Cut Costs 50% Hiring Remote Accounting Talent

It's hard for businesses to find qualified local accounting talent while keeping costs low.

Outsourcing accounting staffing to South America can cut payroll expenses by 50% while providing access to specialized expertise.

This article will show you how shifting to an efficient remote accounting model leveraging top talent abroad saves substantially on costs while better meeting evolving accounting needs.

Introduction to Remote Accounting Efficiency

Discover how remote accounting talent can not only meet but exceed your financial management needs while significantly reducing overheads.

The Strategic Shift to Remote Accounting Models

The COVID-19 pandemic accelerated the adoption of remote work models across all industries. Businesses realized significant cost savings by embracing distributed teams, without compromising productivity or quality. This was especially noticeable for accounting roles focused on financial data analysis, reporting, and compliance.

Specialized accounting functions like payroll, AP/AR management, tax preparation, auditing, and financial planning can be efficiently performed by professionals located anywhere with reliable internet access. Top talent hubs have emerged across South America, Eastern Europe, India, and Southeast Asia - offering Western business owners access to qualified candidates at extremely competitive rates.

For example, an experienced accountant in the United States with 5+ years experience may cost $65,000 - $85,000 in annual salary. An equally qualified professional in certain South American countries can be hired for $30,000 to $45,000 per year. The cost differential is immense. Forward-thinking businesses are capitalizing on these global talent networks to drive profitability.

Leveraging Top Software for Accounting

Cloud-based accounting platforms have unlocked location-independent collaboration, allowing remote teams to operate as an integrated unit. Solutions like QuickBooks Online and Xero provide the core functionalities like journal entries, reconciliations, reporting, and analytics. These can be augmented with specialty tools for payroll, AP/AR, tax preparation and more.

With the right stack of accounting software in place, remote professionals can seamlessly integrate into financial workflows. Data security and access controls also prevent leakage of sensitive information. Business owners maintain visibility and ensure compliance without needing physical oversight.

Transitioning to a remote operating model not only reduces overheads through lowered salaries, but also decreases infrastructure expenses associated with office space, equipment, and other capital investments. The specialized accounting software replaces the need for legacy on-premise infrastructure.

By leveraging global talent and cloud-based accounting platforms, businesses can strategically cut costs by up to 50% while accessing world-class financial acumen. The future of corporate accounting is location independent and heavily mediated by software.

What accounting software do most accountants use?

When it comes to choosing accounting software for their firms, professional accountants and bookkeepers have several key criteria in mind: functionality, scalability, integration, and ease of use. Though the options abound, a few solutions consistently rise to the top.

BEST ALL-AROUND PROFESSIONAL SOFTWARE FOR ACCOUNTING FIRMS

Accounting professionals handling bookkeeping, payroll, invoicing, taxes, and more for multiple clients often require robust software that can scale. The top solutions include:

FreshBooks

• User-friendly, intuitive cloud accounting solution for small businesses and solopreneurs
• Streamlined invoicing, time tracking, expense management
• Scales from 1-30+ clients

Sage 50cloud

• Robust desktop accounting software for small- to medium-sized businesses
• Handles complex accounting needs like inventory, budgeting, manufacturing
• Integrates with add-ons like payment processing

NetSuite ERP

• Fully-customizable enterprise resource planning (ERP) system
• Unified platform connecting CRM, accounting, inventory, eCommerce
• Scales exponentially from small business to enterprise

QuickBooks Enterprise

• Expandable desktop version of QuickBooks for mid-sized companies
• Up to 30 users and advanced inventory features
• Seamlessly integrates with other Intuit software

When choosing accounting software, firms should evaluate their client needs, growth goals, and preferred platform. Solutions like FreshBooks, Sage, and QuickBooks provide an optimal mix of functionality, scalability, and ease-of-use for most accountants and bookkeepers managing books across multiple small business clients. As needs grow more complex, platforms like NetSuite deliver enterprise-grade configurability.

What is the best accounting software in 2023?

At Vintti, our expert accounting staff use various software to provide financial and reporting services to our clients. We find that the "top software for accounting" depends significantly on your unique business needs. Rather than recommending one platform for all, here is an overview of some of the best accounting software options to consider in 2023:

FreshBooks: This intuitive, user-friendly platform is great for small business owners who want simplicity without advanced accounting features. FreshBooks makes basic tasks like invoicing, time tracking, and reporting easy and efficient.

Xero: For more robust accounting needs, Xero offers over 700+ features with modules for billing, inventory, payroll, and more. The customizable dashboard provides real-time financial insights. Xero integrates with hundreds of business apps.

AccountEdge Pro: If you manage inventory and order processing, AccountEdge Pro streamlines your workflow with built-in CRM and warehouse/inventory management. Seamless Mac/iOS integration also makes this a great choice for Apple users.

NetSuite: This powerful ERP platform centralizes financial data with CRM, ecommerce, manufacturing, inventory, and HR tools. Automate tasks for efficiency. NetSuite works well for larger, complex organizations.

OneUp: OneUp makes multi-entity accounting simple, with easy tools to manage real-time finances across unlimited related business entities. It's a top pick for rapidly scaling companies.

ZarMoney: ZarMoney allows extensive customization at an affordable price point. Tailor unlimited invoices, transactions, data fields, and workflows for your exact accounting needs.

Neat: If you're a solopreneur or self-employed, Neat provides simple and intuitive expense tracking, invoice creation, bank connectivity, and reporting. Useful for freelancers and consultants.

The "best accounting software" depends on your priorities and operational needs. As you evaluate options, factor in ease of use, features, scalability, customization, industry-specific capabilities, integrations, and cost. Vintti's finance experts can provide tailored guidance to select the optimal platform to meet your goals. Connect with us today to discuss your unique accounting software needs.

What is one of the most widely used financial accounting software?

QuickBooks Desktop is widely considered one of the most robust and fully-featured desktop financial accounting software solutions available. With advanced reporting, analysis, and inventory management capabilities enabled through add-on modules, it provides the tools growing businesses need to manage diverse accounting needs and scale complexity as they expand.

Specifically, QuickBooks Desktop offers benefits like:

• Security and access controls to protect sensitive financial data and documents
• Customizable reports and dashboards providing real-time visibility into key metrics
• Integrations with other business systems to eliminate duplicate data entry
• Multi-user access enabling collaboration across accounting and finance teams
• Advanced Inventory add-on delivering robust inventory and order management

For these reasons and more, QuickBooks Desktop remains a top choice for small and mid-sized businesses looking to effectively manage accounting complexity while ensuring data integrity and security. Its customizable nature provides the flexibility to tailor use to diverse industry and organizational needs.

With continuous innovation focused on enhancing the user experience, QuickBooks Desktop strives to make financial operations faster, simpler and more efficient for growing businesses. This combination of robust accounting capabilities and usability makes it easy to see why QuickBooks Desktop is one of the most widely adopted desktop financial accounting platforms available today.

What software do corporate accountants use?

Corporate accountants handle complex accounting and financial data for large enterprises. To efficiently manage these large-scale operations, accountants rely on robust enterprise resource planning (ERP) platforms and financial management systems. Two of the most widely used software solutions among corporate accounting teams are:

Oracle NetSuite ERP

• Packaged, cloud-based software system
• Automates core accounting processes like general ledger, accounts payable/receivable, cash flow management
• Advanced features for consolidations, budgeting, reporting, planning, etc.
• Scales to support complex multi-national business needs
• Integrates with 100+ business apps via SuiteCloud platform

Microsoft Dynamics 365 Finance

• Flexible, configurable financial management solution
• Core accounting capabilities plus advanced intelligence and analytics
• Tight integration with other Microsoft cloud services
• Easy to customize to industry-specific use cases
• Global availability and multi-language support

These robust platforms provide corporate accountants the tools required to efficiently execute essential accounting tasks while unlocking data insights through analytics and business intelligence capabilities. The systems readily adapt to organizational growth and can scale to handle enterprise-level transaction volumes across locations and global subsidiaries. With process automation and seamless interoperability, ERPs like NetSuite and Dynamics 365 enable accounting teams to focus less on routine bookkeeping and more on driving strategic decision-making.

The Rising Demand for Specialized Accounting Talent

As businesses grow more complex, there is an increasing need for accounting professionals with specialized expertise to support critical functions like tax, audit, and advisory services. However, recruitment costs are high and finding the right local candidates remains a challenge.

Evolving Accounting Needs for Growing Businesses

Expanding companies require support across more complex accounting functions yet struggle to find affordable talent with niche expertise. As organizations grow, their accounting needs become more sophisticated. For example, they may need to implement top software for accounting to track financials or require expertise in taxation, auditing, forecasting, and more.

However, recruitment difficulties arise when trying to find candidates locally who have both affordability and specialized accounting skills. Businesses are left with a tough choice - either hire general accounting staff lacking advanced expertise or specialists demanding high salaries. There seems to be a shortage of talent with niche accounting specializations that is also cost-effective.

This presents a dilemma for leadership trying to scale operations. While expanding the business itself brings complexity, the back-office accounting functions must also advance to the next level. This support is critical yet too expensive when recruiting locally.

The High Costs and Difficulties of Local Accounting Recruitment

Traditional hiring processes for local accounting staff come with exorbitant recruitment fees and low applicant rates for specialized roles. Accounting recruiting through local staffing agencies or online job boards is frustratingly expensive.

Professional recruiters charge 20-30% of the hired candidate's first-year salary. For a $100k accounting manager, that could mean $20-30k in fees alone. Applicant rates are also low for niche expertise like SEC reporting, creating further hiring delays.

Even when finding interested candidates, they often demand very high salaries despite lacking experience. Specialized accounting skills are scarce locally, so candidates ask for premium rates. Businesses end up paying more for unproven talent.

Between astronomical recruiting costs and inflated talent salaries, local accounting hiring presents a high-cost, high-risk model. There is an urgent need for an alternative talent solution to find affordable, specialized accounting experts.

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Why Outsourcing Accounting Abroad Saves Up to 50%

Offshoring accounting and finance to qualified overseas professionals, like those from South America, cuts costs by up to half while providing access to experienced, specialized talent.

Significant Payroll Savings with South American Accountants

Competitive wages and favorable exchange rates enable dramatic payroll reductions when staffing accounting from South America. Businesses can realize 50% savings compared to domestic hires by leveraging South America's affordable labor costs and abundance of qualified accounting talent.

For example, the average US accountant earns $56,000 annually, whereas experienced accountants in Peru or Colombia cost closer to $15,000 - $25,000 per year. After factoring in overhead expenses, US accounting staffing can surpass $80,000+ annually, while South American hires keep costs under $40,000.

Transitioning to overseas talent transforms accounting from a large, fixed expense to a flexible, affordable operating cost. Businesses reinvest these savings into growth initiatives or add specialized capabilities previously out of reach.

Highly-Skilled, Specialized Accounting Talent

Countries like Colombia and Peru have a strong talent pool of accountants with advanced credentials and specializations to support complex business needs.

Over 64% of accountants in Peru hold a bachelor's degree or higher, with 20% obtaining CPA status, ensuring deep expertise (Source). These professionals frequently specialize across corporate accounting, payroll, taxation, auditing, analytics, and more.

South American accountants also possess key advantages like:

• US GAAP fluency - Following US accounting principles is second nature
• Cultural alignment - Deep understanding of US business customs
• Bilingual English - Enabling seamless communication
• Matching time zones - Allowing real-time collaboration

This unique blend of affordability, specialization, and shared business context makes South American accounting talent a turnkey solution for ambitious organizations. The top software for accounting empowers this transition.

The Essentials of Effective Accounting Software for Remote Teams

Selecting user-friendly financial systems with strong reporting and access controls facilitates collaboration and oversight across borders.

Cloud-Based vs. Desktop Accounting Platforms

Cloud-based accounting software offers distinct advantages for remote financial management compared to desktop accounting software. Cloud platforms provide:

• Accessibility from any device and location
• Real-time collaboration between distributed team members
• Automatic updates and maintenance without relying on local IT teams
• Strong security protocols and regular data backups

This enables robust oversight and efficient workflows across borders and time zones. Popular cloud accounting apps like QuickBooks Online and Xero integrate seamlessly with other systems and offer user permissions to protect sensitive financial data.

However, some businesses prefer desktop accounting software like QuickBooks Desktop for the ability to work offline and avoid monthly subscription fees. Small companies that handle all accounting functions in-house without remote team members may lean towards installed software if internet connectivity is limited.

Overall, most modern businesses benefit more from top 10 accounting software options optimized for the cloud. The ability for remote finance controllers and accountants to log in from anywhere, standardize processes, and collaborate on tasks outweighs the appeal of one-time purchases for installed programs.

Core Features for Cross-Border Accounting

Companies using outsourced accounting staffing need finance platforms that make cross-border collaboration easy. Core features include:

• User access controls: Assign granular user permissions to protect sensitive financial data while enabling remote teams to access necessary information.
• Multi-currency support: Record transactions and run reports in both local and foreign currencies.
• Automated workflows: Set rules for repeat tasks like bank reconciliations to save time.
• Custom reports and dashboards: Centralize key metrics about profitability, taxes, cash flow, and more to gain visibility.
• Audit trail tracking: Review detailed activity logs for changes to transactions, invoices, and other records.

Choosing software with robust tools for user management, currency conversion, task automation, analytics, and transparency is crucial for success. Accounting app for small business needs may vary, but larger companies generally require advanced functionality to coordinate remote accounting staff efficiently.

Investing in platforms built for the cloud with strong access controls, multi-user collaboration, and visibility features is imperative to effectively manage finances across borders. This allows managers to oversee dispersed teams while enabling staff to contribute seamlessly from abroad.

Identifying Top Software for Accounting Efficiency

In today's digital era, accounting software is crucial for enabling efficient financial workflows. As businesses grow and evolve, identifying solutions that scale with operational needs and provide value through cost savings is imperative. For companies seeking to integrate specialized remote accounting talent, software that empowers collaboration and real-time insight is key.

Accounting App for Small Business: Tailored Solutions

Small businesses require accounting software tailored to their size and goals. Solutions like QuickBooks provide user-friendly apps designed for lean teams tracking finances across limited transactions. Features like invoicing, expense reporting, and cash flow projections cater to small business needs without overwhelming functionality.

Prioritizing mobility, automation, and ease-of-use ensures small team adoption across a customizable platform. While heavier reporting or complex international consolidation required by larger corporations may be absent, these apps enable new and growing businesses to control finances with confidence. The best accounting apps for small businesses balance simplicity with growth tools to create efficiency today and in the future.

Embracing the Best Free Accounting Software for Small Business

"Bootstrap early. Conserve resources for sustainability."

Free accounting software helps maximizes limited budgets without sacrificing quality. Solutions like Wave Accounting provide robust features catering to small business finances and easy collaboration with accountants and bookkeepers. Core functions like invoicing, expense tracking, accounting reports, and reconciliation tools offer end-to-end financial oversight and are designed to scale.

Rather than investing capital upfront, free packages allow allocation towards other operational areas. Once sustainable profitability is achieved, paid upgrades provide access to advanced features. Best free accounting software for small business empowers entrepreneurs to optimize resources today for strategic expansion tomorrow.

Wave Accounting Software: A User Experience Review

Focused on serving solopreneurs and small business, Wave Accounting delivers a streamlined experience balancing depth with ease-of-use. dashboard visualizations provide real-time cash flow, income, expense, and account reconciliation insights that both non-accountants and finance users can action. Seamless bank connectivity and unlimited invoicing remove friction from daily financial tasks.

For independent contractors and service providers, Wave conveniently tracks billable hours with client reporting suitable for external accountants. While ecosystem limitations exist for mid-sized corporations, integration with top small business platforms optimizes workflows. Ongoing development delivers new dimensions like payroll services. For lean teams, Wave Accounting enables comprehensive oversight without complexity.

Practical Considerations for Small Business Accounting Solutions

Addressing the practicalities of selecting and implementing accounting solutions that meet the unique needs of small to medium enterprises.

Best Bookkeeping Software for Small Business: A Comparative Overview

Assessing the best bookkeeping solutions to streamline financial processes for small businesses looking to optimize remote accounting practices.

When evaluating top software for accounting for a small business, it's important to consider key factors like cost, ease of use, integration capabilities, and customizability to your existing workflows. Many solutions like Wave accounting software provide robust core accounting functionality for free, with paid upgrades that unlock more advanced reporting, multi-user access, and inventory management.

Accounting app for small business needs tend to depend heavily on company size and complexity of financial operations. A simple sole proprietorship can often get by with free software like Wave or QuickBooks Simple Start, while a 20-person company managing inventory may benefit more from QuickBooks Online or Sage Accounting.

Here's an overview of some of the best free accounting software for small business:

Wave

• Free unlimited accounting solution ideal for very small, simple businesses
• Easy to use with intuitive interface and helpful wizards
• Lacks some advanced accounting functions larger businesses may require
• Best for solopreneurs or freelancers looking for basic accounting

QuickBooks Simple Start

• Streamlined free version of popular QuickBooks software
• Manages income, expenses, invoices, accounting reports
• Limits number of transactions per month before paid upgrades needed
• Best as introductory solution to test QuickBooks capabilities

Zoho Books

• Robust free accounting solution for small businesses
• Mobile app allows on-the-go invoicing and expense tracking
• Integrates with other Zoho business apps like CRM, subscriptions, etc.
• Best for growing companies that intend to scale accounting needs

When deciding between options, carefully evaluate your current and future needs. For example, desktop accounting software like QuickBooks Desktop Pro provides richer functionality for inventory and manufacturing-focused businesses. However for collaboration capabilities, accounting software for small business free cloud solutions tend to enable easier multi-user access.

Overall, today's range of solutions makes finding the best bookkeeping software for small business more accessible than ever. Just be sure to match key capabilities like automation, integration, and custom reporting to your small business' priorities. With the right foundations in place, streamlining accounting can help fuel sustainable growth and success.

Getting Started with Reliable Cross-Border Accounting Staffing

Businesses can quickly begin saving up to 50% on talent costs by connecting with specialized foreign staffing partners.

Defining Accounting Roles and Requirements

Clearly communicating needs around functions, credentials, tools, and workflows prepares staffing firms to source ideal candidates.

To find the best fits, provide detailed job descriptions outlining:

• Job responsibilities - Specify day-to-day duties like accounts payable/receivable, payroll, tax preparation, financial reporting, etc.
• Software and systems - Note required skills in solutions like QuickBooks, Xero, NetSuite, etc.
• Credentials - Indicate education level, certifications (CPA), years of experience, etc.
• Language abilities - Fluency requirements around verbal, written and reading English.
• Business workflows - Describe how the role integrates with the rest of the team through task hand-offs, approvals, etc.

Clearly conveying needs upfront enables staffing partners to source accounting professionals with specialized expertise to seamlessly integrate into existing business workflows.

Assessing Staffing Firm Specializations and Services

Opting for partners with dedicated expertise in foreign accounting recruitment, onboarding, and performance management.

Vet potential staffing partners on key criteria like:

• Accounting focus - Firms specializing in finance and accounting roles provide better candidate matches.
• Foreign recruitment - Experienced sourcing high-quality talent from specific countries.
• Screening process - Rigorous steps to evaluate technical and soft skills.
• Onboarding - Customized support transitioning new hires into the role and company.
• Compliance - Handling legal paperwork, taxes, payments, etc.
• Performance reviews - Proactively monitoring and providing feedback on member productivity.

This level of end-to-end management enables smooth onboarding and ongoing optimization of overseas additions to the accounting team.

Selecting specialized agencies like Vintti simplifies tapping into global talent pools to effectively address domestic accounting and finance staffing needs. Their dedicated finance focus, pre-vetted LatAm talent pipeline, tailored onboarding, unified dashboard, and bilingual account management streamlines the process of integrating remote professionals into US accounting functions to drive cost savings up to 50% without compromising on quality.

The Bottom Line - Dramatic Savings and Enhanced Financial Management

Outsourcing accounting functions can provide tremendous cost savings while enhancing financial management capabilities. By leveraging staffing agencies specializing in foreign accounting talent, businesses can realize savings of up to 50% on payroll expenses.

At the same time, niche expertise from abroad provides specialized capabilities otherwise difficult to find domestically. Remote South American staff are often well-versed in US GAAP while offering cultural alignment and shared time zones for streamlined collaboration.

Integrating foreign accounting talent enables access to top-tier software and financial controls tailored to a company's specific needs. This simultaneously cuts costs dramatically while fueling smarter business expansion powered by enhanced financial planning and analysis.

The bottom line takeaway - globalized and outsourced accounting talent facilitates big savings to invest into core operations while benefiting from world-class financial management expertise. The numbers speak for themselves in terms of return on investment.