Covid-19 has wreaked havoc on team building and management in a broad range of industries and enterprises. Although the outlook for offshore hiring has improved in general, there are still some reservations, notably among accounting businesses.
There are various issues, including whether outsourcing would effectively replace current personnel, customer concerns, and the overseas employees’ knowledge and skill levels. Of course, since accounting implies the transmission of sensitive information, there is the issue of data security.
Offshore hiring has been widely accepted by accounting companies in the aftermath of the epidemic, to the point that even the tiniest businesses have started to establish their offshore team. Accounting businesses have made a big effort to hire people from other countries.
Prior to Pandemic, just 6.2 percent of accounting companies employed offshore employment; now, that number has risen to 41.3 percent. The way accounting companies establish offshore teams has altered as a result of Pandemic.
Accounting companies are now more open to recruiting offshore personnel, particularly in the aftermath of COVID, and they have no problems in informing their customers that they are using the global labor. The majority of customers expect good service, a pleasant experience, and offerings that are reasonably priced.
It’s the accountant’s attitude, not their client’s, that’s the problem.
As a result of companies laying off full-time US workers under the Covid-19 economic constraints, the employment of offshore personnel via offshore corporations increased by 41% in 2020.
- Between Q2 and Q4 of 2020, the unemployment rate in the United States ranged from the low single digits to 14%.
- Inbound queries from US corporations to offshore personnel grew in tandem with Covid-19 lockup periods, with a first wave of inquiries in Q2 2020 and a second wave in Q4.
- According to an interview, organizations outsourcing work that was previously done by in-house workers accounted for more than half of inbound leads.
- According to the 2019 PCPS CPA Firm #1 Issues Survey, finding suitable employees was the top worry for the majority of CPA companies.
- 90% of accounting companies place a premium on data security and personnel quality. Working with the proper and effective outsourcing partner is the solution.
Accounting offshoring gives a significant boost since it saves time at all levels. Multiple levels of financial statement inspection are likewise becoming less necessary.
Offshoring is no longer a ‘standard,’ but rather a necessity as a consequence of the Covid-19 epidemic. Whether one works in ‘Bangalore or Boston,’ ‘Miami or Mumbai,’ ‘New York or New Delhi,’ the crucial aspects are the accounting staff’s talents and competence, as well as data security measures.
Offshoring staffing solutions might be regarded a significant ‘ahead of its time,’ since it campaigned for the importance of working from home and remote locations long before the notion became popular. Even when the world was not ready to switch from an office-based to a home-based working technique, offshore staffing solutions supported the move by stressing cost and time savings.
The pandemic, on the other hand, turned the ‘voluntary’ aspect into a need. One might imagine the extent of job and economic losses if businesses did not deploy remote work when mobility limitations were imposed as a result of the epidemic.
2021 CPE outsourcing survey
The words ‘offshore accounting’ and ‘tax preparation outsourcing’ are familiar to almost all accounting firms and corporations in North America. Hundreds of similar companies exist now, with employees working from all over the globe.
While not a new notion, it has gained traction in the aftermath of the epidemic.
Why should accounting services be outsourced?
Offshore workers, as you are probably aware, are your employees that operate remotely from another nation. Offshore hiring offers a number of benefits, especially in today’s atmosphere when “work from home” is the norm:
To begin with, it allows you to quickly and effectively scale up your workforce without incurring any additional fees. This cuts the cost of hiring offshore workers by 75%, enabling you to save money while increasing profits.
Second, you have control over the quality of work since you can easily monitor and analyze the job because the offshore accounting team uses the same technology and tools as you.
Finally, you may choose someone who has the expertise and qualifications that your organization requires. If you are dissatisfied with a member of staff, you have the option of replacing him or her. It’s that easy!