What Offshore Accounting Services Can You Outsource?

What does non-compliance cost? A staggering $14.82 million.

For both small and large businesses struggling with financial management, this amount far exceeds the cost of hiring an expert offshore accountant.

Don’t let penalties catch you off guard. Investing in offshore accounting is a wise choice, and it's never too late to start.

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What Is Offshore Accounting?

Offshore accounting involves outsourcing your company's finance and accounting tasks to a firm or a business process outsourcing (BPO) company located in a lower-cost country. 

This service has become incredibly popular because it helps businesses manage their budgets and keep track of their records, which is a crucial part of being successful and compliant.

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What Offshore Accounting Services Can You Outsource?

When it comes to running a business, big or small, there's a lot on your plate, especially in the accounting department. But did you know that you don't have to do it all yourself? In fact, many small and medium enterprises (SMEs) are turning to offshore outsourcing to lighten the load. 

So, what accounting tasks can you outsource? Well, there's quite a list! 
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For starters, everyday bookkeeping, which keeps track of your daily transactions, can easily be managed by an offshore team. Then there's handling accounts receivable and payable. This task ensures that money coming in and going out of your business is accurately recorded and managed. Tax preparation, which can be a headache for many, is another task you can outsource to keep on top of your tax obligations without the stress.

For businesses needing a deeper dive into their finances, forensic accounting services can help uncover any discrepancies or fraudulent activities. Preparing financial statements, an essential task for understanding your business’s financial health, can also be outsourced. Lastly, for those looking into the future, financial analysis and planning can help you make smart decisions to grow and sustain your business.

Outsourcing these complex and time-consuming tasks not only saves you time but also gives you access to experts who are more experienced and qualified, allowing you to focus on what you do best: running your business.

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Why Do Businesses Use Offshore Accounting?

Several compelling reasons make this choice attractive and practical for companies seeking to thrive in today's competitive market.
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Save more when you hire offshore

The difference in cost between local and offshore accounting services can be quite significant. This huge cost benefit is one of the main reasons companies look offshore for their accounting needs. 

In May 2022, the median annual wage for accountants and auditors was $78,000. But when you hire through MultiplyMii’s offshore staffing solutions, you can potentially save 80% on labor costs!

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Hire people who can do the job right

Finding the right talent for accounting roles can be challenging, especially with tight local employment markets. Also, 2022 saw the lowest number of exam takers since 2006, with over 67,000 taking the CPA exam compared to its 72,000 strong exam takers in 2021.

The global reach of offshore accounting opens up a world of possibilities for you. By offshore staffing, you tap a pool of talented professionals who can meet and exceed your business's needs. This is especially useful in areas with low unemployment rates, where finding the right local talent can be like searching for a needle in a haystack.

And the best part? This doesn't mean they're sacrificing quality, reliability, or security. MultiplyMii helps you connect with skilled remote Filipino talent to help your business.
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Manage your people’s workload better

Every business has its ups and downs, times when the workload suddenly shoots up. This could be during the busy season or on specific dates known for high activity. 

Offshore accounting services offer flexibility in these times, allowing you to hire a team on a short-term basis. This means they can manage the increased workload without overburdening their permanent staff.

Take off pressure on your in-house staff

When the workload becomes too much, it can lead to burnout and a drop in the quality of work. Offshoring some accounting tasks means your team can focus on core business activities, leading to better performance, higher quality output, and, potentially, increased profits. 

Offshore accountants help manage costs and workload spikes and enable you to keep your in-house team focused and efficient.

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Qualities of a Good Offshore Service Provider

When choosing an excellent offshore service provider, you’ve got to be smart. Keep an eye on these qualities before partnering with a company to help you with your accounting function.
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Reasonable pricing

First and foremost, the cost advantage is a big reason to go offshore, but that doesn't mean you should pay as much as or more than you would for an in-house team. 

A good provider offers competitive pricing that reflects the cost savings of offshoring without compromising on service quality. MultiplyMii, for instance, can source and vet an accountant and allow you to save 73% for that role.
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Seasoned staff

The strength of an offshore team lies in its expertise. 

Look for a provider with a roster of highly skilled and experienced accounting professionals who understand their field's intricacies and adhere strictly to standards and best practices. 

You can tap MultiplyMii’s network of over 100,000 passive candidates and find your remote accounting professional to help you with your accounting needs excellently.
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Client-centric approach

A great offshore service is one that truly cares about your business. They should be willing to understand your specific needs and tailor their services accordingly, ensuring that everything is done just the way you need it.

We’ve helped our client in Australia hire an experienced financial controller for $1,500 per month. As their company grew, they needed an expert to oversee cash flows and supply chain finances—someone capable of managing the numbers and transforming them into actionable insights.
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Reliability and trustworthiness

When you outsource your accounting, you trust another company with sensitive financial information. It's essential, then, that your offshore provider is skilled, utterly reliable, and trustworthy. They should safeguard your data as if it were their own.
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Up-to-date technology

In the fast-evolving world of finance, being technologically behind can mean missing out on efficiency and accuracy. 

Your offshore staffing partner should connect you with an efficient individual knowledgeable of the latest accounting technologies and tools. An accounting expert can offer you the best possible service by staying at the cutting edge of their industry. Moreover, you won’t have to worry about spending time on training. 

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An excellent offshore accounting service provider can make all the difference in streamlining your financial operations, enhancing your business's efficiency, and ultimately contributing to its growth and success.

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Connect With an Expert Accountant for Financial Success

At MultiplyMii, we understand how a skilled accountant plays a role in achieving financial success for your business. 

We have over a decade of experience in remote staffing and a proven track record of helping companies harness the potential of Filipino talent.

We are confident we can connect you with an accountant who can be your strategic partner in optimizing your financial operations and driving growth.

Take the next step towards financial excellence and schedule a consultation with us today!