3 Signs You Should Be Offshoring Your Accounting Function
Running your business can take a toll on your resources, time, and you and your staff, when you’re on a growth trajectory. The different accounting functions – from payroll, accounts receivable, accounts payable, to budgets and strategies – can be difficult to juggle especially if you don’t have the updated industry tools and in-house accounting experts. You can soon miss deadlines, targets, and eventually become less efficient and effective as a business if you can’t perform these well. Is it time to consider offshoring accounting services wherein you can perhaps have your own offshore global team that can take care of all your accounting tasks and gain back valuable time, so you can work on your business or spend more time with family?
But before you make that decision, what are three definitive signs that you need to offshore your accounting function?
Time is being eaten by accounting, instead of focusing on running the business
There might have been many instances when you felt consumed by spreadsheets and didn’t have time to leave your desk because of all the administrative tasks you’ve had to deal with. You might have felt resentful doing all these tedious desk work when you could have been focusing on business development, reaching out to potential clients or building stronger business relationships with your existing ones. When you find yourself or your staff putting in two or three times the hours required for bookkeeping or other tasks, and there’s less time for anything else, it’s time to reconsider what you could do for your business.
In the event that one or more of your accounting staff is sick or on vacation leave, does your business maintain momentum in all areas or plateau until your staff return to work? What if there are more unexpected leaves from staff or worse yet – resignations. Having an offshore global team that complements your existing team will allow you to keep operations going, as there will always be a dedicated, qualified group for your accounting needs either in Vietnam, Malaysia or the Philippines.
You want to scale your business
Offshoring accounting services is one way you can scale. Because you’ll be engaging with an offshore solutions provider, it enables businesses to leverage their infrastructure that is typically required to build large teams, recruitment, HR, payroll, office space, utilities, and the many aspects of building a business. You’d be able to build your offshore global team whilst you’ll still be able to refocus financial capacity towards business development, marketing, and enhancing your products and services for your customers.
Offshoring accounting services
There may be a few other reasons why you’d want to consider offshoring accounting services – you need back-office support; your books, invoices, receipts need more organisation; or you need strategic tax planning. Whatever it may be, make sure to partner with a provider that can address the problems you’re experiencing. Offshoring isn’t a one-size-fits-all solution, especially in accounting, so work with a provider that can customise your team with different roles, can support you with the right technology, and can empower your offshore global team to support your growth.