The moving of some of a CPA firms business processes or services to another country, can help them benefit from such things as a lower cost of labor, increased efficiency, and specialist skills. With this in mind, it’s easy to see why offshoring has become more than a temporary solution to many of the challenges CPA firms are currently facing, in particular the ongoing shortage of accounting professionals; which has led to an increase in workload, increase of errors, and burn-out.
If you’re struggling with any of the challenges mentioned, or would simply like some help in getting ahead of your competitors, offshore bookkeeping could be the most effective solution, and here’s why:
It can save your CPA firm money
The cost of labor is a lot cheaper in some countries, such as India, and yet they tend to have an abundance of professionals specializing within certain industries, such as accounting and bookkeeping. Offshoring gives CPA firms access to some of the smartest minds, at the lowest possible cost.
It could reduce your overheads
It’s also possible for CPA firms to make significant savings on the cost of their overheads with offshoring, as when they move some of their operations to countries like India, they can reduce their own requirements for office space and other costs associated with this, such as maintenance and utilities. Depending on where you run your operations from, the cost of this can be great, and you may notice big savings in your first month of offshoring.
It could increase the productivity of your CPA firm
When certain accounting and bookkeeping processes are shifted to another country, CPA firms can adjust their focus to other activities or services offered, that are of a higher value, such as financial advisory. This may provide accounting professionals with the motivation they need to work harder since it might put their skills to the test, and give them the opportunity to put things into practice that they haven’t yet had the chance to. Overall, this can help CPA firms attract more clientele, and meet company goals far quicker than they otherwise might have.
It can bring a wealth of expertise to the firm
Offshoring also gives CPA firms access to professionals with expertise and skill, that can be relied upon not just to fulfil basic back office tasks, but who can also be relied upon to offer critical thinking and financial guidance; all of which can help attract new clients.
It can help CPA firms generate new ideas
Oftentimes, working with professionals from different cultures can provide accounting and bookkeeping professionals with an entirely new and fresh perspective on a range of strategies and best practices. Over time, this may lead to an increase in both productivity and efficiency within the firm, and help to broaden the CPAs thinking.
Professional offshore bookkeeping services can help CPA firms who may have been stuck in the doldrums due to a lack of clients, a workload they’re unable to cope with, or a lack of qualified accountants, and give them the impetus and drive they need to push for success. As well as this, offshoring can free up valuable cash that might otherwise have been spent on recruitment and office overheads.
As a cost saving and productivity increasing strategy, offshoring is hard to beat.
