Accounting firms, across the world, are facing a grappling challenge. Well, there are quite a few, but the inability to find skilled talent at a decent cost tops the list. The capacity challenge has continued to worsen since the aftermath of the global pandemic. In 2022, it was reported that over 3,00,000 accountants have already quit the field, along with boomers retiring and many students dropping out from accounting courses. This number has been steadily rising.
To address this problem, offshoring emerges as a key solution. The world is gradually coming closer and offshoring allows even small businesses to address talent shortage, streamline operations, access global expertise, and reduce cost significantly. However, offshoring can be perceived riddled with challenges – cultural differences, communication barriers, compliance issues, and most importantly, the struggle to find the right partner. This is where Finsmart Accounting – a global accounting offshoring partner with about 2 decades of experience in the field comes into the picture. Over the years, the dedicated team of professionals has offered seamless and efficient solutions tailored for small businesses.
Why Offshoring Matters for Small Businesses?
Offshoring is not just about delegating your tasks to another team in a globally different location. It is about integrating it as a business strategy and choosing a model that suits your business right. This is especially relevant for businesses with resource constraints.
- Cost efficiency:
India and the Philippines are among the top countries that provide accounting offshoring services. These countries have significantly lower labor and operational costs. When firms in the US offshore their accounting services, they get access to talented resources at a significantly lower cost.
- Access to expertise:
One of the key advantages of offshoring is access to a global pool of talent. When you offshore your accounting services, you get accounting talent not just within your country or even continent – the world is your oyster. They already have the talent needed and the top-tier expertise.
- Focus on core activities:
By delegating accounting tasks that need a lot of time and resources, accounting firms can focus on their core competencies like client servicing, strategizing, etc.
- Scalability:
Offshoring teams enable accounting firms to facilitate flexible scaling, enabling businesses to adjust operations in the constantly evolving markets.
The Finsmart Difference:
At Finsmart Accounting, we understand that offshoring isn’t just about saving costs – it is about creating value through efficiency, expertise, and strategic alignment. Our solutions are holistic in nature and help small businesses ensure that they reap the complete benefits of offshoring without the typical worries. Here are our key features:
- Customized solutions:
Every business is unique and so are their needs. Finsmart’s team conducts a thorough assessment of the needs, industry specifics, and operational goals to craft tailor-made solutions. From bookkeeping to tax compliance to audit and accounts payable and receivable – we got you covered.
- Seamless onboarding process:
We have a 14-step onboarding process that helps the resources transition and become an integral part of the accounting firm’s teams, making it seamless. At Finsmart Accounting, we have an embedded model.
- State-of-the-art Technology:
We take pride in being tech agnostic, which means our teams are acquainted with all prominent tech that you might use – practice management, project management, communication, performance tracking, etc. We use these software and automation tools, ensuring accuracy, compliance, and real-time insights. Whether you use QuickBooks, Xero, or any other popular accounting tools – our teams integrate seamlessly into your systems.
- Expert team with global experience:
Our team is comprised of certified accountants and financial professionals with years of experience. We do not hire freshers and they have at least a few years of experience in International Accounting. They are constantly updated with global accounting standards. This ensures that your business remains compliant while providing top-notch quality.
- Transparent pricing:
One of the common apprehensions that accounting firms have is about pricing. Offshoring firms often have hidden pricing that impacts their businesses. At Finsmart Accounting, we provide transparent pricing, which means clients are paying exactly for the services they are using.
Addressing common apprehensions with Finsmart:
Offshoring has many benefits, but there are several apprehensions that prevent them from attaining complete potential. We combined our years’ of experience to formulate a proactive approach that has helped us many such concerns. This includes:
- Data security:
While many small accounting firms are concerned about the data security, here’s our take on it. While you may be dealing with 5-7 members internally, we have a team of over 150+ people. Undoubtedly, we have stringent data security protocols, which keeps your goals at top. Secure servers, external auditors, selective access to the operations floors and lack of access to any external devices are some of these measures.
- Communication barriers:
At Finsmart, we have a team of English-team speaking resources who are skilled and fits seamlessly within the organization. We have dedicated account managers responsible for each of the clients who ensure clear communication. Our teams also interact with the clients on designated platforms like Zoom, Slack etc. We also work on overlapping time zones which makes coordination easy. - Quality Assurance:
At Finsmart, we have regular quality control processes that guarantee the accuracy and reliability of all outputs. The work that we deliver also showcases your competence and calibre. We ensure that you are able to put the best foot forward.
Offshoring doesn’t have to be complicated. With Finsmart, you gain a reliable partner who simplifies the process and drives your business forward. Let us take the hassle out of accounting so you can focus on growth and innovation.
Learn how we can transform your accounting operations and help your business thrive.