Outsourcing for accounting

Send accounting tasks to a dedicated offshore team member in the Philippines.

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Why should accounting businesses outsource?

Over the past 10 years, the accounting industry has seen significant growth amidst global challenges like the pandemic. Market forecasts are set to hit $734.94 billion by 20251 with a compound annual growth rate of 6%. Businesses need to identify strategies to keep up with these market changes while improving the quality of their service and achieving business growth.

In addition to this, there is a current global talent shortage, with nearly 69% of businesses2 having difficulty sourcing and retaining skilled talent. With the pandemic alone pushing global unemployment over the 200 million mark3, it would be fair to assume that employers might ‘have their pick’ from a large pool of quality, skilled workers who suffered because of sudden employment losses or financial turmoil during this time. However, there is research to suggest that applicants are now in control4, wanting more value-based benefits from potential employers rather than just financial gain.

Considering alternative resourcing strategies, like outsourcing, is a way accounting businesses can open up to a global pool of quality talent and reap the following benefits:

  • Cost savings: Hiring new staff is an expensive process and outsourcing can save your organisation money by having day-to-day tasks completed in a lower-cost economy, where employment costs are up to 70% less.
  • Improved efficiencies and staff satisfaction: Outsourcing experts help you identify roles that would be best suited to send to an offshore employee. That way, your local team can focus on what they do best and what motivates them leading to productivity improvements across the board.
  • Business scalability: One of the many reasons organisations struggle to grow is a lack of funds to invest in additional resources to support growth objectives. With the additional support of an offshore team member(s), you can increase the capacity for your organisation to take on more work.

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Accounting functions, roles and tasks

At Beepo, we offer support across a variety of accounting functions, roles and tasks. Many of our highly trained professionals are CPA and CA accredited so they can help your firm in whatever capacity you require. Identifying the tasks you want to send offshore can come with its challenges. Most organisations tend to outsource the back-office, process driven tasks - the tasks that usually consume a lot of time. However, we’re increasingly seeing many organisations looking to fill more complex and technical roles offshore.

We’ll find a team or an employee to support your firm in whatever capacity you require.

Accounting tasks

There are an array of accounting tasks you can outsource in your business ranging including, but not limited to:

  • Audits
  • BAS preparation
  • Budget forecasting
  • Checking invoice accuracy
  • Compliance reporting
  • Expenditure allocation
  • HR administration including issuing contracts and letters
  • Inputting and coding invoices correctly
  • Maintaining the billing system
  • Managing WorkCover claims
  • Matching invoices and purchase orders
  • MYOB updates
  • Payroll collecting, calculating and inputting data to distributing pay and updating records
  • Preparing and processing monthly journal entries
  • Reconciliations
  • Weekly reporting in Xero.
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Outsourcing companies - how to choose your provider

Choosing the wrong outsourcing provider can be detrimental to your success.

Selecting a provider with values that align with your business objectives is the ultimate goal. Doing so will ensure your outsourcing journey is nothing short of successful. How do you know you’re choosing the right outsourcing provider? Start by asking the right questions. These questions should drill into their operations so that you’re left with a thorough understanding of how they operate. Some of these questions may include:

  • Can you detail your standard security policies and infrastructure to manage data, security and privacy?
  • What tools do you have in place to ensure staff members remain online and productive 100% of the time?
  • What productivity reporting do you provide as a standard?
  • If things are not working out, what is the notice period and termination fees?
  • How does your recruitment process ensure you find the best candidate for my role?

This step is absolutely crucial in ensuring your outsourcing journey is a success. Remember, not all outsourcing providers are the same. They all have different protocols, facilities, T&Cs and contracts. Analyse, compare and choose the provider that resonates with your firm the most.


References:

1 Global Accounting Services Market Report (2021 to 2030)
2 ManpowerGroup Employment Outlook Survey Q3 2021
3 COVID crisis to push global unemployment over 200 million mark in 2022
4 COVID-19 and the employee experience: How leaders can seize the moment

The Beepo advantage

Here at Beepo, we always strive to deliver the best service possible. It’s why we offer businesses a distinct competitive advantage with offshore staffing solutions.

We understand the hardships our clients face when it comes to finding and retaining the right employee for the right job. When hiring an offshore team or team member with Beepo, we run a rigorous recruitment process to ensure we’re finding you the best talent possible. Your new full-time Beepo employee will also be 100% dedicated to your business and your business only.

Supercharge your business for growth through outsourcing, speak to us today about a customised solution for your business.

Interested in learning more about the outsourcing solutions we can provide for your business?
FREE BUSINESS CONSULT ➜

Resources to kickstart your offshoring journey