Financial and accounting services are one of the core elements of a business organization. Thus, it is the responsibility of accounting firms and staff to perform their duty with utmost care and dedication. After understanding the weight of accounting work, some of the CPA firms in the US are adopting alternative hiring models to develop a flawless account like offshore staffing for accounting firms.
But, what’s offshore staff and how it is different from outsourcing?
Offshore Staffing Meaning –
Foremost, you need to clear that offshoring and outsourcing are two completely different hiring models. Offshoring stands for the relocation of business operations from one country to another in search of better growth and productivity. On the contrary, outsourcing merely means that contracting a particular job to an external company located globally.
In the context of accounting, remote staffing for accounting firms refers to professional accounting companies like CapActix that provide technical solutions to small, medium and large corporate accounting firms. Accounting companies can delegate selected parts of their work to offshore teams or they can delegate work of an entire department.
Most of the US accounting firms are looking forward to hiring offshore staffing solutions because, in spite of being highly important work, accounting is still not a core operation for various businesses. For example, a company dealing in the manufacturing of socks, for this company accounting won’t be a core work, but still, somehow important. So, these businesses go ahead and appoint accounting firms to handle their work which eventually increases the workload of accounting firms and then they seek solutions in the form of offshoring staffing.
Benefits Related to Offshore Staffing for Accounting Firms
The accounting industry is highly competitive; thus, it is very crucial for new CPA firms to maximize their profits as soon as possible. Profit is one of the major parameters to define growth and expansion for accounting firms. Here, offshoring staff is turning out to be one of those effective solutions with which accounting companies can go on the path of profit.
However, cost efficiency is a very narrow down benefit of remote staffing for accounting firms as there are multiple other unveiled benefits present beneath the offshoring hiring model for accounting firms . For instance –
Benefit #1. You won’t lose a potential client
The best thing about offshore staff is that you have dedicated and qualified professionals at your beck and call. Therefore, your ability to handle bookkeeping and accounting work increases tenfolds. Additionally, if you have hired offshore accounting firms from different time zone like India and the US where they have 12 hours of the time difference in between them, you will be able to provide around the clock services.
So, if you receive an urgent call from your client, then you can instantly take up their work as you have a backup team to support you. This will eventually increase the profit and reputation of a new accounting company among the clients.
Benefit #2. Reduce fear of losing employees
If you are in the accounting business for a long time, then you must know how hard it is to find a competent employee and how difficult it is to retain your good employees in this competitive industry. Companies have to sometimes bear a huge loss if their accountant quits. This blow will be even harder for small and medium scale companies as they have to hire new accountant urgently by paying extra money.
But, if you have an offshore accounting team, then you don’t have to lose your work even if your in house staff quits without giving prior notice. That’s because offshore accounting companies have support from various accounting professionals to tax experts. You just need to contact them for certain services and they will instantly provide that to you.
Benefit #3. High-end quality check
Accounting is a very delicate job – a single wrong entry or miscalculation can cause you great trouble. Business organizations trust the services of professional accounting firms only because they are frustrated with the number of errors and reviews needs in their in-house accountants’ work. But, when professional accounting firms dump lots of work on their in-house staff, then they are not able to pay the required attention to work and this gradually increases the level of errors.
But its good luck that offshore staff can eliminate this problem as you can be more stringent with your service provider and demand quality and efficient work which was mutually agreed upon. With this service, accounting firms can even enhance their operational productivity and business profit.
Benefit #4. Offer something extra to your clients
If you always want to grow your accounting business and want to offer some additional services to your clients like auditing, tax preparation, payroll, etc., Then, you might have to face hurdles in the form of lack of time, limited budget, unavailability of experts and number of other factors.
But you can know to provide extra services to your clients by offspring. Such as if you want to provide tax preparation services to your clients during tax season, then you can offshore service for a limited time only and provide complete financial solutions to your clients under one roof.
Benefit #5. Hire offshore staff suiting your business cycle
Normally, businesses have accounting and bookkeeping workload on the specific duration as per their business cycles that eventually depends on their business structure. For instance, banking and finance organizations have a heavy accounting workload at the end of the financial year as they have to close all accounts.
So, offshoring services for such businesses allow accounting firms the opportunity to easily handle the extra workload on a particular period without increasing the staff. This will offer flexibility to the accounting firms that are pretty hard to achieve.
Benefit #6. High profitability without extra efforts
The prime idea behind offshore staffing for accounting and bookkeeping companies to make more money by reducing back some expenses without disturbing the workflow and putting more effort. In this hiring model, foremost you reduce some expenses by cutting down overheads like part-time wages and other departmental overheads. This offers the opportunity to accounting business owners to utilize their free time in creating marketing ideas to promote their business. By offshoring work accounting firms can increase their business profit in multiple different manners.
Offshore staffing for accounting firms can open up the box of benefits by which they can increase their profit, flexibility, productivity without putting extra efforts. There are plenty of other noncore benefits that can even further be generated by accounting firms by trusting the expertise of the offshore staff.
Now, whether you want to hire offshore staffing services to handle the work of your entire accounting department or one particular job, you can contact Professionals and get a deep briefing from our managers.