Accounting is one of those hidden elements of business operations that are never highlighted, but businesses can’t survive a day without them. If accounts of a company aren’t managed properly, then other business operations can’t be commenced as per the plan. Accurate accounting practice keeps the management informed about the current financial position of a business organization.
Due to the hidden importance of accounting work, most businesses prefer to outsource their accounting services. This eventually increases the workload of accounting firms as they have to put some level of precision and dedication in preparing accounts of every client. That’s why remote staffing for CPA firms is turning out to be bliss as accounting firms can gain lots of advantages by using remote services –
- They can reduce their overhead cost
- Improve their performance and productivity
- Get the opportunity to use expert services
- Manage their internal affairs better and much more.
How to Reap Desired Benefits from Remote Staffing Companies
Having a dedicated remote team is becoming a new business trend, especially in countries like US where the cost of hiring professional services is very expensive. To hire an in house accountant in the US, companies have to minimum pay $50000-$70000 per annum. It is very difficult for small accounting firms in the USA to spend that much money on one person. So, this leaves them only with one solution to hire a remote staffing team from outside the states.
However, hiring and managing remote staffing for accounting firms isn’t a piece of cake. To fully utilize the remote services and drive ample of other gamut benefits, accounting companies have to scrutinize the following methods.
1. Take leverage from the time difference
When you are planning to outsource your accounting work, then make sure to focus on the time zones so that you can establish proper communication with your team. For accounting firms in the US, the time zone of Asian nations such as India suits the best.
For instance, people come to CapActix from the US because they can take advantage of 12 hours time difference. Accounting firms delegate their leftover work to us in the evening and when in the morning they open their work Desktop, then they are greeted with the complete work. This smoothens up the workflow a lot for CPA firms.
2. Go for Referrals
It doesn’t matter whether you are hiring an in house team or remote team, it is essential like salt in your food to go through referrals. You should check out past work experiences and reviews of previous clients of the remote staffing company before hiring them.
With the digitalization of every aspect of the business, you can easily go through referrals of the company online. You can check their social media pages and read reviews given by their previous clients. Companies can also contact their previous clients and inquire about the work ethics of a company. Today, there are so many different ways available to get valuable input from a remote staffing company.
3. Use Old School Interviews with Modern Technology
Up next, remote staffing for CPA firms can be improved by hiring the remote staff after going through intense interview procedures. You hire your in house staff after scrutinizing them through various interview phases so you should follow the same method with your remote accounting staff.
You can use all the latest technology oriented communication channels to interview your remote team like you can use email for the first round of interview, phone call for second and Skype video call as the third round. You can even use screen sharing apps to test the basic accounting work ethics of the company. So, you should use all the different ways to test the expertise of the remote staff.
4. Check Local Outsourcing Policies
Apart from evaluating the internal policies of a remote company, you have to check out the local outsourcing policies. Some nations around the globe don’t have friendly outsourcing policies for US companies. But, nations like India have always encouraged overseas companies to invest in the country and use the expertise of local talent. Thus, make sure to read of the country’s outsourcing policies as well.
5. Look for Additional Benefits
Okay, by appointing a remote finance and accounting team, you will be able to acquire the finest quality of accounting services. But, you should select the accounting remote company that can offer you some additional services like payroll processing, risk management services, tax preparation and much more.
6. Analyse Technology Knowledge
Accounting and technology are like two real sisters today who both are growing up together. Thus, you need to analyze all the latest technologies and tools used by remote companies. You should trust the remote accounting company that is investing in the latest accounting technologies such as Blockchain, artificial intelligence, cloud computing, etc., And, also check whether they are using the latest accounting software like QuickBooks, Zoho etc. or not.
7. Basic Infrastructure Setup
Accounting firms of the US need to understand the basic infrastructure of the remote accounting company. A company must have a real state of the art infrastructure. The points to consider while evaluating infrastructure are – uninterrupted supply of electricity, high-speed internet connection, trendy equipment, and others.
8. Able to Handle Streamline Services
It is a very important step where you need to ensure that remote companies can handle various streamlined accounting processes in place and follow International Financial Reporting Standards (IFRS) for all the services they provide. Following the international standards ensures that the service providers deliver only the best-quality accounting services.
9. High-end Data Security and Privacy
Remote staffing company must have well defined and structured security policies in place. They should be ready to sign a non-disclosure agreement before entering into the contract to make sure that your data and other critical financial are completely intact. You need to also test the physical security of a company like whether they have a security guard, CCTV, SSL encryption or not.
10. Availability of Local Talent
Remote staffing company should be appointed from the area where the pool of locally trained accounting experts is freely available. If the company doesn’t have access to the experienced accounting staff, then they won’t be able to deliver high-quality results. Accounting professionals must have the skills and experience to handle even the most critical projects for clients from different verticals and parts of the world.
Remote staffing for accounting firms of the US is a boon, but to relish the fruit of this boon, they have to select the remote accounting company very carefully. They need to evaluate all the pressing factors which have mentioned above along with other personal factors that they want to clear.
When you are looking for the remote staffing companies for your accounting firms located in the US, then you can contact CapActix to test their expertise as well on email – [email protected] or you can calling on +201-778-0509.