Over the past 10 years, the accounting industry has seen significant growth amidst global challenges like the pandemic. Businesses need to identify strategies to keep up with these market changes while improving the quality of their service and achieving business growth. Considering alternative resourcing strategies, like outsourcing, is a way accounting businesses can open up to a global pool of quality talent.
Outsourcing for accounting means your business sends accounting tasks to a dedicated offshore team member(s) who is based outside of your business. For example, if you decide to outsource your accounting with Beepo, your team member would be based in our office in the Philippines.
This is completely dependent on the outsourcing provider you choose to partner with. Outsourcing allows additional work to be completed, at significantly reduced costs, especially when outsourcing offshore to a lower cost economy, such as the Philippines, where employment costs are up to 70% less. Hiring new staff is an expensive process. Beepo’s outsourcing model takes care of all these costs including recruitment, human resources, new office equipment, superannuation, payroll tax, workers compensation, IT and overall management supervision. Apart from the engagement costs, you would only be sacrificing your time to train your new employees, which is a long-term investment for your business.