This guide provides a foolproof system that allows ANY company to succeed with offshore accounting services. This system has helped many companies, such as Sara Lee (now Hillshire brands), leverage access to specialized expertise. As a result, dramatically increase their company’s productivity.
Once you have read this guide, you will know the following:
✔️What to look for in an offshore accounting service provider.
✔️How to approach an offshore accounting company… the right way.
✔️The secret to not just getting work done but getting long-term support in your business.
✔️What never to do when working with offshore accountants
✔️The secret to success with offshore accounting services and watching your business scale to new heights.
Table of Contents
What Should I Look for in an Offshore Accounting Service Provider?
One of the reasons companies thrive is because of great leadership. Great leadership understands the needs of the hour and embraces change early.
Your business’s two most significant value drivers are improving the company’s productivity and process efficiencies. Successful businesses worldwide know that offshore accounting services have a multiplicative effect on companies. (Read here to learn more about the benefits of offshore accounting services.)
However, you might be unsure about where to start with offshoring your accounting services. The first step is to know what to look for in an offshore accounting service provider.
Here’s what you should look for:
Reputation and Experience
Look for a reputable offshore accounting service provider with a proven track record of delivering quality services. Research online. Look for the offshore accounting service provider’s website, social media profiles, and reviews or ratings on platforms like Google, Yelp, or Trustpilot. This will give you an initial idea of their reputation.
Next, check out their client testimonials, case studies, industry reputation, and experience. An experienced provider will likely have streamlined processes and expertise in handling accounting tasks efficiently.
There are many ways to identify whether the offshore accounting service provider has expertise in his field. Some ways are mentioned above, like checking testimonials, reviews, etc.
Financial reporting requirements differ in various countries. Hence, when looking for an offshore accountant, you must know their expertise regarding your home country’s reporting regulations.
Your offshore accountant may be proficient in accounting, but you must know whether he is reliable. Whether he/she can work with you consistently? Because you are about to stake your company’s reputation (with your customers and clients) based on offshore accounting services.
A reliable offshore accounting company will have a real domain, an authentic website, and may also have some social media presence.
Compliance and Security
Inquire about the provider’s internal compliance checklists and procedures to ensure his services will help keep your company compliant.
You have to find a reliable provider who is a good player that you can trust. The outsourcing firm should deliver good results on time. Hence, you must ensure that the provider has robust security measures to protect your financial data and ensure confidentiality.
Types of Services Offered
There’s no point in appointing an offshore accounting service provider that doesn’t provide the services that your company requires.
Hence, determine exactly what type of services your company requires to help you gain time and efficiency.
For example, suppose you require immaculate financials. Then you will require a team to establish perfect records for you and keep them updated. Or suppose you might require the services of a CFO to advise you on your company’s KPIs. In this case, you will require the services of a fractional CFO.
You might be looking to offshore your accounting services for many reasons. For example, you might be looking for specialized expertise or want to reduce your costs.
When hiring someone, you should check the pricing plans the offshoring accounting service provider offers. Many companies have 3-4 plans based on the size of the company.
Check the pricing and compare it to the full-time cost of hiring an accountant. This will help you understand how much costs you are saving. And whether it is really worth it to hire an offshore accountant.
Smooth Sailing: The Right Way to Approach an Offshore Accounting Service Provider
Onboarding an awesome offshore accounting service provider into your business can be the first step in transforming it towards success. However, the journey to finding the perfect partner for your financial needs is not without challenges. (It’s like navigating uncharted waters, where one wrong move can lead to costly mistakes!)
Outsourcing can DEFINITELY save costs, time, and much more effort if done right. Here are some of the procedures that you can carry out to ensure that you have the right approach towards offshore accounting services and be successful with it:
There is a process of onboarding when a company hires a new employee. However, most companies fail to have a proper onboarding process for the offshore accounting services provider. And this can create problems afterward.
A proper onboarding process ensures that the offshore accountant you plan to hire understands your business and that his services align with your requirements.
Starting with a trial period to assess the provider’s capabilities and compatibility with your business can benefit companies in the long run. You can understand whether the offshore company is fit for your business. Because it is a duplication of time if you end up correcting the mistakes of your offshore accountant or if you have to explain to them their tasks (or what exactly you require) multiple times. Then, it is not worth it. This is also why the type of services you require must be communicated clearly during the onboarding process.
Communication and Language Proficiency
Communication gaps may lead to long communication chains, confusion on who should perform a specific task, and delays in providing overall business and technical support.
That is why a clear communication channel is vital to succeed with offshore accounting services.
Again, this is better if it’s communicated during the onboarding process. Ensure the provider understands the time difference and is available to communicate during office hours when you want him/her to.
Communication can be difficult at times. A person from Alabama may speak differently than a person from Minnesota! There can be differences in dialect or language when working with offshore accounting services (or any outsourcing company). Communication can be difficult at times. So, again this has to be discussed beforehand.
Both parties have to be very clear about their goals. They should both work towards bringing clarity to communication.
Service Level Agreement (SLA)
Establish a clear SLA with the provider, outlining the scope of services, performance metrics, response times, and dispute resolution procedures. This document will be the foundation of your partnership and ensure that both parties have clear expectations.
Visit the Office (if possible):
If feasible, plan a visit to the offshore provider’s office to get a better sense of their operation, work culture, and infrastructure.
Have a Recourse When Things Don’t Go Well
As a client, you have to establish that your potential offshoring accounting service provider is a credible business. There has to be something ( e.g., a license) to validate your provider’s business. So establish certain things with your provider that you can do if things are going poorly.
There is no doubt if done right, offshore accounting services help fulfill your company’s goals and let you stay on top of things in a price-efficient manner. Offshoring accounting services have many benefits. Companies that take the right approach toward them successfully leverage their expertise, staying compliant and scaling to new heights.
Expertise Accelerated provides outsourcing and staff augmentation services. We have built a pricing model that allows you to scale. With our experts on your team, you have access to a specialized global talent pool to provide tailored solutions that fit your business needs. We help save payroll costs and deliver process efficiencies. We can help you wherever you are in your journey. You can also strategize better with our experience as we suggest how profits can be increased and costs can be lowered.
Contact us today and secure your position in the ever-changing business landscape.