Client Overview KMK: A Strategic Partner for US-Based CPA Firms

KMK has helped numerous CPA firms streamline their operations and achieve their growth goals. This case study highlights how KMK helped a midsize CPA firm in the US overcome their challenges within the operations and streamline the processes in a scalable manner. The CPA firm (firm) is based out of Denver, Colorado managing a client base of about 2,700 including 1,000 businesses and more than 1,700 individuals. The firm is providing both accounting and tax services to its clients. The firm is a well-known CPA firm in its area and in business for over 17 years.

Client’s Challenges

The firm was struggling to keep up with their growing customer base. They were spending too much time on day-day accounting and tax preparation tasks, which was taking away from their ability to provide high-value advisory services to their clients. Some of their major challenges were:

Increasing workload

Staff turnover

Keeping up with technology

Maintaining quality control

Meeting client demands

Management reporting

Our Solution

The CPA firm turned to KMK for help with outsourcing their accounting and tax services. As a part of an initial assessment, KMK understood the number and complexity of the tax returns that the firm was processing every year.

KMK also understood the number of clients on monthly recurring accounting along with the scope of work and deliverables for each of these clients.

Based on the initial assessment, KMK developed a complete outsourcing model which included an experienced team of 5 tax staff and 2 tax managers on full time basis for tax preparation work. KMK also developed a team of 2 staff accountants to manage the monthly accounting deliverables for its accounting clients.

With the help of this team, the firm was able to prepare and file more than 2,500 tax returns during the year which included business, individuals as well as a few non-profit tax returns. KMK’s tax team prepared returns with 99% completion and accuracy rates. 

 KMK’s tax team collaborated with only 3 tax manager from the firm’s team and were able to turn around more than 2,500 tax returns. The software stack used for this firm was Ultra tax, Sureprep and Canopy for taxes and Quick Books & NetSuite for accounting.

To address the different time zones, KMK’s tax team stays available up to 1PM CST which gives an overlap with US time zones for at least 4 to 5 hours for collaboration. KMK’s tax team used to connect for 30 minutes every day over Microsoft Teams to provide daily updates.

Synergies Created

The partnership between the firm and KMK was very successful, with several synergies created:

The CPA firm was able to reduce its operational costs by outsourcing tax preparation work to KMK by more than 50%.

The CPA firm was able to focus on its core business areas, including tax planning, advisory and consulting services, while KMK managed the tax preparation workload.

The CPA firm was able to meet the increasing demand for tax preparation services from its clients especially during the tax season.

The CPA firm was able to maintain a high level of accuracy in tax preparation work, leading to increased client satisfaction and retention.

The CPA firm was able to maintain a high level of accuracy in tax preparation work, leading to increased client satisfaction and retention.

The firm was able to process more number of tax returns during the season time and also cater to the new clients coming in during the season time.

All-in-one Accounting Solutions Incredibly
Accurate Work

Experience the peace of mind that comes with incredibly accurate work from KMK. Our team of professional accountants ensures that your financial records are accurate, reliable, and compliant with all relevant regulations. With KMK, you can trust that your financials are in good hands, leaving you free to focus on growing your business. Contact us today to see how we can help streamline your accounting and improve your bottom line.

For U.S. Based CPA Firms Are you looking for remote staff for CPA firm?

Accounting services are not highly profitable for CPAs, and that’s precisely where our CPA firm clients leverage our services. We can do it, soup to nuts.

For U.S. Based Businesses Are you struggling with accounting for your business?

At KMK, we offer comprehensive end-to-end accounting services to help your business thrive. From day-to-day bookkeeping to financial statements, our expert team has got you covered.