Everything You Need To Know About Offshore Staffing Solutions for Accounting Firms

Offshore staffing has become a popular solution for businesses looking to streamline their operations and reduce overhead costs. And it’s no different for accounting firms. 

With the rise of remote work and globalization, more companies are turning to offshore staffing to access top talent from around the world while optimizing their budgets.

In this article, we will discuss everything you need to know about offshore staffing solutions for accounting firms, from understanding the concept of offshore staffing to exploring the benefits and practical insights.

By the end of this article, you will have a comprehensive understanding of how offshore staffing can benefit your accounting firm.

What Is Offshore Staffing for Accounting Firms?

Offshore staffing means hiring employees or independent contractors from a foreign country to work remotely for your company. 

In the case of accounting firms, this could mean hiring accountants or financial professionals from another country to handle tasks such as bookkeeping, tax preparation, and financial analysis.

A staffing agency that specializes in offshore talent facilitates the hiring process. 

Here’s how they typically operate:

• Talent sourcing: The agency identifies and recruits skilled professionals from the regions or countries they work with. They often have extensive networks and databases of candidates who are qualified and experienced in specific fields, such as accounting.
• Screening and selection: The agency conducts thorough vetting processes, including interviews, skill assessments, and background checks, to ensure the candidates meet your standards and requirements.‍
• Onboarding and training: Once candidates are selected, the agency assists with the onboarding process, ensuring that new hires are integrated smoothly into your operations. They may also provide training to align the offshore staff with your procedures and tools.‍
• HR management: The agency handles all HR-related tasks, including payroll, benefits administration, and compliance with local labor laws. This allows you to focus on core business activities without worrying about the complexities of international HR management.
• ‍Support and troubleshooting: The agency offers ongoing support to both the offshore employees and the hiring company, addressing any issues and ensuring that the offshore staffing arrangement runs smoothly.

Why Do Accounting Firms Need Offshore Staffing?

Accounting firms can benefit greatly from offshore staffing for a variety of reasons, but especially these two:

Shortage of accountants in the US

According to the American Institute of Certified Public Accountants (AICPA), there is a significant shortage of accounting professionals in the US. 

There was “a 33% decline in first-time candidates taking the national certified public accountant (CPA) exam from 2016 to 2021,” and 75% of certified public accountants are at retirement age.

This makes it challenging for accounting firms to find and retain top talent. Offshore staffing allows you to tap into a global pool of qualified candidates to overcome this challenge.

Business cycles and fluctuating demands

Accounting firms often experience fluctuations in their workload based on the business cycle. During peak seasons, you may need extra help to handle the increased demand, especially with burnout prevalent in the industry.

Offshore staffing allows you to scale up and down quickly without the hassle of hiring and training new employees.

5 Benefits of Offshore Staffing for Accounting Firms

Some of the key benefits you can expect by working with an offshore staffing partner include:

1. Access to high-quality, experienced accountants 

By hiring offshore staff, you can tap into a global talent pool and access highly qualified professionals from around the world, bypassing local talent shortages. 

Agencies can help find candidates with specialized skills or experience that may be scarce in your local market, ensuring you can meet your clients’ needs effectively.

2. Extra value for clients 

Offshore staffing can also provide added value to your clients by allowing you the bandwidth to offer a wider range of services at a lower cost. This can help you attract and retain clients, ultimately increasing your revenue.

And with a team of offshore accountants, you can handle more tasks and take on more clients without overloading your in-house staff.

3. Cost savings 

Hiring accountants from locations with lower living costs can significantly reduce your salary expenses. 

Offshore staffing agencies often have access to candidates in regions where the cost of living is lower than in the US, allowing you to hire skilled professionals at a fraction of the cost compared to domestic hires—while still paying a fair wage in relation to the workers’ living costs. It’s a win-win situation. 

6. Asynchronous operations 

Having some of your accounting staff working in different countries allows you to take advantage of different time zones to extend your business hours. This allows for asynchronous operations, where tasks can be completed overnight and delivered to clients the next morning.

7. Easy scalability

Offshore staffing also offers scalability and flexibility for accounting firms. As you experience business growth, you can easily scale your offshore team to match the demand without worrying about hiring and training new employees or paying for additional office space to accommodate a growing accounting department. 

8. Better handling of work during peak season 

Your peak season can be overwhelming, with a high volume of tasks and tight deadlines. Offshore staffing easily allows for additional support during these busy times, ensuring that all work is completed efficiently and on time.

The right staffing agency can have you up and running with additional staff quickly. 

9. Simplified HR and compliance management

Working with a staffing agency means you don’t have to worry about handling all HR-related tasks, including payroll, benefits administration, and compliance with local labor laws and taxes.

This simplifies the management process for your firm and ensures that all legal and compliance issues related to international hires are managed properly. 

Factors To Consider When Choosing an Offshore Staffing Provider

Now that you’re on board with hiring remote accounting staff, it’s time to find an accounting staffing firm. Here are some factors to consider when choosing which staffing provider is right for you:

Cost

One of the main reasons companies turn to offshore staffing is cost efficiency. To make the most of the cost advantages, when considering a provider, compare their rates and fees with other agencies. The pricing structure can vary a lot. 

Quality of service 

While cost is important, it should not be the only factor to consider. Ensure that the provider you choose has a proven track record of providing high-quality services and has experience working with accounting firms.

Flexibility 

Accounting firms often have fluctuating workloads, so it’s essential to choose a provider that can be flexible and scale their services according to your needs.

Time zone difference 

Consider whether you want your remote hires to be in time zones that overlap with US time zones (like in Latin America) or you are okay with (or even prefer) a large time zone difference (like India). There are benefits either way, but it’s important to know your preference so you can find an agency that specializes in finding candidates from the relevant regions. 

Also keep in mind that closer time zone alignment often means fewer cultural differences, which can lead to smoother communication and seamless integration with your existing team.

Language capabilities 

Ensure that your chosen provider is adept at testing the language proficiency of its candidates to avoid communication issues down the line. They should be able to explain their process to you and what they look for. 

Competence in navigating local employment laws

It’s crucial to choose a provider that is competent and experienced in navigating local employment laws in the countries they hire from. This ensures compliance with local regulations, avoids legal issues, and provides peace of mind that your remote staff is being managed properly and fairly.

What Services Are Included in Offshore Accounting Staffing Solutions?

Offshore accounting staffing can be a solution for covering a wide range of roles and services, depending on the needs and preferences of your firm. Typical services offered by offshore accounting staff include the following:

Tax preparation

Offshore accounting experts are adept at navigating complex tax laws and regulations, making them invaluable allies for your firm’s tax-related tasks. They can manage return preparation and filing, ensure compliance with local and federal tax requirements, and identify potential deductions and credits to optimize your clients’ tax liabilities.

Bookkeeping

Offshore bookkeepers can handle day-to-day financial transactions, maintain ledgers, reconcile bank statements, and ensure that all financial records are current and precise. By outsourcing bookkeeping, your firm can focus on higher-value tasks while maintaining impeccable financial records for your clients.

Accounts receivable and payable

Offshore accounting teams can oversee invoicing, track outstanding payments, manage vendor bills, and process disbursements. This ensures that your client’s businesses maintain positive relationships with both customers and suppliers by managing timely collections and payments.

Payroll processing

Effective, timely payroll processing is vital for employee satisfaction and regulatory compliance. Offshore payroll specialists can manage the intricacies of payroll administration, including salary calculations, tax withholdings, benefits administration, and adherence to relevant regulations. 

Financial statements preparation

The preparation of financial statements—balance sheets, income statements, and cash flow statements—is critical for decision-makers and for assessing a business’s financial health. 

Offshore qualified accountants can compile these financial reporting statements per applicable accounting standards and principles (including US GAAP), ensuring that your firm delivers high-quality, accurate, and timely financial information to your clients.

Financial analysis and planning

Beyond routine accounting tasks, offshore staff can deliver in-depth financial planning and analysis services. They can scrutinize financial data to detect trends, forecast future financial performance, and assist in developing strategic plans aimed at reaching financial objectives. 

This service empowers your firm to offer your clients insightful, data-driven recommendations and strategies.

Top 10 Offshore Staffing Companies for Accounting Firms

In no particular order, here are ten offshore staffing companies with a long history of connecting accounting firms with top talent. The list includes both accounting outsourcing specialists and staffing and recruiting firms with experience in sourcing accountants.

1. Near

Yep, that’s us! Near is a leading staffing and recruitment firm specializing in sourcing top talent from Latin America for US companies. With a vast network of skilled professionals and expertise in the accounting industry, we pride ourselves on being an excellent choice for offshore staffing solutions.

We understand the unique needs of accounting firms and have a proven track record of successfully sourcing top talent for our clients, usually in as little as 21 days. 

Our nearshore solutions offer cost-effectiveness, cultural alignment, and time zone compatibility, making us stand out from other offshore staffing providers.

2. Entigrity

Entigrity provides offshore staffing solutions tailored to accounting firms. They have extensive experience helping firms hire skilled offshore professionals from India and the Philippines.

3. KMK

KMK Ventures Private Limited offers offshore staffing for CPA firms, including offshore tax preparation services and offshore accounting services. They promise maximum returns with minimal stress and “efficient, reliable, offshore accounting solutions.”

4. ACTA

ACTA International Services Private Limited provides offshore staffing solutions for accountants at a low cost. Their team of accounting professionals based in India promises a “stress-free tax season.”

5. CapActix

CapActix Business Solutions offers versatile recruiting for both accounting and non-accounting positions. They help you to grow your business while lowering personnel and overhead expenses.

6. TOA Global

TOA Global provides access to a pool of outsourced accountants in the Phillipines who are well-versed in the standards of the US accounting industry. Their candidates are highly skilled and well-trained.

7. Credfino

Credfino is an accounting staffing firm that helps accounting and tax businesses find the staff they need. They offer cross-functional domain expertise, end-to-end task management, practice management tools, and more.

8. Vintti

Vintti offers offshore accounting staffing services. They recruit from Latin America, which allows for time zone convenience, low costs, cultural alignment, expertise, and flexibility.

9. Skillbench

Skillbench is an offshore staffing firm that specializes in recruiting from India. They have years of experience helping to staff accounting and bookkeeping positions.

10. Cloud Accountant Staffing (CAS)

CAS specializes in outsourced accounting services for accounting firms. Their offshore talent comes from the Philippines and is ready to fill most accounting firm positions at a fraction of the cost of US hires.

Final Thoughts

Offshore staffing solutions for accounting firms offer numerous benefits, including cost savings, increased efficiency, and access to top talent from around the world. 

By partnering with Near, a leading recruitment firm specializing in sourcing top talent from Latin America, you can take advantage of these benefits while also ensuring that your offshore staff aligns with your values and goals.

Don’t miss out on this cost-effective approach to optimizing your accounting business. 

Contact Near today to learn more about our unique nearshore solutions and how we can help you build the perfect team. 

Book a free consultation call to get started. Let us help you take your accounting firm to the next level with our offshore staffing solutions.