When you establish a new business, profits and expansion are not the only concern. Instead, entrepreneurs have to also focus on admin, accounting, and HR tasks. These include hiring new employees, doing their bookkeeping and payroll, maintaining ledgers, taking care of bank reconciliations, and filing for taxes.
Often these tasks take up too much time and manpower, and thus businesses have to hire a separate accounting team. However, with the rise of multiple accounting companies, there is a new solution to better address this – offshore accounting services.
By opting for accounting solutions across borders in a country like India, you can access qualified talent and affordable solutions.
Is Opting for Offshore Accounting Services a Good Decision
Retaining an in-house accounting team can be a costly affair, especially if you are a new company just making its way. A good way to address this is via outsourcing your accounting tasks to another country in the form of offshore accounting.
In India, there are multiple companies that offer offshore accounting services. Not only do they have a very competitive pricing but you can also get the below advantages:
- Save time that you usually spend on bookkeeping, accounting, and other tasks.
- Access expert advice vis-a-vis accounting.
- Increase accuracy and efficiency.
- Establish a scalable accounting system for your company.
- Reduce the risks of internal fraud.
- Maintain tax compliance.
- Get access to advanced accounting tools.
- Gain a competitive advantage over others in the business.
Our Picks for Offshore Accounting Companies
The market for establishing an offshore accounting business is competitive with several companies. From big-name brands to small companies, there are many who offer offshore accounting services.
While opting for the bigger companies sounds promising, it can be taxing for a small startup to enlist their help. Instead, opting for smaller yet dependable offshore accounting companies can be a better choice.
To address this, take a look at our top choices for offshore accounting solutions.
Established in 2021, Lekhakar has set out to be one of the most trusted names in offshore accounting services. To reach this goal, Lekhakar retains a team of expert Certified Public Accountants, Chartered Accountants, Company Secretaries, and Lawyers.
From basic services like bookkeeping to financial forecasting and audits, Lekhakar does it all so that you can maintain compliance, save on overheads, and gain an edge over your competitors.
With a tech-driven and customer-oriented approach, get accurate offshore accounting services with Lekhakar.
Address: A-12/13, Sector-16, Noida – 201301
Contact: Sales: +91 8800445497, Support: +91 8800445497
Mail: sales@lekhakar.in, support@lekhakar.in
- Invensis
From accounting and bookkeeping to financial forecasting and audits, Invensis does it all. Further, they boost an extensive list of global clientele consisting of top global brands across industries. Thus, whether your industry is logistics, manufacturing, or healthcare, Invensis has the expertise to handle our business with care.
To make sure you have an edge over your competitors, Invensis takes an innovative, tech-driven approach to accounting. This makes Invensis well-equipped to meet your standards.
- Nexia International
Whether it’s something simple like accounts payable or complex like risk advisory and audits, Nexia has the expertise to handle it all. With partners set up across the world, Nexia caters to companies of all sizes to provide cohesive, seamless, and custom offshore accounting solutions.
Being a network of independent accounting firms, you can get started with a firm that suits your tasks with Nexia.
- MindSpace Outsourcing Services
A CPA firm that does the books for others of its kind, MindSpace has the expertise to handle all accounting tasks with accuracy. These include bookkeeping, accounts payable and receivable, tax filing, and others.
To deliver top-notch services, MindSpace hires and retains the best talent in the industry. Further, due to affordable accountants in countries like India, offshore accounting services serve as an excellent option.
Thus, no matter the industry you operate in, MindSpace has the capacity to handle your offshore accounting tasks. This makes MindSource the offshore accounting expert.
- CapActix Business Solutions
A top option to meet your accounting needs, CapActix offers services like bookkeeping, tax preparation, account reconciliation, financial projections, and virtual CFO. From medium-sized businesses to SMEs, CapActix caters to all. GDPR and ISO certified, this company is tailored more towards businesses based in the US.
Thus, if you are looking for an offshore accounting service provider that does it all, CapActix is a sound choice.
- BookkeeperLive
Simplicity is key and BookkeeperLive sticks to this. Catering to businesses of all sizes, they aim to streamline all basic financial processes. Thus, whether you need to do tax preparation, accounts payable and receivable, or bookkeeping, BookkeeperLive is ready to meet your needs. With BookkeeperLive’s team of dedicated experts, you can rest assured that your ledgers will be handled with care.
- TopSource Worldwide
With the aim to provide accounting services to growing businesses, TopSource Worldwide makes offshore accounting services affordable. Through accurate accounting, tax preparation, and financial reporting, TopSource Worldwide aims to ensure that your company stays compliant with the industry standards.
Operating across borders, and whether you are a multinational company or an SME, TopSource Worldwide is ready to handle all your accounting needs.
- FinAcc Global
Retaining a full-fledged accounting team is taxing on SMEs and new businesses and FinAcc Global aims to address this gap. Offering their offshore accounting services to global firms based across the USA, the UK, and Canada, FinAcc Global offers everything from bookkeeping to financial advisory.
Retaining offshore accounting professionals at the top of their field, FinAcc Global provides scalable, quality, yet cost-effective services. Further, using the latest accounting technology, they maintain accuracy and on-time delivery of projects.
- KMK Ventures
From offshore accounting to tax services, KMK Ventures addresses the offshore accounting needs of small to medium-sized businesses. Thus, KMK Ventures retains a team of certified public accountants, chartered accountants, and others. For activities like payroll, tax preparation and filing, financial reporting, and more, KMK Ventures provides affordable solutions with accuracy and on time.
With over a decade of experience in offshore accounting services, grow your business with KMK Ventures.
- Whiz Consulting
With the aim of streamlining all basic accounting services such as payroll, accounts payable and receivable, reconciliations, and more, the experts at Whiz Consulting bring you top-of-the-line services. Proficient in multiple accounting tools, Whiz Consulting takes a tech-intensive approach to accounting. Thus, with Whiz Consulting, you can get affordable, efficient services.
Hiring Offshore Accounting Services: Steps to Follow
Offshore accounting services have the scope to save you time and money. To do this right, we need a two-pronged approach: understanding what the business needs and finding the right company.
Listing Your Business Needs
Not all businesses need the same service or have the same scope of work. Thus, first, you need to understand which service you need to avail. You can either pick and choose the services or outsource the entire accounting department.
Some of the top accounting services include:
- Accounts Payable and Receivable
- Bookkeeping
- Tax filing
- Bank reconciliation
- Audits and Assurance
- Compliance Services
- Payroll Services
- Financial Forecasting and Analytics
Further, you need to take note of the number of clients and vendors you serve and how much you want to grow in the next year. Based on this, you will be able to determine the scale of your business. The offshore accounting service provider that you choose should be able to cater to this.
Third but not the least is your budget since spending more than your budget on an offshore accounting firm is not advisable.
Evaluating the Available Offshore Accounting Companies
Knowing the above will help you determine if an offshore accounting company is right for your business. To add, you can check the offshore accounting service providers against the below criteria:
- Whether or not the company has the expertise necessary for your country.
- If the service provider is aware of the necessary compliance norms for your country.
- The amount being charged by the offshore accounting companies.
- The technology that is being used.
- Whether the solutions and services are scalable.
- If the data security protocols followed meet the industry standards.
- The market reputation and feedback for the company.
To Conclude: Finding the Right Offshore Accounting Company
Often entrepreneurs ask why they should choose a smaller offshore accounting company instead of one of the Big 4 (EY, PwC, KPMG, and Deloitte). The answer is fairly simple – affordable charges and a consumer-centric approach. Owing to this we have curated a list that stands apart while providing quality services.
If you feel that you need to go for offshore accounting services with global companies, refer to our list. Weigh your needs vis-a-vis the services offered, evaluate the charges, and go through their client reviews to determine which offshore accounting service provider meets your business needs.
👉 Click here to read the latest Gujarat news on TheLiveAhmedabad.com