As the competition for top accounting talent continues, business leaders must think outside the box \u2014 <\/span>and even out of the country<\/span><\/i>. Here\u2019s why working with offshore accountants can resolve your organisation\u2019s talent gap concerns.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Offshore accountants are accounting professionals from another country<\/a> who work in a remote or virtual setup. Despite their location, they can deliver most of the services you get from local and\/or internal hires. Examples are accounting, bookkeeping, compliance, audit support, preparation of tax returns, and financial reporting, among others.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n However, there can be some limitations to their services. For instance, because they work from another country, they may not have sufficient authority to lodge taxes. The same goes for auditors who need to do a lot of on-site work.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n In most cases, offshore accountants can be better suited for middle- and back-office roles. They\u2019re a good addition to your core accounting team, especially when your in-house employees are already being stretched too thin. Offshore accountants can handle all the grunt work as your core team focuses on more pressing concerns.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n You must also note that offshore accountants can either be someone who\u2019s employed in an outsourcing company or one who offers services as a freelancer. As long as they\u2019re working from a foreign country \u2014 especially in low-cost nations with a different time zone \u2014 and they\u2019re not your direct legal employees, they can be considered offshore accountants.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n Freelance offshore accountants can be ideal if you only need short-term or hourly engagement. It\u2019s also an option if you\u2019re not planning to expand your offshore team.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n But if you need long-term accounting support that you can scale when needed, then it\u2019s best to work with a specialised accounting outsourcing company. The following section discusses why it can be the better option.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n It\u2019s normal to feel hesitant about sending accounting work abroad. But with the right offshoring partner, it\u2019ll be easier to increase your department\u2019s ability to handle more work. It can be even more advantageous if you look at the convenience and cost savings it brings.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Let\u2019s look at the reasons why outsourcing offshore accounting services and working with an offshore accountant can be a good move for your company.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Most outsourcing companies offer end-to-end accounting solutions. This means that once you sign a contract, they\u2019ll take care of everything on your behalf, including sourcing and recruitment.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u201cI don\u2019t have to think about resourcing and staffing, and that\u2019s part of why I want an outsourcing firm. I don\u2019t want to have to think about staffing. I want you guys to think about staffing,\u201d shares Remco Marcelis, the co-founder and CEO of Standard Ledger.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Marcelis first explored outsourcing in 2015. Back then, he shrugged off the idea of working with freelance bookkeepers since he wants to find \u201ca firm with enough depth\u201d and can be a backup \u201cin case something goes wrong\u201d with his startup.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u201cI didn\u2019t want to rely on one person, I\u2019ve got a team. Not a single bookkeeper, but a team. So that if I need more, I have more, and so it scales,\u201d Marcelis added.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Read Standard Ledger\u2019s full case study here<\/span><\/i><\/a>.\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Choosing to work with offshore accountants means you\u2019ll also get to choose the country where you\u2019d like to outsource from.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Because of this, you\u2019ll no longer be restricted to the available professionals in your area. Instead, you can research which countries have enough qualified accountants at a cost that suits your budget. You can even explore as far as the opposite side of the world.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Once you\u2019ve decided on a country, you can then shortlist the outsourcing companies that meet your standards. From there, you can send requests for proposals or make discovery calls to inform them of the services you need and the qualifications you\u2019re looking for from an accountant.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Reducing operational costs is one of the key benefits of offshore accounting, and it is a compelling reason why many companies are turning to this option.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Outsourcing accounting functions to offshore accounting professionals can result in significant cost savings. It\u2019s because the cost of labor and overheads in countries such as the Philippines can be considerably lower than in developed nations.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n By outsourcing tasks like bookkeeping, financial analysis, tax preparation, and payroll services, you can reduce the cost of hiring and training in-house staff. In addition, you can also save money on overhead costs such as office space, equipment and utilities.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n When reliable offshore accountants have your back, the productivity of your day-to-day company operations can improve.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n An offshore accounting team can offer your much-needed back-end support. As such, your in-house employees can let go of their routine accounting functions and focus on high-impact activities like advisory services, tax planning, and compliance with tax regulations.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n A statement<\/span><\/a> from an executive of a dairy ingredient supplier company backs it up, saying:<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u201cOutsourcing labour intensive practices had allowed our business to scale and grow rapidly in a very cost-effective way and has allowed our [in-house] staff to concentrate on providing a higher level of customer service to our clients which is our competitive edge.\u201d<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n This increase in productivity not only helps you achieve your goals but also makes it possible for your entire accounting department to grow and develop more in-demand skills.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Growth comes with heavier responsibilities. To sustain its momentum, your company must also be prepared to handle it lest it might be too much for your employees.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Through outsourcing, <\/span>along with smart automation<\/span><\/a>, you can scale up your company\u2019s operations without incurring significant costs and become more agile and responsive to changing market conditions.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u201cWe have been able to expand our services and accept more clients. This has also alleviated some of the stress on our U.S. employees. They no longer work the long hours they previously experienced because the offshore team is here to support them,\u201d <\/span>shares one of D&V Philippines\u2019 clients<\/span><\/a>. The client, a public audit firm from the US, tried outsourcing for the first time during the pandemic due to the demand spikes for their services.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Outsourced offshore accountants can help you accommodate these growing needs as they offer comprehensive services tailored to a company\u2019s distinct requirements. This way, you can have access to the specific tools and services necessary to reach your goals.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Even if they work from the opposite side of the world, time zone difference is rarely a problem. Afterall, it\u2019s normal practice for outsourcing companies to adjust their work schedule.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n With this approach, your outsourced team can work simultaneously with your in-house accounting team. If not for the full eight-hour shift, your work schedules can at least overlap so you can still maintain regular communication.<\/span>\u00a0<\/span><\/p>\n![\"An](\"https:\/\/www.dvphilippines.com\/hs-fs\/hubfs\/_DSC9630%20(1).jpg?width=1434&height=600&name=_DSC9630%20(1).jpg\")
<\/span><\/p>\nWho are offshore accountants?<\/span><\/strong><\/h2>\n
7 benefits of working with outsourced offshore accountants<\/span><\/strong><\/h2>\n
1. Address your recruitment concerns<\/span><\/strong><\/h3>\n
2. Get access to an international talent pool<\/span><\/strong><\/h3>\n
Related: A Look Through Southeast Asia\u2019s Accounting Outsourcing Industry<\/a>\u00a0<\/h3>\n
3. Reduce operational costs<\/span><\/strong><\/h3>\n
4. Boost company productivity<\/span><\/strong><\/h3>\n
Read next: Accounting Process Improvement: How to Reduce Inefficiencies<\/a>\u00a0<\/h3>\n
5. Increase scalability and flexibility<\/span><\/strong><\/h3>\n