Become a Valued Member of myCPE Professionals Community
Trusted by 250,000+ Professionals
5.0
"Steven was knowledgeable and thorough…”
Steven was knowledgeable and thorough in his information about the product and what is offered. He was empathetic to my situation. He went above and beyond answering all of my many questions. Excellent service!
Crystal lovejoy
5.0
"Great Customer Service”
Great service and very patient as I asked several questions. Steven answered all my questions and helped me make the right decision in my subscription purchase. Thank you.
Lori corry
5.0
"It is what it advertised to be”
It is what it advertised to be. Professional quality training and CPE tracking and certificates; systems knows AZ CPA CPE requirements and categories. I've needed help on several occasions and the assistance was quick and effective; however, there were some problems with data entry. The assistance sometimes asks for input, but when I try to type it is dissallowed for some reason. On several occasions I had to close the popup to get it out of my way.
Brian Carey
5.0
"Great customer service”
Great customer service. Classes are pertinent. Great value
Become a Valued Member of myCPE Professionals Community
Trusted by 250,000+ Professionals
5.0
"Steven was knowledgeable and thorough…”
Steven was knowledgeable and thorough in his information about the product and what is offered. He was empathetic to my situation. He went above and beyond answering all of my many questions. Excellent service!
Crystal lovejoy
5.0
"Great Customer Service”
Great service and very patient as I asked several questions. Steven answered all my questions and helped me make the right decision in my subscription purchase. Thank you.
Lori corry
5.0
"It is what it advertised to be”
It is what it advertised to be. Professional quality training and CPE tracking and certificates; systems knows AZ CPA CPE requirements and categories. I've needed help on several occasions and the assistance was quick and effective; however, there were some problems with data entry. The assistance sometimes asks for input, but when I try to type it is dissallowed for some reason. On several occasions I had to close the popup to get it out of my way.
Brian Carey
5.0
"Great customer service”
Great customer service. Classes are pertinent. Great value
Steve
1/4
Subscribe Now at $199/ 12 Months
Topic of Interest
Select the topics of your interest to receive Webinars/Virtual Events/E-Books/Podcasts of your interest.
Not found
Selected Topics
Important: Course Deactivation Alert
Below mentioned Courses will be deactivated soon due to outdated content. Complete the course within the next 7 days to receive credits. After Expiry date, the course will be unavailable for credit. For assistance or inquiries, please contact our support team at support@my-cpe.com.
Course Name
Thank You.
The Evolution of Accounting Offshoring: Unlocking Expertise and Innovation
Accounting
The Evolution of Accounting Offshoring: Unlocking Expertise and Innovation
For many years, offshoring in the accounting sector has been synonymous with delegating routine, low-level tasks to reduce operational costs. However, this perspective is shifting as accounting firms in the USA are increasingly recognizing the strategic benefits of offshoring more complex, high-value functions.
One of the biggest myths that many are associating with offshoring is that it only means cost-cutting. It is true that offshoring reduces costs in many ways, such as reducing the need for in-house staffing, training costs, and overhead costs. Moreover, it also avoids expenses related to technology and infrastructure. While these factors help outsourcing reduce costs, they are not the only benefits one gets from it.
Today, offshoring is evolving beyond mere cost-saving; it has become a powerful strategy for accessing specialized expertise, enhancing operational efficiency, and driving innovation within accounting practices.
The Evolving Role of Offshoring in Accounting
1. Access to Specialized Expertise:
Having a team of experts for your accounting firm mitigates the issues caused by trial and error. Offshoring staff gives you relief amidst the busy and hectic tax season.
American accounting firms are increasingly offshoring not just clerical or data-entry tasks but also sophisticated processes that require advanced skills and knowledge. Countries like India and the Philippines have cultivated deep pools of highly qualified professionals, including chartered accountants, financial analysts, and tax experts. By offshoring these complex functions, firms can tap into expertise that might be limited or too costly to maintain locally, thereby enhancing the quality of services offered to clients.
2. Enhancing Operational Efficiency:
Offshoring has a notable advantage in increased efficiency for firms. Offshoring high-level accounting work allows firms to streamline their operations and reallocate resources toward more strategic activities. By delegating complex but non-core tasks—such as forensic accounting, financial analysis, and compliance reporting—to skilled offshore teams, firms can achieve greater operational efficiency. This enables onshore teams to focus on high-touch client interactions and strategic advisory services, ultimately improving client satisfaction and business outcomes.
3. Driving Innovation Through Global Collaboration:
Offshoring high-level work also fosters global collaboration, bringing in fresh perspectives that can drive innovation in accounting practices. Offshore teams often contribute unique cultural insights and innovative approaches to problem-solving, which can lead to the development of new financial models, more effective tax strategies, and improved audit processes. This cross-border collaboration enriches the firm’s capabilities, allowing it to better serve an increasingly global client base.
4. Flexibility and Scalability:
One of the major benefits of offshoring high-level accounting work is the flexibility it offers in scaling operations. Accounting firms can quickly scale up or down depending on client demands or seasonal workload fluctuations, such as during tax season. This flexibility allows firms to maintain high service levels without the overhead costs of a large, full-time in-house team, thereby optimizing their operational efficiency.
5. Strategic Cost Management:
While cost savings remain a key consideration, offshoring high-level accounting work is increasingly viewed as a strategic investment. The emphasis is on maximizing value by balancing cost savings with access to top-tier talent and advanced capabilities. By offshoring complex tasks such as international tax planning, compliance, and financial forecasting, firms can free up resources to invest in strategic initiatives that drive growth and provide a competitive edge in the market.
6. Building a Global Talent Pipeline:
Offshoring high-level work helps accounting firms build a global talent pipeline, which is crucial in today’s competitive environment. By fostering relationships with skilled professionals in offshore locations, firms can ensure they have access to the specialized talent needed to meet client demands. This global talent strategy supports both current operations and future growth, positioning the firm to respond effectively to new challenges and opportunities.
Challenging the Misconception of Offshoring as Low-Level Work
The idea that offshoring is suitable only for low-level accounting tasks is outdated and restrictive. Offshoring has become a strategic tool that accounting firms can use to enhance their capabilities, innovate, and maintain a competitive advantage. By leveraging offshoring for high-level work, firms can unlock new opportunities for efficiency, growth, and client service excellence.
Final Thoughts
Offshoring is becoming a vital growth strategy for accounting firms. No doubt, it is a great option if you are looking to mitigate overhead costs, but debunking the misconception that it is only for reducing costs is necessary. There are way more benefits of offshoring accounting functions. By leveraging various benefits of offshoring accounting services, like expertise, specialized skills, cost savings, long-term success, scalability, and efficiency, accounting firms yield significant returns and enhance their overall financial and accounting performance.
Shawn Parikh is the CEO and Co-Founder of MYCPE ONE. A Chartered Accountant by qualification, he has over 15 years of experience of being a problem solver for small to mid-size firms and over time he has given consultation to thousands of CPAs, accountants and tax pros. Shawn has always been a big believer and advocate of social enterprises and small accounting firms & businesses. He consults and speaks on several topics ranging from Building Remote Team - Remote Working, Offshore Staffing, strategic planning, Scalability of Accounting Practice, cloud accounting, practice management, LinkedIn marketing, etc.
Experience MYCPE ONE at its best! Upgrade your browser for a more interactive, user-friendly interface, and stay ahead in your professional development journey.
