Accounting is a significant part of any company’s operations, and many small businesses look for ways to handle this task efficiently. Access to accurate financial records is a requirement for managing an overall budget and complying with regulations. Some companies handle this independently, while others do offshoring accounting to streamline processes and maximize available resources.

What is Offshore Accounting?

Offshore accounting is an accounting function performed outside of the country. Under the offshoring framework, the company sets up a dedicated accounting team to handle financial accounts outside the country while managing them from their home country. This is done to streamline multinational companies’ operations and lessen administrative burdens.

How Offshore Accounting Streamlines Small Business Operations

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Offshore accounting services help small businesses streamline daily operations through the following:

Lower Labor Costs

Offshoring your accounting function can generate significant cost savings, especially when the tasks are delegated to other countries with lower compensation. It allows small businesses access to highly skilled professionals at a fraction of the cost of hiring domestically. The freed-up cost may be reallocated to other business activities or invested in other aspects where the business can grow and expand.

Increased Efficiency

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Offshore accounting improves efficiency and productivity by leveraging offshore teams in different time zones. This “follow the sun” approach ensures continuous operations, as teams in various regions can handle tasks around the clock. Tasks can be completed much faster, and there is a constant workflow. This helps reduce the turnaround times for financial reporting and allows small businesses to make more informed decisions based on accurate data.

Scalability

As a small business grows over time, its accounting needs evolve as well. Offshoring accounting provides the scalability and flexibility that is needed to adapt to changing demands.

Offshore staffing in the Philippines can help accommodate a business’s increasing accounting workload while minimizing the financial strain. With a proficient offshore accountant, companies can seamlessly scale their business and adjust to the increasing volume of financial transactions they have to handle.

Accounting Roles You Can Offshore

There are various accounting roles that you can offshore, including the following:

  • Accounting Manager

Accounting managers serve as integral leaders in accounting departments. They oversee the accounting team and help shape accounting policies, priorities, and methods to achieve the company’s financial goals.

  • Accounts Payable Accountant

Accounts payable accountants oversee a company’s invoices and ensure that the bills are authorized, recorded, and paid in a timely manner. Companies can offshore the expertise of these professionals to guarantee that financial records are current and accurate, including tax information for vendors.

  • Accounts Receivable Accountant

Accounts receivable (AR) accountants manage the collection of the company’s incoming payments. They handle official receipts and coordinate with accounts payable specialists for pending payables. AR accountants are in charge of updating accounting records and processing any unique billing situations outside of regular operations.

  • Bookkeeper

Bookkeepers are responsible for providing accurate and updated financial information that helps managers make decisions. These professionals manage accounting ledgers, record journal entries of transactions, and generate financial statements.

  • Cost Accountant

Cost accountants develop and maintain effective budgets and cost schedules to control the organization’s inflow and outflow of financial resources. Offshore cost accountants help improve financial management with their in-depth knowledge of finances to optimize operations.

  • Forensics Accountant

Forensic accountants handle complex financial and business-related issues to uncover any financial fraud. For business investigations, these professionals use tracing funds, asset identification, asset recovery, and due diligence reviews.

  • Tax Accountant

Tax accountants prepare, analyze, review, and file taxes for individuals and businesses. They may also be responsible for conducting audits and providing tax planning consultations, which can be beneficial for organizations looking to offshore their accounting function.

Maximize The Benefits of Offshore Accounting with EVES

Offshore accounting is a strategic way for small businesses to manage their finances effectively. By leveraging offshore accounting functions, small companies can get the financial support and expertise needed to thrive in today’s global marketplace.

Choose offshore accounting services today with EVES to improve operational efficiencies. EVES is dedicated to helping you gain a competitive advantage and providing access to qualified Filipino accounting professionals at economically attractive rates.

Call our experts today at (747) 300-3234 or email us at info@evesolutions.net.