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Why Your Next Accountant Should Be Remote? Exploring the Strategic Edge of Remote Accounting Services

by | Jun 4, 2024 | Finance & Accounting

“Financial services are particularly keen on outsourcing, with 71% of industry executives leveraging it to cut costs and enhance efficiency.” (source: Baltic Assist) As the statistic highlights, outsourcing—and particularly offshoring—accounting services have become game changers in the industry.  To delve deeper into how these services are transforming the business globally, we’ve outlined the key benefits they offer. Additionally, we’ll examine the role of prominent financial outsourcing companies like EXO Edge, showcasing their impact through case studies and examples of how they’ve easily resolved complex issues.  Stay tuned to learn more about the transformative power of these services in the business world.

What are Remote Accounting Services? Clarifying Remote Employment

Many people conflate remote teams with hiring remote accountants. At first glance, the terms suggest a simple variation of telecommuting, but the differences are foundational and impact how organizations scale and manage their resources globally.  Let’s demystify these terms to see how each uniquely contributes to business efficiency and growth. A remote working team refers to employees who work from locations of their choosing, which may not necessarily be a company’s office. They adhere to the company’s rules, including working hours and specific job duties, but do the work remotely.  On the other hand, when we talk about remote accounting, we refer to a specialized form of outsourcing. These are not full-time or part-time employees of your company. Instead, they are experts to whom you outsource your financial tasks, and they work full-time for the company that you are outsourcing to. Predominantly, countries like India have become primary hubs for this kind of outsourcing due to their expertise and cost-effectiveness in financial services. Hiring remote accountants means engaging with professionals who provide the same services as an in-house team but from an offshore location. Furthermore, when you hire dedicated accounting staff, you’re not just using services from an offshore company; you’re integrating them as an extended part of your team. They work dedicated hours for your firm, align with your business goals, and function under the augmented staff model. This model is especially beneficial for accounting firms looking to expand their capabilities without the overhead costs of additional full-time employees.

Why Should Your Business Consider Hiring Remote Accounting Staff?

There are multiple reasons to hire remote accounting staff, especially from well-regarded offshore firms. Embracing a virtual working model can significantly enhance efficiency and scalability for businesses worldwide.  We have outlined the key benefits of adopting this modern approach to managing accounting needs.

  1. Access to a Global Talent Pool
  2. Shorter Recruitment Cycles
  3. No Training Costs
  4. Savings on Accounting Tools and Infrastructure
  5. 24/7 Availability of Services
  6. Reduced Operational Costs
  7. Minimized Absenteeism
  8. Boosted Productivity
  9. Sharper Focus on Core Business Activities
  10. Increased Client and Staff Satisfaction
  11. Strengthened Market Positioning
  12. Contribution to Environmental Sustainability

How Remote Accounting Boosts Business and Profits?

Remote accounting services are revolutionizing the way businesses manage their finances. They drive growth and enhance profitability with strategic efficiency. By outsourcing accounting functions to specialized firms, companies can tap into many benefits that streamline operations and bolster financial health. 

  • Enhanced Business Compliance: Business compliance involves adhering to various regulations and laws. Expert offshore accounting firms are well-versed in international and local regulations, reducing the risk of non-compliance penalties and ensuring that financial practices meet the latest standards.
  • Access to Skilled Resources: Accountants with domain knowledge and experience. This opens up the possibility of building a best-in-class team for remote accounting services.
  • Reduced Operational Risk: Operational management encompasses the day-to-day execution of business functions. Minimizing risks in these activities is crucial for stability and growth. Remote accounting teams use standardized processes and advanced technologies to manage financial tasks, diminishing the likelihood of errors and inconsistencies.
  • Improved Quality Control: Quality control in accounting means all financial transactions are recorded accurately and that reports are reliable. To make this work, offshore accounting teams often employ stringent quality assurance protocols. It enhances the accuracy of financial data, reducing errors and providing more reliable information for decision-making.
  • Increased Transparency: Transparency in accounting refers to the clear, straightforward presentation of financial information. Remote accounting teams can implement good systems that offer real-time access to financial data. It fosters transparency and trust among investors, management, and regulatory bodies.
  • Data Security: Protecting sensitive financial information against cyber threats is paramount in the digital age. Top-tier remote accounting firms prioritize data security, using advanced encryption and secure data handling practices to safeguard client information.
  • High Scalability and Quick Onboarding: As businesses grow, their financial needs become more complex. Scalability in accounting helps expand services without compromising quality. Remote accounting services can quickly adapt to changing business needs, scaling up or down as required, with rapid onboarding processes that eliminate disruption in financial management.

A Closer Look at Offshore Efficiency – EXO Edge Case Studies

EXO Edge is a leading provider of offshore accounting services for various property management companies in the US – recognized for its commitment to maximizing quality, efficiency, and profitability for its clients. With operations certified to SOC 2 and ISO 27001 standards, EXO Edge guarantees the highest data security level, outstanding client service, and collective ability for varied tasks. The cornerstone of EXO Edge’s success is its experienced leadership and dedicated team that prioritizes quality in people and services. To illustrate, EXO Edge clients face two challenges: the solutions provided and the reaped benefits. 

Challenge Solution by  EXO Edge Benefit Realized
Difficulty in Managing Explosive Business Growth  Created and trained new offshore teams, automated processes, integrated with existing software, and customized reporting for real-time updates. 60% direct cost savings, 100% compliance with regulations.
Inefficient IT Support Desk Implemented seamless omni-channel support, enhanced resource allocation, and introduced IVR-fronted real-time status updates.   63% reduction in costs, 95% customer satisfaction, over 1 million contacts handled annually, and 51% reduction in time to resolution.

 

Leveraging EXO Edge for Your Business

These case studies illustrate the potential for any business to enhance its operational frameworks through strategic outsourcing. By partnering with EXO Edge, companies can achieve cost savings and substantially improve service quality and customer satisfaction. For more such case studies, log onto www.exoedge.com/case-studies or contact them at www.exoedge.com/contact-us