Business Strategy

Offshore Staffing Solution

About The Client

The company, located in Miami, Florida, specializes in providing professional bookkeeping services. Thanks to the CEO and founder's extensive network, which includes a background in athletics, the company has successfully attracted a diverse clientele spanning various industries. The firm provides tax consulting, bookkeeping, management advisory, and business strategy planning services.

Through strategic partnerships with highly motivated entrepreneurs across the United States, the business has achieved significant growth. Their client base comprises a mix of venture capitalists and professionals affiliated with a wide range of companies, including close friends and acquaintances.

The firm has played a pivotal role in the growth of these businesses, and they utilize accounting software such as QuickBooks Online and Wave Accounting to streamline their operations.

Client Needs

Operating within a fast-paced industry, the firm recognizes the need to keep up with the ever-evolving landscape of client bookkeeping. While maintaining an on-site office, they've embraced cloud-based technology to digitize their operations. However, the journey toward full digitalization and operational efficiency remains a priority, with a focus on implementing necessary software solutions and streamlining processes to enhance service delivery.

Achieving their goals involves considering various metrics, as well as expanding the workforce. To make this expansion cost-efficient, the firm is exploring the option of outsourcing in the Philippines.

The decision is influenced by both the cost advantage and a positive perception of Filipino culture and offshore accountants, making the addition of an offshore accountant to the team a compelling prospect

Journey

Similar to most accounting firms, our work is far from straightforward. It spans multiple industries and numerous accounts, demanding the expertise of certified professionals who can navigate and analyze intricate transactions. Effective communication is paramount, ensuring immediate resolution of issues such as reconciliation discrepancies, duplicated entries, and transaction misclassification.

Our clients often maintain multiple bank accounts with frequent fund transfers, necessitating meticulous transaction analysis. Furthermore, it's not limited to bookkeeping alone; we're also tasked with segregating business and personal funds. We maintain ongoing dialogue with business owners to allocate funds wisely, emphasizing that this practice not only enhances record-keeping but also bolsters the reliability of business operations and cash flow.

To tackle complex accounts, our offshore accountants collaborate with one another and take proactive measures, including adjusting entries to eliminate negative account balances, rectifying undeposited funds, and more.

Solution

The client decided to outsource an offshore accountant based in the Philippines to alleviate the administrative and bookkeeping workload, allowing the CEO and founder to concentrate on business development. Initially, one accountant was brought on board, and over time, additional offshore accountants were added, forming a proficient team of bookkeepers and accountants to enhance the firm's capabilities.

These offshore professionals are predominantly Licensed Certified Public Accountants in the Philippines, with over a year of extensive accounting experience. Their seamless transition and adaptability were attributed to their prior experience with U.S.-based companies and their proficiency with the accounting software used by the firm. With their seasoned expertise, there was less need for supervision and training, leading to a significant improvement in the overall operational efficiency of the accounting firm.