Covid-19 has disheveled everyone’s world; businesses and accounting companies are no exception. Most of the accounting companies started working remotely, virtually managing their operations, and interacting with their team. In a time where economies have been hit hard, businesses are now heavily relying on their accountants and financial advisors to upkeep with the storm. Unfortunately, amidst all this, you know your team is burning out due to additional work.
As an accountant, you know your team is doing exceptionally great, but are overloaded with work. Your team has been handling heavy and diverse clients, including their annual accounting, bookkeeping, statement preparations, and whatnot.
In such times sharing your workload with an offshore team is a good option. Here’s a guide to help you navigate through this hour of crisis management so that you can maximize efficiency in your remote accounting teams and make time to advise and help existing and new clients. Let’s get you started
Can The Size Of Your Accounting Firm Be A Deciding Factor When Outsourcing?
Outsourcing your accounting work has two key benefits, cost reduction, and process efficiency. Both of these benefits are crucial for your business contingency planning during this time.
The strength of your in-house team has very little to do with the decision of outsourcing your accounting services. If you know there are certain jobs like Bookkeeping, Payroll Processing, and management are adding burden to your already burnout team, you can consider hiring an offshore accounting team to outsource bookkeeping and payroll jobs.
Which Processes Should I Outsource?
The kind of jobs that you should outsource completely depends on the current efficiency of your team in this remote working setup. If you think you are finding it difficult to deliver accounting statements of your clients on time you can consider outsourcing Reporting and Analysis Services. I activities payslip generation, and timesheet processing are eating your hours, outsourcing these tasks may reduce the workload on your team.
Choosing The Right Service Provider.
Choosing a suitable and reliable payroll service provider can seem to be difficult one, but is quite simple. While searching for an outsourced accounting services provider, take a closer look at their expertise and experience in the domain. Another element that you need to consider is data security. At OrangeIQ we have a 10 step data security checklist that ensures your data is secure and in safe hands.
The Engagement Model
Another thing to keep in mind while outsourcing an accounting job is the engagement model. At OrangeIQ, we present you, flexible engagement models, for your accounting needs. We have four engagement models, although you can pick one or mix match as per your convenience.
How OrangeIQ has been helping Accounting firms through Covid-19
The pandemic has taken a toll on businesses. At OrangeIQ, we have been making conscious efforts to make this time bearable for them. Our leaders are encouraging accounting firms to step up as advisors for their clients and businesses and leave the non-core processes to their offshore teams.
