6 Reasons Why Your Accounting Firm Should Explore Offshoring Opportunities
The U.S. accounting market is a highly competitive one, with clients demanding swift, precise results, and margins growing increasingly tighter with every passing year. However, a relatively new solution to help CPAs succeed and be profitable, is offshoring.
Whether it’s offshore accounting, tax preparation, or offshore bookkeeping, the method of hiring accounting professionals overseas to help CPA firms thrive in the industry, has become a popular one, and with good reason.
Below are just 6 of the many reasons why your accounting firm should explore offshoring opportunities:
- To reduce payroll costs
In the majority of countries from which offshoring services are provided for U.S. firms, salaries are considerably lower, even for skilled professionals, and because they don’t work in an office with you, there are no costly overheads. This means that you can benefit from their knowledge and skills while paying them fairly according to their country, but a lot less than you would in-house staff.
- To gain access to a global talent pool
With the shortage of accounting professionals still causing problems for CPA firms, offshoring to countries like India or the Philippines, gives you ready access to a wide pool of talented and skilled people.
- To make more time for strategic work
Essential but time consuming tasks such as data entry, reconciliations and bookkeeping can prevent accounting professionals from being able to focus their attention on higher value tasks, including advisory services and growth preparations. Outsource these, and you’ll have plenty of time for the bigger things.
- To be more productive
Due to favorable time zone differences, U.S. accounting firms often find that work is being carried out by offshore teams outside of regular office hours, which is good news for the firms as well as their clients, and can mean that tasks requested in the evening U.S. time, are finished overnight and on their desks by the morning.
- To make scalability easier
With the help of offshore accountants, your accounting firm can scale up or down as needed, with ease. No need to lay off workers, or hunt for temporary staff when workloads increase or reduce, as they often do.
- To aid continuity of business and risk management
For regular accounting firms, particularly smaller ones, when a person is on leave for vacation or sickness, their workload may well sit on their desk until they return. When you take advantage of offshore tax preparation services, however, there’s an entire team waiting to handle whatever work you throw their way, meaning that client’s benefit from continuity and your operations can run without a hitch.
While hiring offshore accountants and tax professionals can certainly help struggling CPA firms save money and keep their clients satisfied, it can often be even more beneficial in helping firms strategize for growth. With an offshore team of professionals at your disposal, you can scale up or down, focus on higher value services with the confidence that routine work is being handled well, and even expand your client base.
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