What Services can an Offshore Accounting Partner Provide?

As companies work towards constantly enhancing their efficiency to be able to focus and excel on their core competencies, offshoring and outsourcing their business processes has been an effective strategy to help in furthering their efforts. Offshoring allows companies to not limit themselves to local services especially if they themselves cater to both local and foreign clientele – but what services does a typical offshore accounting partner provide?  

 
If you are looking for finance and accounting professionals to handle the specific tasks cited below, then offshore accounting may just be the perfect solution for you!  

Read: When to Consider Back-Office Support for Your Company 

Common Offshore Accounting Services 

Bookkeeping and Accounting Services 

Offshore accounting partners are equipped with the knowledge to handle day-to-day financial transactions, maintain accurate books, and ensure compliance with accounting standards. With their capacity to handle a company’s books and daily financial information management, offshore accounting partners ensure accurate financial records that will benefit the company over time. 

Financial Reporting and Analysis 

Reliable financial reporting is crucial for strategic decision-making – which is why accurate financial records are needed. In this sense, the proficiency of an offshore partner allows you to have comprehensive financial reports, data analysis and insights that will help your company make informed decisions. This service is particularly valuable for companies looking to improve financial transparency and governance within their operations. 

Tax Planning and Compliance 

As a company, compliance is the name of the game. It is what allows us to stay in business and continue operations. But staying compliant with ever-evolving tax regulations is a complex task. Offshore accounting partners can assist companies in tax planning, ensuring that they take advantage of available deductions and credits.  

Additionally, these partners constantly keep themselves updated on tax law changes, making sure you remain compliant regardless of any changes to any law or regulations that apply to your company  

Payroll Processing 

This is one of the most common tasks that companies offshore. Offshore accounting partners can efficiently handle payroll processing, including salary calculations, tax withholdings, and compliance with labor laws, giving your company and your employees the assurance of one-time and accurate pay at all times.  

Audit Support 

Company audits require a keen attention to detail, technical proficiency and compliance from start to finish.  

Offshore accounting partners can support companies by preparing audit-ready financial statements, assisting with documentation, and ensuring compliance with audit requirements. This collaborative approach facilitates smoother audit processes. 

Cash Flow Management 

Effective cash flow management is essential for the financial health of any company. Outsourcing this function to offshore accounting partners can help you develop cash flow forecasts, monitor receivables and payables, and implement strategies to optimize cash flow.  

Integration of Accounting Technology 

Lastly, offshore accounting partners are often well-versed in the latest accounting technologies. They can assist companies in adopting and integrating advanced accounting software, automating repetitive tasks, and optimizing financial processes. This allows your company to have financial records that are secure, updated and accessible for all members of your team, creating an easier workflow for your finance and accounting needs.  

As you take note of all of the different finance and accounting services that an offshore partner can provide, make sure you also take into account their service delivery process, data security measures, culture and experience to make the most of your engagement. Once you choose the right offshore partner perfectly suited for your company’s needs, you’ll be able to leverage their skills in not just maintaining but overall improving your company’s finances.  

By offshoring these non-core but critical functions, you as a company can redirect your operations and your focus towards other growth-oriented initiatives, positioning you to remain competitive in the market.  

Read Next: Outsourced Accounting Challenges and How to Overcome them  

Interested in Getting an Offshore Accountant?  

We have a wide expertise in handling the numbers of companies across various industries. We also make it our duty to stay up to date on the latest trends in the accounting industry to make sure our clients’ data is safe with us. Contact us today and we’ll help you find the right solution for your needs. 

Download our Outsourcing: How to Make it Work guide today and discover how we can help in managing your company’s finances.