The accounting and bookkeeping industry is facing new challenges today, prompting them to explore more cost-effective ways of doing business. In the past decade, many Australian accounting firms have used Offshore Outsourcing to maintain operational efficiency and gain a competitive edge.
According to Deloitte’s 2016 Global Outsourcing and Insourcing Survey, finance and accounting services outsourcing is the top industry to grow over the next few years. Currently, 42% of respondents are outsourcing basic transactional financial and accounting (F&A) processes such as Accounts Payable, as well as non-transactional functions such as financial analysis to offshore outsourcing providers.
Though mostly considered as a non-core task, a high-quality accounting and bookkeeping service for this line of work can provide a company better control over its cash flow, and thereby help them make informed decisions. Hence, outsourced accounting and bookkeeping services definitely help improve the core operations of an organisation.
- Sharing the Burden of Risk
One of the primary reasons of many accounting firms for using offshore outsourcing is to share associated risks to their outsourcing partner. With offshore outsourcing, accountants can rely on their offshore teams to deliver the functions without errors and on time. Moreover, the client need not handle risks such as subject matter expert personnel falling sick before important deadlines or system failure at inappropriate times.
- Reduced Errors
Hiring an in-house expert to check accounting and bookkeeping errors is a time-consuming and expensive process. An outsourced accounting specialist can help accountants conduct multiple levels of review built into the accounting process, allowing them to correct any errors on time.
- Improved Industry Compliance
Accountants and bookkeepers can rely on detailed and up-to-date knowledge of offshore accounting experts on various accounting principles and complex tax regulations, which is more of a necessity these days rather than an option. Having their specialised knowledge will result in improved regulatory compliance.
- Lower Costs of Accessing New Technology
Another advantage of outsourced accounting service is that it allows accountants and bookkeepers to keep up with advanced technology at lesser costs. This cost-benefit of outsourcing allows accountants to leverage new technology crucial to remain compliant for less than the cost of the using old technology. This cost could be even lesser than the upgrade costs that the company would have to invest in.
Equipped with advanced hardware and software, offshore outsourcing providers can help accounting firms look at highly personalised and detailed reports that can save a lot of time while making important financial decisions.
- Full-Control and Transparency
Lack of transparency is what keeps most companies from outsourcing their accounting and bookkeeping functions an unknown overseas entity. Because this line of work involves a lot of personal and confidential financial information, it is only important to choose the right outsourcing provider that enables it a client to have full command of their outsourced task at all times.
The Global Outsourcing offshoring model provides our clients with the convenience of having an Australian-based QA team. This is to ensure secure and efficient task execution and also to make the communication between the offshore team and the client more seamless and convenient. All in all, our model activates a collaborative approach which is crucial to achieving outsourcing goals and objectives.
- Introduce New Services to Clients
With the increasing cost of hiring and maintaining an in-house employee, it is extremely challenging for accounting firms to expand their service offering to their clients. Through offshore outsourcing, accountants can leverage the collective capabilities of their remote team, allowing them to expand their services beyond to what their in-house team currently provides.
In Australia, an increasing number of tax and payroll preparers take help of outsourced accounting and bookkeeping to provide full-service accounting experience to their clients today.
Global Outsourcing’s accounting and bookkeeping outsourcing services help you grow your practice, profitably and effectively. Finance and accounting are the second most popular activity being outsourced by Australian companies in countries such as the Philippines.
With Global Outsourcing, you will be able to cut your staff costs by over 60%, leverage a team of Philippine-based accounting experts, and improve your operational efficiency – allowing you to build a highly profitable practice in the long run.
Contact us today to learn more about our accounting and bookkeeping outsourcing services.