Grow your accounting firm with offshore
Accounts payable may be taking up too much of your accountant’s time. Perhaps you have already identified you need a full-time staff member in that position. Regardless of your circumstance, by turning to an accounts payable outsourcing solution, you’re going to see positive change in your business.
By offshoring small business bookkeeping tasks like accounts payables, you can have a talented employee focusing full time on your cash flow. Don’t just pay bills, have them planned out, supplier relationships effectively managed and your money trail clear, and clean.
By appointing one of the best accounts payable solution providers through Staff Domain, you’ll know they will keep the books updated to the minute. For those still using paper invoices and cheques, you have the option of introducing automated accounts payable tools and restructuring internal processes to finally move to the cloud.
All the latest accounts payable software is available in the Philippines and Staff Domain can certainly assist in ensuring you have the right tools and the perfect set up for success.
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Why offshore accounts payable processes?
Increase the efficiency of your business
An already lean accounting team does not have to be burdened with simple, back office functions. Business owners don’t have to be spending precious time poring over bills. As an expert in your industry, your time is better spent managing and growing your company.
By offshoring backoffice tasks, you can free your and your team’s time and refocus on working with clients on matters that are billable.
Reduce your labour costs
The average salary for an Accounts Payable Officer in Australia and New Zealand is AUD$61,466 per year. Staff Domain can help you recruit a trained, qualified and experienced full-time resource for a third of that cost – including our facility fee.
SMBs can reinvest the savings on labour costs into marketing or other areas of the business that can help generate revenue.
Reliable, trained, and skilled staff
The Business Process Outsourcing (BPO) industry in the Philippines continues to grow as more businesses from all over the world take advantage of the large pool of professional accounting talent. Staff Domain will find you offshore staff already experienced and familiar with various Australian and New Zealand regulations and compliance procedures for accounts payable processing.
Having offshore staff also acts as a checks and balance to ensure your business has a clean money trail. Your offshore team is impartial, will closely follow processes, and send timely and accurate reports back to you.
Data security and privacy
Staff Domain guarantees the safety and security of sensitive financial and business information by implementing multiple security measures in the workplace. Staff access can be limited to the details and information they need to process bills and vendor payments. For more information on how we tackle data security and Privacy click here.
Improved supplier and experience
Your offshore staff will provide exceptional service to your suppliers. Each interaction with your suppliers, or your team, will be based on your company’s brand values. You can expect more than just bills managed and paid – expect great feedback and improved experience with all those your offshore accounts payable office may encounter.
Open communication and collaboration
Consider each Staff Domain resource as a regular, in-house employee of yours. Your team will be online during Australian hours and working side by side with your core team or suppliers. You can easily assign new tasks or monitor the progress of projects they are handling.
Thanks to Staff Domain’s impeccable IT & telecommunications offering, your team will have access to the same systems your local team does. You can even assign them with an extension of your local office phone number, and contact them at local call rates. Staff Domain will help you every step of the way.
Trust accounting services require specific training on trust accounts and taxes. This specialised position is in great demand locally so if you’re on our website, chances are you can’t find the right person or can’t afford the high salary.
Offshore Accounting Services is a good solution to the trust accountant talent gap. It has brought countless benefits to thousands of small and medium accounting firms in Australia and New Zealand. In the past decade, the number of SMBs sending work across borders has increased significantly due to the positive experience of larger, more established firms in this space.
Specialised positions like certified forensic accountant, are often the hardest ones to fill, due to a shortage in skills. Not just in Australia and New Zealand, but many other developed countries.
The Australian Department of Jobs and Small Business reported a continued shortage in Accounting professionals from 2017 to 2018. On average, 14 accountants applied for one job opening, but the majority of them were considered unsuitable.
Skilled, highly-qualified and affordable finance professionals are within reach of small and medium accounting firms thanks to accountant outsourcing.
Staff Domain believes that Filipino accountants are among the best in the world. They are also exceptionally good at working with foreign clients. The presence of major Australian accounting firms in the Philippines, such as Ernst & Young and KPMG, has created a talent pool of experienced resources for offshore small business accounting tasks.
Accounts receivable outsourcing is a cost-effective way to improve your cash flow. Invoice on time and do away with the repetitive and often uncomfortable need to chase clients for money by adopting accounts receivable management services from Staff Domain.
Cash flow is king in any business, but especially small to medium businesses where effective accounts receivable management is critical. Slow payments choke businesses and hinder the ability to grow or invest. The trick is finding someone who can collect on invoices firmly without straining the customer relationship.
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Experts talk offshoring at Accountech Live
Industry leading experts from different backgrounds shared insights that stem from academic research, industry, implementation and personal experience. One thing became very clear – there are two key areas that are absolutely critical to offshoring success.
Why offshore with Staff Domain
Ready to grow? Find out why Staff Domain is the smart place to do it. Discover everything you need to start your offshoring journey. Learn how we work; what to expect when you come on board and how Staff Domain will support your small to medium business every step of the way.
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