“Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings.”
- Diane Garnick, American Investment Manager and Chief Income Strategist at TIAA
Taking care of your accounting and back-office needs is vital for keeping a business afloat, and helps you make the right decisions for prosperous growth. But keeping track of accounting needs has its share of demands and challenges that can’t always be tackled in-house.
Perhaps that’s why more and more businesses are delegating their accounting and back-office needs to an offshore partner. About 71% of financial service companies and executives offshore their back office and accounting needs. The global offshoring market reached a tremendous USD 92.4 billion even before the pandemic hit us. A startling 93% of companies are either considering or have already adopted cloud services to improve offshoring.
Businesses across the globe are unlocking the benefits of offshore accounting and back-office services in many aspects of their business.
Let’s take a quick look at some of the major accounting and back-office services that can be easily offshored to an expert to power your profitability, and help you focus better on your core business.
While the offshore services do not end here, we have covered the major ones. Some other offshore accounting services can include Pay & Bill, Credit Control and Collection, Management Accounting, Consultation, and Forensic Accounting.
Offshore accounting has become an increasingly popular trend among businesses due to the benefits they bring along. Here’s how your business can benefit from an offshore accounting partner:
If you have never used an offshore partner before, it can be a bit difficult to determine whether you need one or not. To help you find the answer, let’s consider two of the biggest factors:
If you have outgrown your involvement in every little aspect of your business, then your venture has grown significantly. In such cases, you require more than just bookkeeping and payroll on the accounting front - it’s time to re-evaluate your resource investment and consider working with an offshore partner.
If your business needs to invest more and more in technology, hardware, and other infrastructure need for everyday accounting needs, then your accounting requirements will only increase. Now is the time to consider onboarding an offshore partner for your accounting and back-office needs.
If you are considering joining hands with an offshore partner to take care of your accounting and back-office needs, then consider the following parameters before signing a deal:
What’s otherwise difficult to determine can be made easy with the analysis of everything we have so far discussed here. Is offshore accounting a necessity or a choice? We have given you the means to decide that for yourself.
If your business falls in line with more than one of the above parameters, then it becomes a necessity. Offshore partners cannot be essential for every business need - but they can be beneficial for almost all. For the most, onboarding an offshore accounting and back-office partner is a more economical, efficient, and accurate financial choice.
So, now we conclude with a question for you - is offshoring accounting and back-office needs a necessity or a choice for you? You know the answer.
Connect with IMS Decimal, and gain valuable perspectives to make informed decisions.