Most in-house accounting staff are stuck doing too many tedious and time-consuming responsibilities like administrative tasks and bookkeeping tasks. Thankfully, these can easily be left in the hands of accounting professionals across the globe – offshore tasks that are priced at competitive rates, which is great for keeping your practice afloat despite the many uncertainties that come with firm ownership.
With the right amount of research, you can tap the best possible offshore team for your firm’s accounting tasks. This is why firm owners should make sure that the offshore accounting services they use are top-quality so that their in-house teams can focus on day-to-day operations tasks with utmost confidence.
If you’re considering offshore accounting, then this list is your guide to which accounting tasks to assign to your chosen offshore team.
Accounting Tasks that Can be Completed Offshore
Offshoring accounting tasks refers to the practice of assigning responsibilities and activities within accounting firms to third-party service providers in different geographic locations. There are advantages of utilising offshore accounting services for accounting businesses looking to streamline their financial operations, as well as some complexities.
1. Tax Preparation and Advice
Most people think of tax preparation as one of the most difficult accounting tasks in the field. After all, tax – and everything it entails – requires quite a lot of time, effort, energy, and attention to detail. When you delegate tax-related accounting tasks, your team needs to be well-versed in tax savings opportunities, audit support, and estimation of tax responsibilities, among many others.
To ensure smooth and seamless tax preparation, get offshore staff that specialise in accounting tax laws and regulations. Aside from the high level of tax expertise from your offshore team, you can also enjoy the benefits of accounting services at a competitive rate.
One example of an excellent use of your offshore staff’s tax preparation skills is for funds. Since firms are expected to comply with strict tax and compliance regulations, trustees must stay informed about their obligations to the ATO, so they turn to professional offshore accounting advisors – complete with licenses and certifications – to avoid any potential pitfalls.
2. Administrative Tasks
Administrative tasks like billing and human resources management can be costly and can take up too much of your capacity too. This is why administrative tasks offshored, and for many good reasons. One of the reasons to offshore accounting tasks like administrative tasks is because it allows organisations to reap the benefits of lower labour costs and reduce operational expenses.
Offshoring administrative accounting tasks also enables organisations to tap into a global talent pool and access specialised skills that may not be readily available locally. When you offshore your accounting tasks, this can lead to improved efficiency and effectiveness in financial processes and increased competitiveness in the marketplace.
Lastly, managing offshore teams for your firm’s administrative tasks can also allow your businesses to operate around the clock by leveraging time zone differences. This ensures continuous support and timely completion of accounting activities. Overall, administrative tasks in accounting should be a strategic opportunity for accounting firms to optimise their operations, enhance their productivity, and drive growth in an increasingly globalised economy.
3. Bookkeeping Tasks
Bookkeeping tasks involve recording all financial transactions, categorising expenses, reconciling bank statements, and generating financial reports. When you tap a company for offshore bookkeeping services, your global accounting team must make sure that your company’s financial information is organised and up to date, sales are tracked, cash flow is monitored, and tax returns are prepared accurately.
Accounting firm owners naturally want to spare themselves from possible losses due to human errors when accomplishing accounting tasks. When you hire an offshore bookkeeper, you can benefit from the transfer of all the necessary research, filtering, verifying, and rechecking from your long list of bookkeeping tasks onto the hands of accounting professionals around the globe.
4. Offshore Virtual Assistant Tasks
Executive virtual assistants who specialise in accounting are more in-demand today than ever. Some of the most common offshore virtual assistant tasks in accounting include managing emails for your accounting firm, scheduling appointments with accounting clients, data entry in your firm’s databases, and making task lists for accounting work, among other responsibilities that are stated in their job description.
If your firm hires an offshore virtual assistant, it will benefit from a multi-skilled extra hand for your firm’s operations tasks with significantly lower labour costs, too. However, it’s essential for businesses to carefully select and train their offshore VAs – especially your chosen virtual executive assistant to ensure their credibility in the field of accounting, which is evident in the quality of their outputs.
Accounting firm owners should look for strong organisational skills and attention to detail when executing accounting tasks, excellent time management abilities, and proficiency in relevant accounting software tools as the crucial qualities of an accounting offshore virtual assistant.
5. Financial Services
Going beyond operations tasks, sourcing financial services from across the globe can help your accounting firm establish its offshore presence. Offshore jurisdictions often provide greater investment opportunities and financial flexibility through easily diversifying holdings across international markets. These services also facilitate global trade and business expansion for your accounting firm by simplifying cross-border transactions and reducing regulatory burdens as well.
Managing offshore teams that offer financial services also provides your firm with increased privacy and confidentiality, shielding your assets from potential creditors or prying eyes. Overall, offshore financial services open opportunities that would otherwise not be available among companies providing accounting services within your own home country.
6. General Operations Tasks
Beyond the usual accounting tasks like the aforementioned administrative tasks or bookkeeping tasks, you can offshore general operations tasks like customer support, IT services, and human resources. When considering offshoring the tasks, your firm should carefully evaluate this decision as much as other accounting tasks.
As we’ve established, one of the many advantages of hiring an offshore team for your firm’s general operations tasks includes reduced labour costs and increased operational flexibility if your setup allows so. Meanwhile, some potential drawbacks may include communication challenges, cultural differences, and concerns regarding data security.
At the end of the day, successfully offshoring your general operations tasks requires meticulous planning, clear communication channels, strong vendor partnerships, and continuous monitoring to ensure seamless integration with your firm’s overall objectives.
Why Your Firm Should Offshore Your Accounting Tasks
One of the top reasons for offshoring your firm’s accounting tasks is because it gives you significant cost savings compared to hiring full-time employees. When choosing offshore accounting services, make sure that they adhere strictly to international accounting standards with strict confidentiality and data security measures to protect your firm’s sensitive financial information.
If you’re worried about the quality of the outputs of your offshore team, it helps if you adopt a comprehensive approach that involves ongoing training and effective management of your offshore staff. One key aspect is to establish stringent recruitment criteria to ensure that your chosen offshore team possesses the necessary skills and qualifications for
Providing regular sessions and workshops on accounting tasks keeps your offshore staff up to date with industry standards and enhances their capabilities. After all, continuous feedback from onshore managers can also play a crucial role in monitoring performance and addressing any issues promptly. See to it that you foster a strong team culture through team-building activities and virtual meetings.
From general operations tasks to financial services to bookkeeping tasks, offshore accounting services allow you to streamline accounting work and drive business growth for your practice. With trusted and reliable offshore accounting services, your firm’s needs for day-to-day accounting tasks and long-term goals are in good hands.
Offshore Your Firm’s Accounting Tasks with TOA Global
TOA Global is your partner when it comes to offshoring your firm’s accounting tasks to maximise efficiency and cost-effectiveness. Handling a wide range of accounting functions, our accounting offshore staff are well-versed in an array of accounting tasks.
From bookkeeping tasks to financial services, a top-quality offshore team can help your firm free up valuable internal resources and allow you to focus on your core business activities.
Don’t miss out on significantly slashed costs, industry-grade data security, and globally competitive accounting staff. Offshore your accounting tasks with TOA Global and book a free, no-obligation call with us to see if we’re the perfect fit for your accounting firm.
