Verito's Strategic Partnership with AcoBloom
In a groundbreaking collaboration, Verito Technologies has teamed up with AcoBloom International to tackle a critical talent shortage in the CPA industry. This strategic alliance aims to bridge the gap left by a significant decline in the workforce, particularly as a substantial percentage of CPAs nears retirement.
Addressing the CPA Talent Gap
The CPA industry faces a daunting challenge with approximately 340,000 accounting positions unfilled since 2019, representing a 17% decline in workforce numbers. Verito and AcoBloom are determined to change this dynamic by providing CPA firms access to a robust network of skilled offshore professionals while ensuring reliable and efficient cloud infrastructure.
Leveraging Verito's enterprise-grade cloud hosting capabilities, combined with AcoBloom's extensive team of over 300 tax, accounting, and audit support specialists, this partnership is set to transform how CPA firms operate. Initial feedback from early adopters reveals remarkable improvements, including a 40% increase in clients served during tax season and a notable 45% reduction in operational costs.
Benefits of the Partnership
The integrated solution offered through this partnership directly addresses the pressing challenges faced by firms during peak periods. Firms will gain immediate access to professionals trained in IFRS and US GAAP, including CPAs, EAs, and Chartered Accountants. Verito's VeritSpace platform is designed to ensure that distributed teams can operate seamlessly, eliminating delays and optimizing performance.
“By merging our high-availability cloud infrastructure with AcoBloom's successful CoSourcing model, we are empowering firms to effectively utilize global talent. Our platform is engineered for exceptional speed and performance,” said Jatin Narang, CEO of Verito Technologies.
Supporting Business Growth
The partnership between Verito and AcoBloom not only supports firms in overcoming operational hurdles but also enables them to focus on building strategic client relationships. With Client Advisory Services witnessing median growth rates of 16% and net fee increases of 25%, adapting to these changes is crucial for enhanced profitability and competitive advantage.
The Future of Accounting Outsourcing
Market forecasts indicate that the global finance and accounting outsourcing market will reach approximately $56.42 billion by 2030. Presently, around 60% of CPA firms are already outsourcing some functions, with 65% considering an increase in their outsourcing efforts. This trend emphasizes the need for reliable partnerships like that of Verito and AcoBloom.
Cost-Effective Solutions for CPA Firms
One of the standout advantages of the Verito and AcoBloom partnership is the substantial cost savings. CPA firms can expect between 50% and 66% savings through AcoBloom's CoSourcing model, allowing them to optimize resources while maintaining service quality.
Additional benefits include dynamic scalability, which allows firms to adjust their resources in response to varying demands during the tax season, and robust security measures that comply with FTC Safeguards Rule, SOC 2, and IRS standards. Moreover, firms can save an impressive 31% of their time, enabling a refocus on high-value advisory services.
About Verito Technologies and AcoBloom
Verito Technologies specializes in high-performance cloud hosting tailored exclusively for tax and accounting professionals. Their commitment to a reliable infrastructure is underscored by a 99.999% uptime guarantee, allowing firms to work with confidence. AcoBloom International, founded in 2008, offers outsourcing solutions for tax, accounting, and audit support worldwide through a proven CoSourcing model, meeting the highest security standards, ensuring efficiency and quality for CPA firms around the globe.
Frequently Asked Questions
What is the goal of the partnership between Verito and AcoBloom?
The partnership aims to help CPA firms access skilled offshore talent while enhancing efficiency through cloud hosting solutions.
How does this collaboration benefit CPA firms?
Firms can reduce operational costs, enhance service delivery, and address workforce shortages effectively.
What specific services can firms expect?
Firms will benefit from skilled professionals in tax, accounting, and audit support and improved cloud infrastructure.
What are the anticipated trends in CPA outsourcing?
It is projected that the global finance and accounting outsourcing market will grow significantly in the coming years, with most CPA firms increasing their outsourcing activities.
How can firms get started with this partnership?
CPA firms can start by accessing a complimentary consultation and exploring the services offered through the partnership.
