What are the Top 5 Offshore Accounting Jobs in 2022
No matter how big or how small your company is, accounting services are essential in supporting the day-to-day operations of your business. With advancements in technology – from automated accounting software to cloud-based platforms – tedious and time-consuming accounting tasks can now be done more efficiently with more accurate results. However, finding the most qualified talent for accounting roles remains a pressing concern. With the lack of onshore professional services talent and slow border migration, more organisations are exploring offshore staff solutions to tap into a global accounting workforce for better sourcing of qualified candidates.
Offshoring accounting services provides a myriad of opportunities for your organisation to expand your business whilst addressing concerns on talent shortage, retention, and attrition. This provides an invaluable service to your business as you can delegate accounting functions to a dedicated offshore team whilst empowering your in-house finance team to focus on their core duties to drive business growth.
What’s more, offshore accounting staff are already well-trained in using the latest accounting applications that can automate tedious tasks, cut down on time-dragging functions, and streamline operations. Overall, offshore accounting services can help increase productivity, improve efficiencies, generate higher job satisfaction, and can be scaled as needed.
The Most In-Demand Accounting Functions for Offshoring
According to a recent survey by Clutch, the top job roles that are being outsourced by small businesses are in accounting and IT (37%). LinkedIn has noted that bookkeepers are among the roles with the greatest increase in job posts. The information services agency Wolters Kluwer has reported that 43% of accounting firms have already increased the amount of their work in the virtual workspace.
Given these trends, it’s a clear indication that offshore accounting services is a viable, sustainable, and future-proof solution that can provide much-needed back-office and high-level support for your business. Here are the top accounting functions that can be delegated to an experienced and dedicated offshore team:
Offshore bookkeeping services are usually accounting tasks that tend to be repetitive, tedious, and time-consuming. This includes documenting daily transactions and ensuring accuracy and maintenance of financial records. A remote team of highly skilled bookkeepers is more than capable of operating various accounting applications to perform their tasks accurately and efficiently. Offshoring bookkeeping services will save you valuable hours that can be spent on planning strategies for business development rather than crunching numbers.
Filing of Taxes
Quarterly business activity statements (BAS) and the end of the fiscal year (EOFY) is a crucial time that requires you and your finance team’s absolute attention. You start preparing to close the books, pore over past records, plan the budget, develop strategies, and make critical decisions that will affect the business for the new fiscal year. Naturally, this includes paying your taxes on time. Having offshore accounting services to handle the filing of your taxes will be a great load off your shoulders.
An offshore team of accountants who are skilled in taxation can easily adapt to your country’s tax regulations, even if the rules can change along the way. More importantly, they can ensure compliance and accuracy to help you avoid paying penalties and maximise tax benefits that are due to you.
Processing the Payroll
Having offshore accounting staff to process your company’s payroll will set your onshore finance team free from having to perform this repetitive, regular task. An offshore team can use the necessary software and automation platforms to speed up the process and ensure that your employees will be paid on time with accurate compensation.
Preparing financial reports
As your business grows, you need to keep track of your company’s fiscal performance. Preparing financial reports can take up a lot of your time and energy that should be focussed on how to sustain your business. This is where having an offshore accounting staff can provide invaluable assistance.
Aside from back-office tasks, offshore certified accountants can perform high-level work by preparing financial documents that will provide a detailed and accurate outlook of your company’s financial position. They can also make recommendations to address financial issues that may come up in their reports. This will serve as your basis in making well-informed, data-driven decisions that are crucial to your business plans.
An important factor to consider: some financial reports are intended for internal use only due to the sensitivity of the information. When partnering with an offshore staff provider, make sure that they are in compliance with the highest standards of data security. This will give you more confidence to entrust certain company assets to the offshore team when they prepare financial reports.
Financial Analysis and Planning
Offshore accounting services can support your in-house finance team by providing in-depth analysis of your organisation’s fiscal standing such as making monthly, quarterly, or yearly financial forecasts. This will guide you in making the necessary changes to achieve or adjust your business goals.
With the support of offshore accountants, you’ll also have access to their expertise that will enable you to formulate your future business strategies. They can share their insights about your business where you can explore other revenue streams, maximise profit, invest efficiently, and reduce expenses.
Build a dedicated accounting team with Australia’s expert offshore staff provider
Among the outsourcing companies in Australia, ASW Global is a trusted offshore staff solutions provider with a long-standing reputation in building dedicated remote teams. With ASW Global’s expertise in talent acquisition, businesses in Australia, New Zealand, US, and the UK can have access to the most qualified candidates from Vietnam, Malaysia, and the Philippines.
We take pride in being one of the first companies to attain an ISO27001 Information Security Management System certification. Our stringent data security policies and procedures give our client partners the reassurance that assets shared with us will remain well-protected.