This process includes cross-checking financial statements, receipts, bookkeeping, and payroll. Provide training to ensure the offshore team understands your business processes, use of technology, and company culture. Offshore teams often operate in well-structured environments that focus on productivity and efficiency.
Acquiring knowledge about offshore accounting can substantially impact your accomplishments. Explore our Offshore Staffing Services, specializing in offshore accounting solutions. We empower CPA firms by connecting them with our dedicated offshore accountants. With our offshore accounting services, CPA firms can enhance their teams and capabilities, focusing on growth and client service excellence. What’s more, with the cisco application policy infrastructure controller apic growing adoption of international business practices, the flexibility and scalability offered by offshore accounting services are essential.
Choose the right offshore accounting service provider
One good thing about hiring offshore services is that they get to hire a team for a short period, either within their peak season or on red dates. Most companies use offshore accounting to manage workload when the demand gets high. Everything from basic bookkeeping and management accounts to tax accounting, and even CFO advisory can all be done effectively from overseas. Seamless communication is the cornerstone of a successful offshore relationship. Language barriers or significant differences in time zones can hamper effective communication and slow down processes.
You manage your team just as you would in your office; they work the jobs, tasks and hours you want. Simply contact us through our website, and we’ll schedule an initial consultation to discuss your needs and create a customized plan for your accounting and tax requirements. We have strict confidentiality agreements with our team members and utilize secure communication channels. Additionally, we limit access to your data to only those team members who need it for specific tasks. Yes, all companies must prepare their accounts to reflect the correct financial position of the company. They are obligated to prepare these for every financial record the company makes.
Engagement Management System (EMS)
- Regardless of your company’s location, preparing accounts in line with local corporate legislation is crucial for shareholders and directors to make informed decisions.
- You manage your team just as you would in your office; they work the jobs, tasks and hours you want.
- Offshore accounting offers high-quality services at a fraction of the cost of hiring in-house staff, and the outsourced team can feel almost the same as an in-house staff.
- Outsource your services, sit back, relax and let us take care of your deadlines.
Outsourcing accounting to an offshore company can give you accounting books without any mistakes and an expert opinion on your firm’s finances. You can go through the pros and cons discussed in this article to decide whether offshore accounting is suitable for your business. With offshoring, you have the freedom to hire talent with high expertise, someone who can fulfill your specific work requirements. Payroll services include calculating your employee’s salaries and applicable tax, printing and delivering checks, etc. Payroll services can help you maintain precise records of employee salaries and cash flows, which often gets complicated as your team gets bigger. Outsource Accelerator is the leading Business Process Outsourcing (BPO) marketplace globally.
Why Companies Hesitate with Offshore Accounting (And How to Overcome It)
Join the hundreds of companies that Offsite Office has helped by building a dedicated team that becomes an integral part of your organization, managed by you. These days, it’s increasingly difficult to find the right talent, especially for hard to find positions such as Senior and Staff Accountants. Without enough talent on your team, the rest of your team ends up being overworked and unable to achieve their goals. Once approved, we hire them and provide them with all of the necessary infrastructure to do their jobs – PC’s, office space, internet, email, phone and any applications required. According to the US Bureau of Labor Statistics, the number of employed accountants has decreased by 17% from its peak in 2019 while salaries skyrocketed. We meet and understand your business goals and the requirements for each position and then find the perfect candidates to join your team.
Hammerjack is an Australian-owned company based in the Philippines, employing accounting experts. This accounting firm has worked with global brands like American Express, General Electric, and AT&T Inc. In such situations, you can outsource accounting to an offshore firm where accountants are more skilled. Or, your full-time accountant may not be trained enough to carry out complicated work like tax calculation or payroll processing.
Cashflow Management
They are capable of fully safeguarding your financial information and maintaining confidentiality. In an offshore team setup, most of the work, like transferring accounting data and recording data, is done online. And that’s why data breach is one of the primary concerns for many business owners looking to offshore their company’s accounting function.
You won’t have to shed extra money for hiring, preparing, and managing your team since they get to share these responsibilities with you. You get to shed employee salaries, costs, and resources needed to start their operation. Offshore accounting also helps them take care of their employees better by maximizing their time to improve their skills.