Have you ever considered hiring an accountant that works remotely for your business?? Outsourced accounting services have become more mainstream these days. So here are 5 reasons you could consider when hiring an offshore accounts team member.
There are many benefits to hiring an offshore accounts team member for your accounting department. Perhaps the most obvious benefit is that it can save your company a lot of money.
Is it better to outsource accounting services than employ a local?
The answer to this question largely depends on the type of business you have and its accounting needs.
Some businesses are better suited to outsourcing their accounting services than others.
What is outsourced accounting?
Outsourced accounting is the process of hiring a third-party accountant or firm to handle all or part of your company’s accounting needs. This can include tasks such as bookkeeping, preparing financial statements, and filing taxes. Businesses often outsource their accounting services in order to save time and money, receive expert advice and support, and reduce the risk of mistakes.
Key factors to consider when hiring an outsourced accountant
There are a few key factors that you should consider when deciding whether or not to outsource any position within your accounts department.
Cost savings are likely to be the main driver for businesses considering outsourcing their accounting function.
An offshore accountancy team can offer a very cost-effective solution, particularly when compared to employing equivalent staff locally. Offshore accounting services usually charge much less than their Australian counterparts. But there are other reasons a business should consider using outsourced accounting services to perform accounting functions for your business. In this blog post, we will discuss five of those reasons.
Reason # One: Cost Savings
Accounting services outsourcing typically costs a fraction of what it would cost to employ a locally based dedicated team member from Seek or a recruitment agency. For businesses that are looking to save money, hiring an offshore accountant is a no-brainer. You could save up to 50% on your accounting costs by going offshore.
Reason # Two: Access to Expertise
Another reason businesses should consider offshore accounting services is that they can gain access to a wealth of expertise. offshore accountants usually have a lot of experience working with businesses in a variety of industries. This means that they can offer valuable insights and recommendations to businesses.
Reason # Three: Flexibility
Offshore accountants are also typically more flexible than their Australian counterparts. This means that they are more likely to be able to work around your schedule and meet your deadlines.
Reason # Four: Language Skills
Another benefit of offshore accountants is that they usually have language skills. This can be beneficial for businesses that need to communicate with their offshore accountant in a language other than English.
Reason # Five: Convenience
Finally, offshore accountants offer convenience. This means that you can have your accounting work done without having to leave the comfort of your own home or office. Plus, you can communicate with your offshore accountant via email or Skype.
It can be a big decision to outsource such an important part of your business, these are just a few ideas. Contact Our Accounting Division to ask about even more reasons why it can be a great idea.
What types of Accounts positions can you outsource?
When it comes to outsourcing an accounting function for your company, there are a few different positions that you might consider.
Accounts payable and receivable clerks can help keep your books in order and make sure that all payments are processed correctly.
Payroll officers or Payroll managers can take on the responsibility of ensuring employees are paid on time and in the correct amount.
Financial controllers can help you keep track of your company’s financial reporting and create financial statements to make sure that all spending is in line with your budget.
You can also hire a dedicated bookkeeper, payroll services, tax experts, CFO services, or an entire accounting department.
Overall, an offshore accounts team can help you manage your financial data more effectively and ensure that your business runs smoothly.
How does outsourced accounting services work?
Typically, the accounting outsourcing provider will work with your company to understand your business processes and then build a system that conforms to those processes. The accounting services can include anything from setting up accounts and bookkeeping procedures to preparing financial statements and performing tax planning and preparation. In most cases, you will continue to manage your own day-to-day operations, but rely on the outsourced provider for all or some of your accounting needs.
What are the key benefits to outsourcing accounting positions in your organisation?
The key benefits of outsourcing accounting are convenience, cost savings, and expert support. When you partner with an experienced accountancy outsourcing firm, you can rest assured knowing that your finances are in good hands. Plus, you’ll have access to a team of professionals who can help you grow your business and make sound financial decisions.
If you’re considering outsourcing your company’s accounting, be sure to ask the provider about their experience in the industry and their ability to meet your specific needs. Also, make sure to review the provider’s pricing structure and compare it with the cost of hiring a full-time accountant. By taking these steps, you can be confident that you’re making the best decision for your business. When it comes to accounting, there are a lot of things to consider – from who will manage your books to what services you need help with. Outsourcing can be a great way to take some of the stress out of this process and ensure that your finances are in good hands.
What Does Outsourced Accounting Include?
There is no one-size-fits-all answer to this question, as the services included in outsourced accounting can vary depending on the needs of each business. However, common services that are often included are bookkeeping, preparing financial statements, and filing taxes. It’s important to work with an accountant who understands your specific needs and can provide a custom solution that meets those needs.
Why Outsource Your Accounting?
There are many reasons why businesses choose to outsource their accounting services. Some of the most common reasons include saving money on salaries, office space and IT services.
Who can benefit from outsourced accounting
Any business can benefit from outsourced accounting services. However, businesses that are growing rapidly or have complex accounting needs are more likely to see the biggest benefits from outsourcing. By working with an experienced accountant who specializes in outsourced accounting, these businesses can save time and money while still keeping a close eye on their finances.
How to choose an outsourced accounting provider
If you’re considering outsourcing your accounting, it’s important to choose a provider that is experienced and reputable. Be sure to ask about the provider’s experience in the industry and their ability to meet your specific needs. You should also review the provider’s pricing structure and compare it with the cost of hiring a full-time accountant. By taking these steps, you can be confident that you’re making the best decision for your business.
What should I consider before hiring an offshore accountant?
They can save you money – One of the most appealing reasons to hire an offshore accountant is the cost savings. By working with an accountant who is based in a low-cost country, you can save a significant amount of money on your accounting and tax bills.
You should consider what is important to you. Good spoken English or high academic standards.
People in Philippines usually have good English skills whereas people from India are usually highly educated with a high degree of competency.
An offshore accountant that you hire should be trained in the tax laws of your country. A high-quality outsourcing provider should supply you with Accounts staff that know and understand the relevant tax laws of your country. The best outsourcing provider will also give your new employee ongoing training.
Outsourced Accounts staff can handle your accounting and bookkeeping. – Many offshore accounts team providers offer a full range of services, including accounting and bookkeeping. This means that you can outsource all of your financial administration to one provider, making life much simpler for you.
Offshore finance staff are easy to work with – One of the great things about working with an offshore accountant is that they are usually very easy to communicate with. Thanks to modern technology, it’s easy to stay in touch via email and Skype, so you can always be sure that you’re getting the best possible service.
They can provide peace of mind – knowing that your finances are being handled by a professional can be a huge weight off your mind. With an offshore accountant or accounts team member, you can relax knowing that your accounts are in good hands.
What should I look for in outsourced accounting service?
When looking for outsourced accounting service, it’s important to consider the following factors:
One of the most important things to consider when hiring an offshore accounts team member is the cost. Make sure you get quotes from a few different providers so that you can compare prices.
The level of service offered
It’s important to make sure that you will be getting the level of service that you need. For example, some providers may only offer bookkeeping services, while others will also prepare your tax returns.
A professional Outsourcing provider should be able to fill any role in your Accounts department.With systems and process to make it feel like the offshore accounts team member feels like they are in the next room.
Another important factor to consider is the location of the provider. If you’re looking for a local provider, then you should consider looking for an offshore accountant who has a branch in your country.
If you need someone who can speak English, make sure that the provider offers this service. If you require assistance in a different language, then be sure to ask about the staff of the provider’s language skills. Its important that you can communicate in English and in email.However the accounting competency and level of work your Accounts team member can provide you is the most important factor you should consider.
The turn aound times
When you’re looking for an outsourced accounting service, it’s important to consider the provider’s turnaround time. Make sure that they will be able to meet your deadlines.
The outsourced accounting providers IT department
It’s up to the IT department to be able to create an IT setup that runs seamlessly within your business. Whether you hire an offshore Accountant, a bookkeeper, an Accounts payable or Accounts receivable remote staff member. A financial controller, Payroll manager, or whoever you employ as a remote employee they must be able to do their job remotely as if they are in the room next door.
By taking the time to consider all of these factors, you can be sure that you’ll find the best possible provider for your needs.
Do’s of hiring an offshore accounts team member for your company.
– Research different accountancy outsourcing providers to find the best fit for your business.
– Make sure the firm is qualified and has experience in working with businesses in your industry.
– Ask for references from other businesses the offshore accounting firm has worked with.
– Negotiate a contract that outlines the services to be provided and how much it will cost.
Don’ts: when considering an offshore accounts team member for your company
– Don’t assume that all accountancy outsourcing providers are the same. Do your research to find the best fit for your business.
– Do not hire an offshore accounting firm without first checking their qualifications and experience.
– Make sure you remember to ask for references from other businesses the offshore accounting firm has worked with.
– Never sign a contract without negotiating the terms and conditions first. Make sure you understand what services will be provided and how much they will cost.
Hiring an offshore accountant or accounts team member can save your business time and money. Consider the cost, level of service offered, location, language skills, and turnaround time when looking for an offshore accountant. Do your research to find the best provider for your needs.
If you’re interested in hiring an offshore accounts team, contact us at Our Accounting Division today for more information. We can provide you with a list of qualified candidates who are ready to help your business grow.