Smart businesses today recognize the power of an offshore accountant. Thanks to advances in technology, the traditional business landscape is changing. The world has opened up for more people to communicate and to collaborate with each other.
Companies today are taking full advantage of what an offshore team can do for them. Whether they are a medium, large or listed business, they can leverage any role to anyone who is qualified at a lower cost locally. Accounting roles, in particular, are being sent offshore. You may be thinking that it is peculiar for a role with important functions not to be done locally. However, offshoring has shown that any role, from accounting to back office support, can be handled by a team you form.
In fact, if you haven’t thought about hiring an offshore accountant, your competitors may already have.
The Importance of Accounting Services
When you hear “accountant,” there is often a basic grasp of what their job entails. Most understand it as “working with numbers” or making sure people get paid on time. These are very important functions on the surface level, but accountants do much more than that. They prepare documents and assets to map out the entire fiscal year and assess the current financial situation just for starters. More experienced ones act as advisers and can recommend particular financial actions through their in-depth analysis of the field.
A Premium Offshore Accountant
Because accountants hold such vital roles in a company, the cost of employing a specialized team is not cheap. There may be some accomplished accountants available locally, but hiring them – let alone one – could be detrimental to your overall finances. To address this, companies today understand that they have potential accountant candidates offshore.
Let’s compare a few figures. On average, the cost to employ one accountant locally would cost about $ 55,000 annually. This also includes the fixed costs that come with hiring locally. When hiring an offshore accountant out of the Philippines for instance, the cost drops to just $ 20,000 annually. The cost to employ a single accounting employee in Australia or Canada would translate to a small, specialized team in the Philippines. This also allows you for an increase in capacity without expanding costs.
Success Through Adaptation
Just a few years ago, the idea of hiring an offshore accountant would have been considered absurd. But with the emergence of cloud-based technology, better online communication and offshoring becoming a viable strategy, an offshore team is becoming more than ever. Companies, regardless of size, can operate on a much bigger scale through offshoring.
If You Don’t, Your Competitors Will
To put it bluntly, a business will immediately fail in today’s modern era if they do not embrace the changes in its industry. Companies that adapt to offshoring are more flexible and cost-effective, allowing them provide quality service at lower rates. Traditional roles are being redefined through offshoring and that includes those in the finance industry.
Hiring an offshore accountant will let your company spend more time and resources to value adding tasks. Your local team can devote their skills to more client-oriented efforts while your offshore accountant focuses on administrative roles. it The responsibility of finding the right person for the job falls on you as well, meaning you have more control and security over highly sensitive data like your finances.