10 Offshore Staffing Strategies - The Ultimate Game Changer For CPA Firms

In the present scenario, only a few CPA firms can find enough employees to hire. According to a new survey, they are opting for strategies like hiring offshore staff, raising salaries, offering full-time remote jobs, and hiring staff who have yet to graduate haven't.  

alliantTalent, an affiliate of alliantgroup, a tax advisory firm, conducted the survey. It used research firm CensusWide to poll 250 top CPA firm leaders in the U.S. Less than 1% of the respondents stated that they could find skilled staff in the U.S. 

The survey revealed that 27% of CPA firm leaders think their former staff left the industry for higher pay. 56% of CPA firm leaders expect salaries to rise by 11%. 18% of CPA firms anticipate increasing wages by 21 to 40%.  

Desperate to address these challenges, CPA firms surveyed in the U.S. are either considering, planning, or executing different strategies. 75% are employing workers without graduation, 74% are offering full-time remote jobs, and 79% are integrating more technology to perform day-to-day work.  

Offshore staffing is the best transformative solution for tackling these challenges. It gives access to global talent pools and helps firms scale their operations effectively. The offshore partner will handle various tasks such as accounting, data entry, bookkeeping, basic tax preparation, audit, etc.    

Offshore staffing services emerge as a strategic game-changer, empowering CPA firms to meet current staffing challenges head-on while positioning themselves for sustained growth and competitiveness in the dynamic accounting landscape. 

Here are some offshoring strategies CPA firms can incorporate to address their staffing woes - 

1. Altering Your Training and Recruitment Practices:

Though many CPA firms consider recruitment to be only about interviewing and making offers, recruitment is something more than that. Accounting and CPA firms should create an inclusive program that covers different steps, from hiring a particular individual to filling a specific job profile. These steps must be a part of the ongoing program, even when the firm is not hiring. 

To address long-permanent staffing issues, most CPA firms hire offshore staffing partners. Once time-consuming tasks of accounting and CPA firms are assigned to a third party, CPA firms can reduce their overhead cost and further gain access to a broader talent pool. 

2. Avoid Losing Prospective Clients:

When assigning tasks to offshore partners, you don't need to get yourself indulge in day-to-day accounting tasks. You already have a well-skilled, experienced, and groomed offshore staffing for an accounting firm that will take your burden off. 

Moreover, if you opt for offshore accounting staffing solutions from different time zones, like India and the U.S., with a time zone gap of 10:30 hours, you can finish important tasks ahead of the deadline. This will eventually enhance your CPA firm's reputation among clients and help you generate more revenue.  

3. Top-Notch Quality Assurance: 

Accounting requires an eye for detail. A single wrong entry can create a lot of problems. CPA firms rely on offshore accounting solutions providers because they need more time to rectify errors in the work done by their in-house team. During the peak season, CPA firms often overload their in-house workers. The stress caused by the workload usually hampers the quality of work, causing errors. Offshore staffing partners can help resolve the problem by handling the time-consuming tasks on your behalf.  

4. Hire Extra Staff According to Your Changing Needs:

During peak seasons, CPA and accounting firms often experience a surge in client demands. This is definitely a positive aspect, but it can increase the workload. At this time, firms can highly rely on offshore staffing.  

Offshore staffing allows CPA firms to manage increased workloads without expanding their permanent staff. It also provides a flexible solution through skilled and trained professionals. 

Firms can hire offshore staff according to their needs and demands, which helps enhance operational efficiency without the overhead costs associated with hiring and training new employees locally. Moreover, offshore staff adapt quickly to clients' changing needs, regulatory requirements, and market conditions. 

5. Increased Profitability without Putting in More Efforts:

The main goal of offshore staffing for CPA firms is to maximize profits by strategic cost management while improving the process workflow. By opting for this strategy, you save costs by eliminating overheads associated with hiring, training, and maintaining local staff. 

Moreover, the expertise of offshore staff brings a high level of efficiency to accounting tasks. With this, firms can offload their routine tasks to offshore teams, and their in-house team can focus on higher-value activities. You also have more time to devise marketing strategies for your CPA practice. 

6. Access to a Global Pool of Professionals: 

Offshore staffing services for accounting firms enable them to access a wider pool of seasoned professionals with specialized expertise. It is specifically beneficial for CPA firms that need more resources to hire and maintain a sizable in-house accounting team. 

One of the primary benefits of offshore accounting is access to a broader talent pool with seasoned professionals with exceptional skills and expertise. This access to specialized expertise is highly beneficial for CPA and accounting firms who are facing complex or niche client needs with a deep understanding of industry-specific regulations, international tax laws, or specialized accounting standards. 

7. Things To Consider When Choosing An Offshoring Partner:

When selecting offshore staffing for accounting firms, consider major factors to ensure that you opt for a reliable one. Always look for the expertise and specialization you require in an offshore staff. Make sure the offshore company you are choosing has a proven and successful track record. Also, look for their data security certificates like ISO 27001, GDPR, and SOC 2 Type 2. 

8. Cost Savings:

Offshore staffing is a cost-friendly solution for CPA and accounting firms. It reduces various costs, especially the one invested in onboarding and the training process. Even, labor costs in some countries are low, so CPA firms can save up to 70% on it. 

Moreover, offshore staff don't need benefits like insurance coverage, reducing costs. In simple words, offshore staffing is a feasible strategy for accounting firms. 

9. Flexibility:

You must ensure the offshore partner is flexible enough to meet your firm's needs. You should be able to scale up or down your offshore team according to your requirements, and you should also be able to change the type of work being offshored as your firm's needs change.  

10. Security: 

The offshore staffing partner must have robust security measures to protect your data. Ensure the offshoring partner has implemented rigorous security measures, including compliance with ISO, SOC, and GDPR standards. 

Conclusion 

Offshoring specific tasks to a reliable partner can help you exploit many benefits by increasing your firm's flexibility, profit, and productivity without extra effort. By strategically delegating tasks to a reliable offshore partner, you can streamline your firm's operations, access specialized expertise, and allocate resources efficiently. This approach will enable your in-house team to focus on their core competencies while leveraging external capabilities to handle non-core functions.  

FAQs 

Q: How does the scarcity of skilled staff affect the operations of CPA firms? 

Ans: Scarcity leads to increased workload for existing staff, potential delays in client service, and difficulty in maintaining service quality standards. 

Q. Is it safe and secure to offshore your accounting tasks? 

Ans: Absolutely, yes! However, the thing you need to keep in mind is to partner with an offshore company that has robust data security measures and certificates. Look for their background and check if they have any history of data breaches or not. 

About Entigrity  

Entigrity™ is a reliable offshore staffing partner for 850+ accounting and CPA firms, 200+ CFOs & businesses across the US, Canada, and the UK, positioning itself among the top outsourced accounting firms. With a flexible and transparent model, the company enables firms of all sizes to acquire skilled accounting, bookkeeping, and tax preparation staff. As a pioneer in offshore accounting, Entigrity ensures precise alignment with the hiring needs of accounting firms, providing staff under your control and management and minimizing concerns about compliance, payroll taxes, overheads, or benefits. Trusted by 40+ of the top 200 US accounting firms, we specialize in supplying highly skilled personnel from India. We have 39 global offices across India. We are GDPR compliant, ISO 27001:2013, and SOC 2 Type II certified. We are now "Great Place to Work Certified™," "KPO Organization of the Year," and "Dream Companies to Work For" among accounting industries. Entigrity is also recognized as a platinum partner by the Institute of Management Accountants (IMA). The company is strategically partnered with Boomer, a BDO Alliance USA and Abacus Alliance member. 

Tushar Pansare

Offshoring Strategic Advisor

Tushar is an Offshoring Strategic Advisor for Accounting Firms with 21 years of experience in Business Development, Customer Success, and Client servicing. He has a proven track record of managing key accounts. Tushar is an experienced professional with about 8 years of experience in the North American market with Healthcare IT and Accounting and offshoring industries. He has a team-handling ability and is proficient in leading project development and ensuring compliance with quality standards. He is a team player and a a leader with exemplary analytical and problem-solving skills.