How to Build an Offshore Accounting Team: An Ultimate Guide

 

Outsourcing and Offshoring are 2 different processes. Offshoring is geographical in nature. It involves shifting and moving the activities and operations of a business to a foreign location. The business tasks, workload, and duties are delegated to a team of professionals in another location, region, or nation.

Outsourcing on the other hand is the process of employing a third-party service provider to handle the company’s internal operations. In simple words, it is when an firm or company hires another organisation [usually a third party] to do some of its work instead of employing its own staff.

Although both the terms are often used interchangeably and used to refer to each other, they are not the same.

Offshoring has become a popularly used option by many businesses and agencies around the world. This is due to the benefits like lower labour costs, access to highly trained personnel, better operational efficiency and higher productivity, that offshoring provides.

Accounting is one of the tasks/functions that is offshored. Hence, in this blog, we have broken down Offshore Accounting for agencies who wish to adopt offshoring.

What Functions Do Offshore Accounting Teams Perform?

Here, let us understand the tasks and the duties that an offshore accounting team completes:

General Accounting

The financial requirements and necessities of your firm are examined by the offshore accounting team. They manage and execute accounts payable check activation and wire transactions in addition to overseeing the company’s financial operations and activities. They also help the firm with account reconciliation processes. The offshore team also provides reliable advice relating to all accounting matters.

Accounts Payable

Accounts Payable is a term used to describe the money that a business owes to its suppliers for goods or products or services that were purchased on credit. The accounts payable service offered by offshore accounting teams involves processing and monitoring transactions between the firm and its suppliers, as well as ensuring that any outstanding bills from suppliers are processed and paid.

Accounts Receivable

Accounts Receivable is the term used to describe the money owed to the firm or business by its customers. This money is the balance that is owed to the firm for the products that were used or services that were rendered to the customers but are not paid for. The offshore team makes sure to provide firm with all the information they need to understand their outstanding invoices.

Conclusion:

Now you know how offshoring is beneficial for agencies and businesses and how to choose and build a proper offshore accounting team. We at Stanfox are an offshore accounting firm that offers reliable, efficient, and useful services to CPA firms, businesses and individuals as well.

Visit our website to find out how we can add value to your business: https://www.stanfoxes.com/

To Read Full Blog: How to Build an Offshore Accounting Team?