Offshore Accounting Services for Small and Medium Sized Enterprises
Small and medium sized companies looking to save money are often interested in offshore accounting. Offshore accounting is of particular interest to American based corporations. Here’s an overview of offshore accounting, and how it can benefit your business.
Offshore Accounting Services
When looking to outsource accountancy services offshore, there are a number of possible locations. Many business processing is now outsourced to India. Indian companies have a good reputation and extensive experience in quality data processing and outsourcing services. Many remote accounting services operate by allowing the process outsourcing staff to log into your network via technologies such as secure VPN. Other online bookkeeping services are based at the outsourcing company, and provide a web browser interface so you can log in and send data to your virtual bookkeeper.
Many standard office financial functions may be offshore. This frees up space in your own premises, and allows on-site staff to concentrate on the core business. Increasing virtualization in today’s business environment means that increasing numbers of companies are choosing to outsource large sections of their business, including previously core activities such as product design and manufacturing.
When choosing an offshore accounting service, be sure to check that the service can be run at an agreed level. This is particularly important when offshoring vital business processes such as payroll. Many bookkeeping and accounting services will offer an SLA guarantee as part of their contract. Be sure that the company has the capacity to deal with busy times of the financial year, such as year ends and the end of a financial year. As well as time constraints, make sure that data accuracy is a key component of any SLA.
Some companies can provide useful services to larger organizations, such as call center services to provide facilities such as an employee payroll hotline.
Some financial outsourcing companies will provide a more personal touch by providing you with your own personal bookkeeper. This can be useful as the appointed professional can get to know how your business operates, and provide a better service as a result.
Some other points to consider when selecting an offshore accounting service include:
- Make sure the company has experience of doing work for companies in your own particular country.
- Make sure they use the same financial software that you use in house.
- Ensure that the company has a secure online facility for communications between them and your own systems.
- Check what outsourcing services they provide. Do you want to use them for bookkeeping, payroll, tax return and general ledger work, or use them for other business services such as law and data processing.
Offshore Company Formation, Finance and Banking
Many offshore accountancy firms are based in low tax countries such as the Bahamas, Antigua, the Seychelles and Panama. These companies typically offer rapid company formation of tax efficient entities that can be used to maximize company profitability. Financial services offered include offshore banking, accounting and taxation services to help you run your company from a tax efficient location.
The laws surrounding offshore tax havens are often complex. For this reason, it’s often a good idea to choose an off shoring partner who is familiar with the accounting and taxation laws in your own country.
So offshore accounting can bring a range of benefits to your business. Contact some offshore outsourcing accounting specialists today, and see how they can save you money and allow you to focus on the core aspects of running your business.