TRANSFORMING YOUR ACCOUNTING FIRM WITH OFFSHORE STAFFING

Offshore staffing has opened new doors for business organisations in today’s digital world. Companies are always looking for opportunities to gain an edge over their competitors in this tough market, and offshore staffing makes it feasible. One of the industries that leverages offshore staffing to cut down operating costs and streamline functions is finance and accounting.

CPA firms are weighed down with work which leads to employees and accountants being overworked and stressed. The demanding nature of the industry and the shortage of skilled and experienced employees directly impacts accounting firms, forcing them to look for solutions to keep their firms competent and successful. Offshore outsourcing allows these firms to hire talented professionals for various roles who will work exclusively for them. To understand why more and more accounting firms are looking to hire offshore employees, we share with you some of the benefits of offshore staffing that can help you transform your accounting firm.

Access to skilled talent:

It is no secret that tier 1 countries like the US and the UK are facing shortage of talent in many fields and industries. Accounting firms require skilled, experienced, and reliable employees in their ranks to be able to keep up with the industry standards. They cannot risk poor quality or error-ridden work where accounting is concerned. Offshore staffing for accounting firms is an ideal solution to bridge the talent gap. You get access to a large pool of global talent. You can hire from any offshore destination based on your needs and requirements. A country like India has skilled and experienced accounting professionals who are familiar with international rules and regulations. They can provide high-quality services as expected from the firm.

Cutting costs:

As stated above, every company focuses on bringing down operating costs to increase profits. It’s indisputable that one of the most lucrative aspects of hiring offshore employees is the financial gain. Hiring professionals from offshore destinations like India, where the cost of living is significantly lower than that of the US, means accounting firms will have to pay lower salaries. Along with the employee wages, the firm also saves on overhead costs such as office space, hiring expenses, office supplies, electricity, IT hardware and software, etc. Offshore remote staffing provides accounting firms the ability to cut down costs without affecting quality of work.

Offer more services:

Have you thought of taking your accounting firm to the next level by offering new services to the clients? I’m sure a lot of the accounting firms must have, but they were unable to do so because of lack of resources. But not anymore. Offshore staffing provides an opportunity to CPA firms to get started with their expansion. Want to start offering your clients tax preparation services? Now you can by hiring offshore professionals at a significantly reduced price. You won’t have to face hiring challenges or spend excessively to make that possible. So, if you are looking to add services in your firm, consider offshoring.

Time-zone advantage:

Time-zone difference in business usually carries a negative connotation. We understand that working with teams in different time-zones can be challenging for companies. But it can be an opportunity as well. You can get more work done in less time, so to speak. Having a team that begins their working day hours ahead of you allows you to delegate certain tasks and functions that you need done before you start your day. It is a perfect opportunity to stay ahead at work and not waste time waiting for a colleague to get it done.

Offer support round-the-clock:

It’s not uncommon to find accountants working past their usual hours to ensure the work is done and their clients are satisfied. If the client needs you, you show up. But it can also lead to employees overworking themselves, which can impact productivity if done routinely. But hiring offshore remote employees ensures that your clients are provided assistance with their needs during your firm’s onshore non-working hours. Your employees don’t have to spend extra hours outside of work to deal with a client’s issue when your equally professional offshore team is there to help you. Offshore remote staffing allows accounting firms to provide round-the-clock support to their clients which the clients always appreciate.

Extension of your in-house team:

Like we said earlier, accounting is a demanding industry. Accountants and other accounting professionals have to work long and hard to ensure the work is done and timelines are not missed. They also need to put in extra efforts to make sure that there are no errors that may lead to penalties or audits. So an accounting firm with not enough resources may find its employees overworked. But having an offshore team of dedicated individuals means you can delegate work to them. They are an extension of your in-house team. When your in-house accountants are bogged down with work, you can seek help from your offshore team and ensure productivity is maintained.

Get more clients:

If you have your hands full with work of current clients, then you have no room to take on new ones. Full schedule means having to turn away potential new opportunities to grow your business. But sometimes accounting firms lack the resources to scale up their business to accept new clients. The cost-effectiveness of offshoring can help such firms in this situation. An accounting firm can hire new employees in offshore locations without disrupting their budget critically. A firm can scale up with the help of its offshore remote staff. So when new opportunities come knocking, you no longer have to turn it away.

Focus on core business:

Managing an accounting firm is no small task. You have the responsibility of overseeing your employees and to generate revenue. But it can be hard to do it all when all the tasks and functions are being done in-house, even the ones that are not the firm’s core competency. Instead of getting it done in-house, an accounting firm benefits more by moving those functions to offshore locations. It allows you to save your valuable time which can be devoted to looking for new business opportunities and growing your business.

It is unmistakably beneficial to hire offshore staff for accounting firms. It can grant a competitive edge that your firm has been looking for to stand out in this market. Whether it is one job or various roles, offshore service providers offer flexible services to meet your needs. It is time to make the leap and reap the benefits. At Atika Technologies & BPM , we offer comprehensive staffing solutions that can help you elevate and transform your accounting firm.