technology Our Industry Today
  • 6. • Efficiency • Redundancy • Transparency • Accountability • Consistency • Timely Communication Common Pains
  • 7. Tax Process • Collect source documents • Scan? Copy? • Prepare – data entry • Questions – missing information • Review • Collate & send • E*file
  • 8. American Institute of CPAs Manual Process
  • 9. American Institute of CPAs Scan tax return and source documents Store in DMS Refined Process
  • 10. American Institute of CPAs Prepare Return Electronic List of Missing Information Optimized Process
  • 11. What is workflow? Process standardization & automation Knowledge management Accountability Individual work management Resource management Team collaboration Compliance & QC Ease-of-use/Scalability Implementation & training System, integration Cost
  • 12. Process Automation Pre-defined statuses that can be turned on and off Custom statuses Linear and horizontal processes Workflow mapping Quality control alerts Manage re-occurring activities Manage bulk processes Automatic project creation/Roll forward
  • 13. Knowledge Management Robust reporting – standard & custom Exception and bottle neck reports Project-related files and details Easily searchable and actionable data Questions, review points, instructions Automated archiving and purging Annual comparisons
  • 14. Accountability Staff development Status details on a particular project View all WIP, or specific workload Firm-defined user rights
  • 15. Individual Work Management Virtual desktop Ability to organize, assign difficulty and priority Support scheduling/work assignment Assign individual or group roles, skills and expertise Time summary support
  • 16. Resource Management Move responsibility within team Cross-team collaboration Support question/review cycle Real-time workload balancing Integrated scheduling Budgeting support
  • 17. Compliance and Quality Control Full tracking capabilities Full due date management capabilities Customizable sign-offs Quality control checks and exception alerts Extension tracking E-File process management Customizable checklists Support for data retention policies
  • 18. Ease-of-Use/Scalability Intuitive interface Logical design Small learning curve Adaptable to current process and anticipated future needs Flexible and scalable – roll out to additional users, processes, departments, offices Balance between built and build
  • 19. Implementation & Training Complexity of infrastructure deployment and administration Customary implementation time IT involvement Training – basic and intermediary Ongoing training and best use opportunities Flexible training options Dedicated support resources Feature upgrades/enhancements Vendor reputation
  • 20. System Considerations Vendor’s reputation Easy maintenance Remote user support & mobile access Multi-office support Firm-wide system Document storage integration Practice management integration
  • 21. Cost Base product pricing Length of contract Availability and price of optional capabilities Administrative costs Training costs Potential impact on head count/overtime Potential impact on user productivity and departmental efficiency
  • 22. Available Products • OfficeToolsPro • SharePoint • Thomson FirmFlow • CCH Workstream • XCM Workflow
  • 23. Outsourcing - Driving Factors
  • 24. Benefits of Outsourcing • Staffing Resource – Year round access to unlimited resources • Improve Quality and Consistency • Standardize & Automate the Process • Grow Practice Without Increasing Overhead • Improve Client Service – Increase Turnaround Time • Improve Quality of Life • Increased Profitability
  • 25. Xpitax Teams • Tax & Bookkeeping Compliance Officers (US Based) • India Dedicated Team - Supervisor: 5-7 years, C.A. - Preparers : 1-2 year graduate
  • 26. Outsourced Process Basics
  • 27. Benefits – Enhanced Client Service Outsourcing = Time for New Opportunities  Consulting  Niche Building  Specialization  Higher Value Services
  • 28. Benefit – Client Loyalty Number of Services 10 Year Retention Rate 1 12% 2 24% 3 63% 4 81% 5 98% Source: Allan Koltin Presentation
  • 29. What to Outsource  Data Intensive Tasks  Individual returns  Corporate Returns, Partnership and Fiduciary Returns  Bookkeeping Services  Write-Up Services  Accounts Payable/Receivable  Financial Analysis Reports  Workpaper & Financial Statement Conversions and Rollovers
  • 30. What to Retain  High-Value, High-Touch Client Service  New Business Consulting  Strategic Forecasting & Budgeting  Business Valuations  Tax Planning  Corporate Financing  Business Succession  Estate Planning  Wealth Management/Financial Advising
  • 31. Issues & Obstacles • Security • Loss of control over return • Taking away jobs • Quality/Training – India background • Perception / Client Reaction
  • 32. Security - Privacy • Data never leaves U.S. • Secure buildings in India • Printing / scanning not allowed • Utilize access of accounting firm’s software & network
  • 33. Demo of XCM in action We will utilize a live demo site & see XCM in action. I can provide screen shots to anyone who desires them. I will have this presentation up on Slideshare. All Information on how to get screen shots or this presentation will be provided at our conclusion.
  • 34. © 2014 Xpitax Effective November 1, 2013 2014 Xpitax Pricing Outsourced Tax Returns – Xpitax has a multi-tiered pricing schedule based upon complexity of returns. Service Tier 1 Tier 2 Tier 3 Tier 4 Individual $63.00 1 – 12 pages $142.00 13 – 60 pages $194.00 61 – 125 pages Add $53.00 Each add. 50 pages Corporate, S-Corp & Partnership $100.00 1 – 25 accounts $142.00 26 – 50 accounts $194.00 51 – 100 accounts Add $53.00 Each add. 50 accounts Fiduciary $63.00 1 – 12 pages $142.00 13 – 60 pages $194.00 61 – 125 pages Add $53.00 Each add. 50 pages Bookmarking $13.00 1 – 50 pages $23.00 51 – 100 pages $32.00 101 - 150 pages Add. $5.00 Each add. 50 pages 990 Tax Exempt $184 all returns 1) Prices for individual and fiduciary returns are based upon the total number # of scanned pages submitted with the tax data file (i.e. organizer and original documents). Scanned documents must be actual size of original document. 2) Xpitax has a minimum annual service fee of $7,500. 4) Xpitax will quote the price of returns which do not fall within any of the pricing categories noted above. 5) Schedule D - as a default policy – Xpitax does not input transaction details (input the Summary Data). There is a surcharge for inputting detail as follows: first 10 transactions – no additional cost, 11 to 100 Transactions – surcharge assessed equal to next task tier, each additional 100 Transactions – surcharge assessed equal to next task tier. 6) Business tax returns - we require that firms provide us with an adjusted trial balance. If the M-1 adjustments are not easily identifiable on the Adjusted Trial balance, we also require a schedule detailing specific items that impact taxable income. 7) This Xpitax Pricing schedule is based upon firms providing us with a rolled over tax data file. For those clients that need to be keyed from scratch (i.e. new client to firm, data isn’t currently in your tax software) there will he a surcharge assessed to the next task tier. However we will key the prior year return, so that it can be rolled over, at no charge within the months of May – January. Domestic Pricing: Pricing for domestic tax returns during the period from January to April 15th is equal to two time (2x) the offshore pricing noted above.
  • 35. © 2014 Xpitax Effective November 1, 2013 2014 Xpitax Pricing Outsourced Tax Returns – Xpitax has a multi-tiered pricing schedule based upon complexity of returns. Service Tier 1 Tier 2 Tier 3 Tier 4 Individual $63.00 1 – 12 pages $142.00 13 – 60 pages $194.00 61 – 125 pages Add $53.00 Each add. 50 pages Corporate, S-Corp & Partnership $100.00 1 – 25 accounts $142.00 26 – 50 accounts $194.00 51 – 100 accounts Add $53.00 Each add. 50 accounts Fiduciary $63.00 1 – 12 pages $142.00 13 – 60 pages $194.00 61 – 125 pages Add $53.00 Each add. 50 pages Bookmarking $13.00 1 – 50 pages $23.00 51 – 100 pages $32.00 101 - 150 pages Add. $5.00 Each add. 50 pages 990 Tax Exempt $184 all returns XCM and XCM Outsource License Fee •There is no cost for firms submitting returns or other engagements/projects for processing through “XCM Outsource.” •There is a $375.00 per user fee for use of “XCM.” XCM provides custom home pages for each person in your firm and allows use of product for tasks/returns processed internally. Training and Consulting Services •On-line Tutorial – Free •Web-based Training - $800/annually for up to 5 sessions •Web-based Firm Specific Training - $750/per session •Live On-Site Training - $2,500 per day plus out-of pocket expenses
  • 36. Questions? Joe Manzelli Joe.Manzelli@xcmsolutions.com Twitter - @joemanz www.slideshare.net/joemanz13 781-519-9317 639 Granite Street Braintree, MA 02184
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