Averagely, an accountant serves 30 clients simultaneously and during the busy season, even 45 clients. Definitely, accountants are over burning themselves and require some relief, which often comes in the form of offshore accounting partners.
Offshoring accounting services means hiring a certified accounting team from outside your country to enhance your work quality without increasing your costs.
But, isn’t it like taking your country’s resources outside? Well, not exactly.
“In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.” — Janet Yellen.
In the words of a famous American economist, you aren’t taking your country’s resources outside by offshoring services—you are benefiting your economy by using cost effective alternatives to do things.
Therefore, when your accountants are burning out, you can hire an offshore accounting partner and gain numerous cost benefits. However, selecting an offshore accounting partner isn’t less complicated than hiring local resources. You need to map out your offshore accounting strategies very smartly after accessing all the different scenarios
Ask yourself 5 questions before hiring your Offshore Accounting Partner
1. Can you trust your offshore accounting partner?
When you hire a company from a foreign land to form a CPA partnership, you’ll have to share your business and clients’ sensitive data with them. And in between the numerous cybersecurity threats, you have to trust your offshore partner fully; otherwise, you don’t have a basic foundation to work remotely—trust.
2. What do you want to gain by offshoring accounting services?
Whether you want to save money, enhance work efficiency, or entirely something else is on your agenda by offshoring accounting services, you’ll have to define your objective before moving ahead—clarity.
3. What do you want an offshore accounting company to help you with?
Do you want to increase your time to work on a project? Do you wish to target new clients? Or, do you plan to scale up your business? You’ll have to share your requirements with your offshore accounting partner to gain maximum efficiency—openness.
4. How will you communicate and train them?
Your offshore accounting partners are already running a refined business practice, and they are good at their job, so you don’t need to teach them anything. But you still have to train them as per your clients’ requirements and leave an open room for communication to building a long-term relationship—communication.
5. How will you measure results?
It is crucial to set a benchmark based on time and performance so that you can determine whether you are receiving the desired outcome from your partnership or not. Once you set measurement benchmarks, it will be easier to make course-corrections based on real-time data—measurement.
Once you have answers to these five questions, you’ll exactly know to prepare your offshore CPA partnership strategy to grow your business. However, if you want an expert opinion, according to CapActix —
“The perfect Offshore accounting partner is whom you can trust with your business information, open about your objectives, and effectively communicate your requirements.”
Now Here you can read Key characteristics of good offshore accounting company.
5 Sharp Strategies to Establish Long-term CPA Partnership
Once you know what you want to achieve with offshoring accounting services, you have to invest in the following sharp strategies to establish a professional and intergalactic offshore CPA partnership:
When you have hired a new accounting partner, you have to set a time for your in-house and offshore teams to interact with one another. Some informal virtual meetings and intellectual conversations among teams will help you and your offshore partner understand each other.
Once you have clearly conveyed your requirements and expectations, you won’t need to make a much longer conversation. But, it’s always good to stay in touch with your offshore partner so you can work like a well-oiled engine.
Be a Good Listener
When you want to earn the trust of your offshore team, you’ll have to open your ears and welcome suggestions offered by them. Your offshore partners should feel free enough to share their input with you. And that’s only possible when you listen to them.
Specially, you have hired an expert offshore team to grow your business with their knowledge and experience—so you should provide them with a comfortable environment to help you meet your business objectives.
Create a Plan of Action
To achieve your goals, you have to prepare a plan of action targeting what, how, and when you want your offshore partners to work. Your plan has to be well written and briefed so that everyone in your team knows what’s happening.
Secondly, when you want to measure performance based on the pre-set benchmarks, this written plan of action will come in very handy. You can ensure whether your offshore accounting partner is working the way you have expected or not. If results aren’t favourable, you can make immediate decisions to fix them.
Adhere to Master & Service Agreement
Offshore companies sign Master & service agreements before entering into the contract according to the project’s complexity, environment, and changes. For example, if your offshore partner has to upgrade infrastructure or hire new staff members to accommodate your needs, they might charge premium fees.
Similarly, you might need to make some changes in your firm to accommodate offshore partners. Therefore, you should prepare a well-structured master & service agreement and mention different clauses in detail to avoid further conflicts. Once both parties duly sign the agreements, you should always stick to its terms for the entire course of your partnership.
Smooth Billing Cycle
The way good quality and timely services are a deal-breaker for you—similarly, your offshore team wants to get their payments cleared on time. The smooth billing cycle is a very important trust-building exercise from your side. Therefore, to maintain the high morale of your offshore team, clear their invoices on time.
Establishing a strong CPA partnership is a two-way street; you have to respect each other to form a long-term relationship. And the open dialogue is the only way to that. Thus, you should prepare your offshore accounting partnership plan before you start the hiring process.
To hire CapActix as your offshore accounting partner, just contact on email – [email protected] or call on – 201-778-0509.