The number of accounting firms in the US in 2021 is 138,000 and it keeps growing.
The Finance and Accounting Outsourcing market in the U.S. is estimated at US$18.3 Billion in the year 2021. The country currently accounts for a 45.7% share in the global market.
37% of small businesses outsource their Accounting function. Accounting requires a specific skill set which makes accounting related tasks the top outsourced function, next to IT tasks. Business owners seek to hire offshore teams to manage all financial transactions, from fixed payments and variable expenses to bank deposits and budgets, while allowing the business owners to save and do more. Offshore finance and accounting teams provide remote day-to-day accounting support as effectively as inhouse accounting departments.
Outsourcing enables businesses to screen from a pool of talented and skilled employees. The responsibilities of an offshore accountant include providing support to a company and contributing to the overall efficient operation of the department with tasks that include processing invoices, maintaining accounting records, auditing financial documents and procedures, reconciling bank statements, and calculating tax payments and returns.
Other skills that businesses may outsource to offshore accounting teams are the following:
• Manage all accounting transactions and operations and financial activities
• Prepare and analyze budget forecasts
• Publish financial statements in time
• Handle monthly, quarterly and annual closings
• Reconcile accounts payable and receivable
• Ensure timely bank payments
• Computer taxes and prepare tax returns
• Manage balance sheets and profit/loss statements
• Report on the company’s financial health and liquidity
• Audit financial transactions and documents
• Reinforce financial data confidentiality and conduct database backups when necessary
• Comply with financial policies and regulations
Accountants should be able to provide accurate quantitative information on the financial position, liquidity, and cash flows of our business, and ensures compliance with tax regulations.
Businesses looking to outsource Accounting functions can hire the following:
- Accounting Associates
- Junior CPAs
- Senior CPAs
To build an effective offshore accounting team, businesses must hire qualified candidates who are well-versed in accounting principles, are able to work comfortably with numbers, can adapt to a fast-paced work environment, have excellent accuracy, attention to detail, planning and organizational and communication skills. Aside from these the ideal candidate should also be well-versed in accounting softwares. Commonly used software for accounting functions are as follows:
- Zoho Books
Why Outsource Accounting Tasks to Connext Offshore Teams?
Connext Global Solutions provides offshore accounting and financial services support at all levels with our custom outsourcing solutions.
Support Team of Experts
Connext has a tremendous talent pool of employees. The company provides custom outsourcing solutions by providing high caliber back office and technical support from our industry experts that streamline business workflows.
100% Client Dedication
Connext has a high level of business and client commitment. With a 100% tailored approach, the company provides solutions that always puts clients first.
Structured Training Methodology, Setup and Monitoring Metrics
Connext helps manage a client’s team as if it was theirs and makes sure the performance matches or exceeds that of your local teams. Connext, in close coordination with the client, uses three standard productivity, utilization, and monitoring metrics to track employee performance.
High Employee Engagement
Outsourcing with Connext means having to partner with a company that has world-class employee retention. Connext prides itself on its world class work retention rate. The monthly average of employee retention during the first quarter of 2021 was 98.4%.
Robotic Process Automation (RPA) and Artificial Intelligence (AI) Capabilities
At Connext, we have a dedicated team of robotic process automation experts to automate key accounting and financial business processes such as centralized data syncing and reports generation to improve the productivity, cycle time, accuracy, and scalability and user experience. Through outsourcing services via Connext, there is a 60% reduction in the client’s average cost.
Scalable and Flexible Staffing Solutions
Clients start their own offshore (captive) teams with the scalable options to start from 1 Connext employee to 50. Connext understands the clients’ need to rapidly scale operations in today’s dynamic business landscape. Build a team of CPAs, AP/AR personnel, or a combination of whatever you prefer. Aside from building your dedicated accounting and finance team, here are some non-accounting and finance and accounting roles you can outsource to Connext:
- Administrative Assistants
- QA and Business Analytics Specialists
- Web Administrators and Developers
- Customer Engagement Professionals
- Back Office Staff
- IT Developers and Support Professionals
- Graphic Designers
- and More
Start building a scalable support team of experts. Outsource to a Connext offshore team today.