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According to reports, the global accounting market is projected to reach U.S. $2.02 trillion by 2026, with a compound annual growth rate of 11.1%. This growth is due to post-COVID reviews and regulatory reforms in the financial sector, which has led to organizations rearranging their operations, thereby heightening the demand for accounting services. One such area that requires specialized attention is tax advisory.
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According to reports, the global accounting market is projected to reach U.S. $2.02 trillion by 2026, with a compound annual growth rate of 11.1%. This growth is due to post-COVID reviews and regulatory reforms in the financial sector, which has led to organizations rearranging their operations, thereby heightening the demand for accounting services. One such area that requires specialized attention is tax advisory.
To keep up with this market growth, businesses need skilled and dedicated accountants, which can be challenging to find. However, outsourcing can provide a simple and cost-effective solution. Outsourcing accounting tasks that can be completed online is well-suited to being performed in an offshore environment, provided your business is offshore ready. The benefits of outsourcing accountants include:
Cost savings: partnering with a quality outsourcing provider can save businesses up to 70% on employment costs for the same level of talent and output quality, as the cost of living in popular outsourced countries is often lower than in Western countries.
Increase in output efficiency and quality levels: outsourcing allows local teams to focus their efforts on more productive and rewarding work, while offshore teams are equally committed to their roles. This combination has consistently been shown to improve efficiency, productivity, and job satisfaction across an organization.
Business growth and scaling opportunities: outsourcing providers can help navigate seasonal demands to support sustainable growth. Organizations can quickly find the right people offshore to tackle growing demand without all the usual hassle and expenditure.
24/7 support: Hiring offshore teams can help your organization tap into 24/7 capabilities, adding flexibility to get work done faster and offer necessary support round-the-clock.
To decide which offshore accounting support you need, start by identifying what level of experience you require. There are three levels of accounting support available:
Junior: less than 1 year of accounting experience with a relevant degree.
Intermediate: 1-3 years of accounting experience.
Senior: 3+ years of accounting experience.
Offshore accountants typically need experience operating leading and more popular accounting tools such as MYOB, QuickBooks, SAP, and Sage.
It typically takes 6-8 weeks to recruit an accountant when outsourcing in the offshore market. It's important to employ the best person for the role, not the cheapest. While talent is inexpensive in the offshore market, seeking the lowest possible salary may not deliver the best ROI. It's a balance between cost and return, and businesses have the luxury of choosing highly qualified accountants for a fraction of the annual salary of their onshore counterparts.
If businesses require someone with experience in local tax laws, they may need to wait a bit longer and pay a bit more. In such cases, hiring junior and intermediate accountants in the offshore market and getting a local senior accountant to train them up could be a more viable option. Most businesses structure their outsourced team of accountants as follows: a senior team leader, one or more intermediates, and one or more juniors. Their senior offshore accountant is typically supported by a senior onshore accountant.