Why offshoring is good for your CPA firm

In today's desire for work/life balance, remote working, and desire for overall job satisfaction as a major component of staffing, offshoring can prove to be an effective way to even out supply and demand. But what makes offshoring attractive, and should it be something which your firm considers as a part of its human resources strategy?

Remote working

Everyone has seen the Jamie Diamond clip demanding that staff return to the office full time. Government employees have been fired for wanting to work from home, and Elon Musk doesn't look like he's backing down. So, if you're already competing with work from home staff, why does it matter if they're in the United States, the United Kingdom, India, or Italy?

The fact is, remote staff work in a variety of locations and in less expensive countries still come to the office. Our team in New Delhi comes every day to the office. So while they might be remote for you, they are in-person locally. They have managers they report to personally, they sit with their colleagues, and the free exchange of ideas you're looking for is happening.

Your firm reaps the benefits.

Cost vs. Value

According to Becker CPA, an entry level CPA starts at between $59,000-$68,000 per year. The national average for a CPA is $79,000 per year. Of course this depends on location, field, and company, but those numbers are not low. Your CPA firm is still going to need to teach, train, and support those staff members. So if you add the cost of you or your managers, the total cost of an entry level CPA is probably closer to $85,000-100,000 per year.

Now, let's benchmark that with someone from India. Contrary to what many people think, India's workforce is rich with experienced staff, from experience AP Clerks, to AR staff, and CPAs (or CAs). Their skills are just as good - and sometimes better - than those in the United States in their fields. They are just as committed and speak English at a very high level.

So what does it cost? A CPA with 5 years of experience will generally cost (salary) somewhere between $21,200-$25,000 per year in India. That means you can grow your practice with two experienced CPAs for less than what it costs to have one in the United States. Say goodbye to the overworked staff complaining about their hours.

24-hour support

By offshoring, your firm can provide 24-hour support if you want it to. By relying on staff outside of the United States, often in time zones 10-14 hours ahead of the United States, your firm immediately becomes 24-hour support. That means that you can assign work in the evening, and it'll be ready for you when you walk into the office in the morning. Your staff can answer emails outside of office hours.

So what are you waiting for?

Agile Accounting Services helps Fractional CFOs and CPA firms reduce their costs and retain the value they need to support growth. There is more demand than ever for accountants and bookkeepers. We're here to help you.

All of our pricing packages include English speaking American customer service, and with flexible plans from Employer of Record full time to a few hours a month, we're here to support and help you. Contact us today to talk about how we can help you.