How Offshoring can Transform Accounting Firms

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Table of Contents

It's now normal for accounting firms to solve their workforce issues by hiring extra offshore staff. Even the smallest of the firms have started to build their offshore team to minimize the costs.

Outsourcing for accountants is now widely accepted by accounting firms and clients as working remotely has become a common occurrence. And most firms go about it by hiring a pre-managed team of trained accounting, audit, and tax professionals to support their core team onshore.

"Many firms dragged their heels on offshore staffing before March 2020 and have only grudgingly accepted or ignored offshore staffing, but like many other expedients, you started looking toward outsourced accounting services as a stop-gap solution during this pandemic. However, in my opinion, it is a long-term solution, and it is worth continuing once things return to normal," CPA Melvin Caine, President, MC Accounting Services, Calgary, AL

Whether working remotely from 'Boston or Bangalore,' 'Miami or Mumbai, 'New York or New Delhi,' is all the same, as long as your staff has the right skillset and attitude speaks the same language. Many firms have even gone a step ahead and started building their offshoring teams to India and have leveraged the "Global Talent Pool".

More and more accounting outsourcing firms are opening, and more and more accounting firms' clients are opening offshore! Many businesses are still dealing with the mindset problem. MYCPE ONE has expanded by around 90% in the last 15 months, meaning that we accomplished most of what we achieved in just the previous seven years.

pre pandemic vs Post Pandemic

Case Study Of A Florida Firm, How They Accelerated Their Firm's Growth

In 2017, we got in touch with an accounting firm based in Orlando, Florida, run by 4 partners (and still is). They already had a long-term plan in place, but they lacked the specific 'how to' on individual subjects.

Before we started working with them, they had an onshore team of 16 people, and the average workweek was more than 40+ hours. It even went up as high as 48 to 52 hours during tax seasons. The revenue they were making was $4.1M, and profit before partner salary was around $1.2M and a client base of 1450.

When we first met, we learned that the tax season was taking a toll on each of the partners and all other team members alike. After analyzing their situation, we suggested that hiring offshore accountants will help the company cope up with the pressure.

Moreover, 2 of the 4 partners showed interest almost instantly, while the other two were half-hearted about whether to step in or not. Being into the discussion for a few hours, they were convinced to go ahead with outsourced accounting services.

In 3 years with outsource accounting in India, they added a 7-person offshore team with 15 onshore staff. By the end of 3 years, they added nearly $5.6M of revenue (39% growth to what they made 3 years ago) to the firm. Their profit before partner salary almost doubled $2.3M (92% increase) even though there was a reduction in the number of clients from 1450 to 1310 (9.6%) during these 3 years. They focused on landing more lucrative projects and didn't need to accept low-priced ones.

Now, not all of their new revenue was converted into profit; to expand, they kept investing it into their workforce and infrastructure for 3 years to drive the revenue further. Partner average workweek decreased from 40.25 to 33.75 per week. The best thing of all, they have thought of having offshore teams as a long-term solution; tax season or not, the onshore and offshore teams are pretty much occupied throughout the year.

Case Study

Offshoring Firms Can Accelerate Your Firm's Growth

It is becoming increasingly difficult and expensive to recruit talented people. While the appropriate team members can help you achieve your goals, they could be quite expensive. This talent is undoubtedly valuable, but it doesn't mean you can't discover brilliant people while still saving money. This is where MYCPE ONE's offshore hiring comes into play.

It's your team, functioning out of our secure headquarters in India. You may delegate all back-end and administrative tasks to your offshore staff while your local team focuses on what they do best. Your A-team will have all of the resources it needs to focus on providing outstanding value to clients.

Conclusion:

MYCPE ONE as an accounting offshore staffing service provider can help reduce operational costs, offer better margins, save time for further innovations, and ensure a better work-life balance for CPAs and accounting professionals just like you.

It's time to consider offshore accounting as a viable option for your business, as the benefits far outweigh the risks. It won't take too long for you to see the positive results after hiring a remote team.

Tushar Pansare

Tushar is an Offshoring Strategic Advisor for Accounting Firms with 21 years of experience in Business Development, Customer Success, and Client servicing. He has a proven track record of managing key accounts. Tushar is an experienced professional with about 8 years of experience in the North American market with Healthcare IT and Accounting and offshoring industries. He has a team-handling ability and is proficient in leading project development and ensuring compliance with quality standards. He is a team player and a leader with exemplary analytical and problem-solving skills.