Accounting is a core function in any business. The confidential, delicate nature of handling and managing company finances is not something you can easily skirt around. The tracking and managing budgets, complying with all local labour laws, and understanding financial viability are some of the roles of an adept accounting department. These also highlight the importance of offshore accountants and what they do.
Over the past few years, companies have been hiring full time offshore accountants to join their in-house team. On paper, this may seem complicated and, at times, unneeded. Especially considering the aforementioned confidentiality that comes with accounting. However, today’s technologies make it easier for people to collaborate regardless of where they are in the world. This goes the same for accounting and working with offshore accountants. By understanding what goes into the process and the benefits, you get a better idea of why more companies now hire them.
A Surprising Role to Offshore
Given what a finance department handles on a daily basis, offshoring their functions can seem surprising. However, businesses of all sizes are now able to take advantage of offshored finance roles. At the centre of this are the accountants that can help manage your business. Because an offshore team is an extension of any local team, the same can be said for offshore accountants. With the amount of talent found offshore, companies are seeing the value in accountants who can fulfil their objectives without higher costing.
To that end, businesses found success in offshoring key finance tasks. For instance, a large online retailer expanded their offshore team to include accountants because offshoring has shown that any of the roles listed can be handled at very high levels.
Offshore Accountants at Glance
When talking about what offshore accountants can do, it’s best to understand what they bring to your business. The term “accountant” in general often puts focus on payroll services. They are often responsible for handling employee salaries and can calculate applicable changes and benefits as a business grows.
However, their role goes beyond ensuring salaries are delivered on time and properly. They are also experts in financial administrative tasks like bookkeeping and accounting. To help attract investors, they can organise and classify all financial transactions and statements for business plans. Accountants are also responsible for handling accounts receivable and payable. They handle the money owed to their company while handling what they owe to their vendors.
Aside from these functions, great accountants are also analytical and highly adaptable. They have their ear on industry changes and can provide input into any potential economic impact. Accountants that display good interpersonal skills can effectively communicate finance-related matters to those who may require it. Because they work offshore, they take extra steps in ensuring data confidentiality and security by handling sensitive information with the utmost care. With cybersecurity becoming a more prevalent issue these days, this is an important trait to have.
Major Benefits to Offshore Accountants
So what do offshore accountants bring to the table? Let’s briefly look at offshoring as a service. When working with a great offshore service provider, you are given access to a high level of talent. These providers will find the right person to fill out even the most niche roles being looked for. Offshore accountants are no exception to this. Looking for those who specialise in financial planning and costing? How about someone with extensive knowledge of tax laws that keep companies afloat? Maybe even a mix of both? Chances are that an offshoring provider can find the accountants that you need.
As part of an offshore team, they provide high quality services at a lowered cost. Businesses often talk of having peace of mind knowing that key administrative tasks are being handled by their offshore accounting team. Knowing that they are experts in their field who are dedicated full time to their company certainly adds to this.
Consider also the flexibility an offshore accounting team provides. It’s true that time zone differences can be a challenge early on. But these businesses provide around-the-clock services for their clients globally. Your onshore and offshore accounting teams can handle different countries with the highest level of service possible.
Becoming More Global
If you’re new to offshoring, working with accountants sounds beneficial for several reasons. While true, it’s important to temper expectations and ground them before considering working with them. That is, the results that you want will not happen instantly. Offshoring is an involved process and requires focused commitment in building the team you want. This is on top of good team management and engagement to align them with the goals you have set for them. Remember that they are working with you and are part of your local team. As such, they should be given the same care and attention to work to their full potential.
Sure, there may be difficulties and speed bumps along the way. But the benefits in the long run will help your company grow on a more global platform. By working with an accomplished offshore service provider, the process can be a seamless and positive one.
Citations:
Brookes, Chuck. “Cybersecurity Trends and Statistics for 2023; What you need to know.” Forbes, 14 Mar. 2023.
HGS Offshore Staffing Solutions. “How an online retailer found success with offshoring” HGS Offshore Staffing Solutions, 3 Feb. 2023.
