Therefore, your ability to handle bookkeeping and accounting work increases tenfolds. There are many companies in the world that offer their offshore accounting services to various industries worldwide. They do a wide range of accounting functions, including generating financial reports, tax preparations, filing income tax returns, and fulfilling the company’s accounts payable, among others. IBN Technologies is an established provider of outsourced bookkeeping, finance and accounting services via a team of highly competent and devoted offshore bookkeepers. With an aim to help their clients increase their core business capacity, IBN Technologies offers significant cost reductions on operational costs of bookkeeping, finance and accounting services. And all these adds to client benefits of not worrying about the talent crisis afflicting the accounting sector.

Hammerjack is a Philippines-based company that provides accounting experts to clients. This accounting firm has global clients like General Electric, American Express, AT&T Inc, and many more. Time zone differences can be a double-edged sword for companies looking to offshore their accounting services.

Access To New Technology

CapActix can guide on better insights into your business while making it compliant. While automation has been around for quite some time now, it remains a significant trend because of its role in streamlining and optimising business processes. Besides providing a more efficient and time-saving method of accomplishing tasks, it also helps reduce errors and improve data security.

Offshore accounting refers to finance and accounting services delegated to a firm or business process outsourcing (BPO) company in a low-cost country. Most U.S.-based accounting firms have struggled to come up with effective staff training programs for their professionals in India and other offshore countries. I know multiple people and firms of all sizes who already work with Entigrity as an integral part of their team.

Energy & Natural Resources

Typical offshore outsourcing destinations include the Philippines and India. Getting offshore accounting services helps companies lighten their workload and expand their businesses more easily. With this, the quality of their work also increases, which can increase their profit. Leading the offshore outsourced finance and accounting services industry is IBN Technologies, a USA based company with a global delivery center in India. By outsourcing tasks like bookkeeping, financial analysis, and tax preparation to offshore professionals, you can reduce the cost of hiring and training in-house staff.

Before you decide to offshore, ensure that you meet your country’s legal requirements and also those of the offshore jurisdiction. Hire a tax law expert in the offshore country to navigate tricky compliance formalities. financial reports and ratios for profitable landscaping companies Additionally, the IRS (Internal Revenue Service) developed the OVDP (Offshore Voluntary Disclosure Program) for US taxpayers to disclose previously unreported offshore assets in offshore financial centers.

When is the right time to hire offshore staff for your accounting firm?

It can help companies save time and money while making critical business decisions. By offshoring the accounting tasks to an external service provider, business owners don’t need to look after time-consuming tasks like financial reporting, bookkeeping, tax compliance, auditing, etc. They can be assured that the offshore accounting firm will deliver the best service. “That’s why business owners should look to outsource this key function to a leading-edge firm that offers focused, accurate and value-added services that are forward looking for a business.”

The term is commonly used in the banking and financial sectors to describe areas where regulations are different from the home country. Offshore locations are generally island nations, where entities set up corporations, investments, and deposits. Companies and individuals (typically those with a high net worth) may move offshore for more favorable conditions, including tax avoidance, relaxed regulations, or asset protection.

Client Updates – June 2023

Poor accounting can also result in ignorance of several small aspects that together maintain a business on the straight and narrow, such as making facility changes to meet safety regulations. Having bad financial records can also cause a lot of unneeded problems if a business is ever under legal investigation, which happens to many firms, eventually. In the last 5 years, offshoring has shifted from being a niche strategy to a central one, used by more and more accounting firms. Offshore trading involves opening and maintaining a brokerage or trading account with an offshore investment firm.

• In this article, we’ll walk you through the basics of offshore accounting to help you gain a better understanding of this function.
• We’ve entered a new normal in the pandemic era, and keeping your business afloat isn’t good enough.
• It is really difficult for small and mid-size business clients to hire full time account staff or CPA firm and get cost effective solution.
• More so, you will definitely fall behind your competitors that are making use of the latest technologies and software.

Getting control over the accounting work was the biggest challenge for Britany Bird & Scott, founders of Bird’s Eye Bookkeeping. Watch how Finsmart supported the accounting firm based in Nevada, United States with its outsourced accounting resources. Partner with Finsmart to get the best-outsourced accounting service in India.

People & Culture

By outsourcing accounting services to Staffice Global you can save up to 60 to 70% of your costs. Offshore accounting is becoming increasingly popular as a way for businesses to cut costs and access skilled workers. In fact, a study found that about 40% of US companies outsource some of their accounting functions to other countries.