Benefits of Offshore Accounting Services
Offshore accounting services is a great option that changes the way you do business completely. There are countless benefits of offshoring your accounting function.
Selection from a greater pool of candidates:
You can select from a greater pool of candidates and find a more committed and self-driven employee that can work at a more efficient rate than a full-time employee. You can easily find an offshoring firm supervised by an Australian/American CPA or the UK qualified ACCA/CIMA that means now you can have services of the same qualified staff possessing qualifications of your home country.
More profitable:
The cost charged per hour by offshore accounting professionals is much lower than the salary paid to local full-time employees. The business becomes more profitable as it no longer needs to pay full-time employees with housing allowances, car & fuel allowances, holiday and sick pay allowances. The business no longer needs to worry about investments in risky pension funds for employees and end of service benefits. You don’t need to rent expensive office spaces. You just have to pay one monthly bill for all your accounting work.
Reduced burden on H.R. department:
The burden on Human resource department is reduced, as it no longer has the responsibility for hiring employees for the accounting department, that saves time, which can be used for concentrating on departments which cannot be outsourced like production staff.
The benefit of time zone difference:
The offshore company might be working even when your company is closed due to the time zone difference. Which means you will have the latest accounting figures at the start of every day without any overtime from your full-time employees
Greater expertise at lower cost:
By offshoring accounting services, the business can get services of different types of expert staff whether cost accountants, financial accountants or tax accountants at the same hourly rate. In another case, the business will have to hire fulltime cost accountants, financial accountants, and tax accountants, and pay them monthly salaries while the tax accountant is only required at end of the year for filing taxes.
Use of modern technology:
Offshore accounting firms provide services to multiple clients, that are working in different sectors from telecommunications to modeling, traveling. security, hospitality, entertainment, real estate, construction, shipping, fashion designing to health and fitness to name a few. In this way offshoring firms use high-end technology, using extensive software and expensive hardware. So, by using multiple software’s, offshoring companies are in a good position to advise clients on the choice of software. Such extensive use of software’s enables offshoring companies to advise software companies to update software with certain functions that make clients work easier.
Risks are minimized:
By outsourcing accounting function to offshore companies, you don’t have the threat of an employee falling sick or leaving the job without notice and not meeting the deadlines, as offshoring companies have multiple qualified staff, taking care of your work daily minimizing risks of your work getting delayed completely.
Confidentiality:
By offshoring accounting & bookkeeping function to globally qualified Chartered Accountants, you can have complete peace of mind that your information is held with great care. As chartered accountants are legally obliged by law to carry their professional duties with great care and client’s confidentiality stands at the heart of these ethics.
The success of your business becomes our goal:
Offshoring firms thrive for continuously improving the quality of offshore accounting services provided to clients. On their way to improving the quality of service to clients, the success of a client’s business becomes the goal of offshoring companies. This goal congruence leads to the long-term success of both businesses.
Flexible in nature:
Offshore accounting services offer great flexibility to your business. You do not need to make a difficult decision of completely outsourcing the accounting function of your company at once. As accounting function usually comprises of departments like accounts receivable, accounts payable, payroll, financial reporting and maintaining financial records. You can offshore the departments one by one, or you can only offshore those departments you feel comfortable to outsource. You have complete flexibility to offshore only those departments you feel difficult or costly to operate in house and make your business more profitable.
One firm provides you backing for your business in multiple countries:
Offshoring firms have accountants with global accountancy qualifications e.g. Australian/American CPAs or the UK qualified ACCAs/CIMAs who are familiar with law and regulations of different countries, so no matter whether your company has a branch or subsidiary in other countries, your offshoring firm can provide you service for all your businesses. It makes business expansion much easier and cost-effective.
Please contact us to know more about our services.
