Nearly all accounting companies and firms in North America are aware of ‘offshore accounting’ and ‘tax preparation outsourcing.’ There are hundreds of such organizations that already have staff working from remote locations abroad. So while this concept is not new, it has come into vogue post-pandemic. Read on to know more about offshore staffing and the leading service providers in this domain.
As you are probably aware, the offshore staff is simply your staff who work remotely from another country. Offshore staffing offers several benefits, especially in the current world scenario where ‘work from home has become a norm:
Forward-thinking, we did a survey from our members to identify top accounting outsourcing companies based on various parameters, and glimpse are highlighted as under:
Entigrity is a leading offshore staffing solutions provider to 600+ accounting and tax firms situated across North America. Its clientele comprises accounting & tax firms of all sizes ranging from solo practitioners to mid and large-sized firms with more than eight hundred employees. It boasts a client retention rate of 96% and has worked with over 600 CPAs across the nation. It is headquartered in Sugar Land, TX, and has five offshore offices located in India.
It offers offshore accounting services for various designations, tax preparations, payroll, accounting & bookkeeping, audit, state taxes, and even for administration and billing work. It assures stringent recruitment standards, extensive research, and comprehensive planning. It works only for accounting firms, thereby underscoring its expertise. Moreover, it was set up by ‘accountants, for accountants.
Entigrity is an ISO 27001:2013 certified organization for information security and ISO 9001:2013 certification for Quality Management.
SurePrep is renowned among offshoring companies for providing technology solutions to the tax and accounting industry. It was founded in 2002 and is the leader in 1040 tax automation for CPA firms. It excels in providing innovative, comprehensive, and productive solutions that include scan and populates with an optional OCR verification service, outsourcing, and a two-time award-winning mobile solution that eliminates the paper organizer. It provides solutions to:
As one of the oldest organizations in accounting, Wolters Kluwer has come up with Xpitax Tax Preparation Outsourcing that helps firms manage their staff bandwidth. It believes in bringing its experienced tax preparers to prepare tax returns to the same standards and quality expected by their firms' clients. On average, prepared tax returns with review notes are returned within 12—36 hours of submission. Also, it assures you to follow your firm’s existing processes and uses the same tax prep software you’re using today.
Overall, the benefits of outsourcing accounting are too many to ignore. It enables you to boost profit margins by making significant cost reductions. It can also come in handy during high compression periods and help your in-house team find a better work-life balance. But before hiring an offshore accounting service provider, do ascertain its credentials that will ensure that engagement details and client information remain secure at all times.
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The author, Shawn Parikh is a qualified accountant and has been in accounting industry for more than a decade now. He has always been a big believer and advocate of social enterprises and small accounting firms and business.