Are you managing an accounting firm and seeking a cost-effective solution to expand your team? Do you need a strategic approach that maintains the high level of service that your clients expect?
Considering offshore accountants might be an optimal solution.
If you're interested in understanding the benefits of offshore talent part of your firm's tasks, or you're exploring ways to improve efficiency, this blog post is for you.
What is an Offshore Accountant?
An offshore accountant or finance expert is a professional that carries out tbheir different accounting task and operations from a remote location, different from where your business is established. This could be a professional residing in another city, country, or even continent.
This enables accounting firms to acces accounting top talent at competitive rates, while still maintaining excellent quality. Offshore accounting talents can work on a freelancer model or as contractor, usually provide services such as bookkeeping, tax preparation, financial analysis, and audit from an offshore location.
If you’re a US-based firm and you choose to hire accounting experts located in South America, this is an example of offshoring accounting talents.
Why Should You Hire Offshore Accountants?
Increase the Size of Your Talent Pool: With offshore accountants, geographical barriers are non-existent. You can hire the most qualified accountants from anywhere in the world, thereby significantly increasing the size of your available talent pool.
Enhance Productivity: Offshore accountants can work while your local team is off-duty due to time zone differences. This means your accounting tasks can be accomplished 24/7, enhancing productivity and ensuring continuity.
Scale Your Projects Effortlessly: When you need additional help during peak financial seasons or for large accounting projects, offshore accountants provide the flexibility to scale up or down based on your needs.
Meet Deadlines with Ease: Offshore accountants can help you meet critical financial deadlines. For example, if it's tax season, offshore accountants can focus on tax preparation while your local team handles other tasks.
Save on Expenses: Hiring offshore accountants can significantly cut costs. Not only can you save on salaries, but you also save on overhead costs such as office space, utilities, and equipment.
What are the Top Locations to Source Offshore Accountants?
Hiring offshore bookkeepers is increasingly becoming a strategic approach for accounting firms aiming to reduce costs and expand their access to skilled professionals globally. Among the most sought-after regions for offshore bookkeeping services are the Philippines, India, Argentina, Brazil, and Colombia. Each of these countries offers distinct advantages.
The Philippines is a preferred choice due to its abundant supply of highly skilled professionals, with many exhibiting strong English language proficiency. Additionally, the competitive labor costs in the Philippines allow businesses to significantly save on operational expenses, making it a lucrative option.
India, known as an outsourcing powerhouse for many years, brings its own set of advantages. With a huge population and several prestigious business schools, India presents a vast, well-educated workforce proficient in offshore services, including bookkeeping.
Despite the considerable time differences that could pose challenges, Argentina and Brazil are rising in popularity as offshore locations due to their closer time zone alignment with the US. The high caliber of Argentine talent is a significant attraction for international companies, particularly in the finance sector. Roughly 40% of Argentines between the ages of 25 and 34 possess a tertiary education. This figure illustrates a well-educated workforce, with one of the highest English proficiency in the region positioning Argentina as a reservoir of promising professionals, encompassing global accountants.
Colombia, although relatively new to the offshore scene, offers its own set of benefits. Its lower cost of living translates into very competitive wage rates, making it an attractive option for small and medium-sized businesses looking to optimize their financial management processes cost-effectively.
How to Hire Offshore Accountants for an Accounting Firm
When it comes to hiring offshore accountants, there are multiple avenues you can explore.
Most firms tend to go for social media like LinkedIn and Facebook, as it's a common way to find job seekers. Job boards like InfoJobs and Konzerta are also popular for posting jobs and attracting candidates. While these are good ways to keep control of the hiring process, it can be tough to know when you have enough candidates or how good they really are. Also, these sites don't help with background checks or work samples. So, you'll need a careful selection process to avoid hiring the wrong person or falling for scams.
This is where staffing agencies or recruitment companies come in handy. Here are a few to consider.
Offshore Talent Staffing Agencies: Best Companies
Offshore staffing agencies have become an integral part of the recruitment process, helping businesses connect with professionals from various parts of the world. Among these agencies, Toa Global, Vintti, and Sheperd are worth mentioning due to their specialized areas of focus and regional expertise.
Toa Global
Toa Global is an agency that primarily recruits professionals from the Philippines, a country known for its pool of skilled and English-proficient workers. The Philippines, being home to countless professionals with accounting expertise, is an ideal source for Toa Global. However, one key challenge that businesses may encounter when hiring from this region is the significant time zone difference. For businesses based in the US, for example, there's approximately a 12-hour difference. While this can be managed with proper planning and communication protocols, it's a factor that companies should consider when deciding to hire from this region.
Vintti
On the other hand, Vintti is an agency that specializes in recruiting accounting and finance experts from South America. Known for its quality education and training in the finance sector, South America offers a rich pool of qualified professionals. What makes hiring from this region particularly appealing for businesses is the relatively small time zone difference with the US, making collaboration more straightforward. Vintti's expertise in this market allows it to connect businesses with the top accounting and finance professionals in the region.
Sheperd
Sheperd, meanwhile, has a unique focus on the e-commerce, tech, and real estate sectors. This specialization enables them to understand the specific needs of businesses within these industries, from the technical expertise required to the unique challenges these sectors face. While the geographic regions they source from aren't specified, their specialization in these sectors makes them a viable option for businesses within the e-commerce, tech, and real estate sectors seeking specialized offshore talent.
Ready to Start Hiring?
Hiring your next best employee doesn’t have to be difficult, not costly. You can have a highly qualify professional within only a few weeks if you know where to look and who to partner with. Yes, finding your offshore accountants might require some initial effort, but the potential benefits in the long run—increased productivity, cost savings, and an enhanced talent pool—can make it a rewarding strategy for your firm.
Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
