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Outsource Accounting Offshore

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How Connext Global Solutions Unlocks Client Growth by Providing Outsourced Accounting Support

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Offshore Accounting Teams

In Finance and Accounting Offshoring, business owners seek to hire outsourced teams to manage financial transactions that are non-core but important to the business. Accounting functions require a specific skill set which makes accounting related tasks among the top outsourced functions.

Business owners seek to hire offshore teams to manage all accounting functions and financial transactions, from fixed payments and variable expenses to bank deposits and budgets, bookkeeping, financial analysis, payroll processing, tax preparation and planning, accounting, accounts payable, accounts receivable, at a reduced cost.

Offshore Accountants provide accurate quantitative information on the financial position, liquidity, and cash flows of our business, and ensures compliance with tax regulations.

Build Offshore Accountant teams well-versed in accounting principles, work comfortably with numbers, can adapt to a fast-paced work environment, have excellent accuracy, attention to detail, planning and organizational and communication skills.

There are many benefits to outsourcing accounting and financial services offshore.

Accounting requires a specific skill set which makes accounting related tasks the top outsourced function.

Business owners seek to hire offshore teams to manage all financial transactions, from fixed payments and variable expenses to bank deposits and budgets at a reduced cost.

Offshore Accounting teams at Connext provide remote day-to-day accounting support as effectively as in-house Accounting departments.

Offshore Accountants provide accurate quantitative information on the financial position, liquidity, and cash flows of our business, and ensures compliance with tax regulations.

Build Offshore Accountant teams well-versed in accounting principles, work comfortably with numbers, can adapt to a fast-paced work environment, have excellent accuracy, attention to detail, planning and organizational and communication skills.

WHAT WE DO

What Accounting Services can I offshore?

Business Process Outsourcing lets you work with Accounting professionals that have the right technical expertise and experience in aspects that can improve your cash flow.

Outsourced accountants can provide effective accounts payable management and ensure that suppliers a company works with are paid properly and on time. Outsourced accountants review outstanding or pending payables to ensure proper processing, documentation and timely payment. Outsourced teams also makes sure payments owed to the business are properly included and recorded.  They provide necessary follow ups on Accounts Receivable collections by calling customers on payments on Accounts Receivable payment collections, making the necessary follow ups via inbound calling.

Business Process Outsourcing enables you access to delegating back-office and clerical tasks such as data entry. In Accounting, Outsourcing functions can extend to offloading bookkeeping and data entry services such as efficient recording of financial transactions, payroll management, invoice and billing management, processing of incoming payments along with the issuing of necessary paperwork, payment posting, and managing and reconciling balance sheets and financial statements.

Manage payroll transactions and establish an effective payroll procedure and transactions for a company. Outsourced Accountants who handle payroll management must have excellent attention to detail and ensure all employees are properly compensated in a fair, accurate and timely manner.

The functions of an outsourced Payroll Specialist include auditing payroll process, staying up-to-date on exemptions and salary changes, tax deduction, bonuses, expense reimbursements, and following guidelines for all procedures around employee compensation. Outsourced Accounting personnel can prepare reporting on compensation activities and forecasts, set up and maintain functional payroll systems, collaborate with Finance and HR to create payroll reports and forecasts, and ensure compliance with all payroll and tax laws.

Upon receipt of invoice from suppliers you already have a delegated team to provide the corresponding invoice data capture.

An outsourced accounting personnel or team can collate, identify invoice eligible for payment, categorize invoice for you for proper records keeping for documentation and audit purposes. Invoice scanning can be done manually via transcription, or automatically with the assistance of invoice scanning software or company-wide accounting systems or cloud-based collaboration tools with embedded machine learning features that allows for fast data extraction.

Accounting Outsourcing lets you work with outsourced accountants who will do a systematic review of all current accounts. Your outsourced Accounting team reviews and monitors outstanding or pending accounts receivable or accounts payable for proper processing, documentation and timely payment and avoid double posting or duplication.

Similar to data entry, accounts payable reconciliation can also be done manually or with the use of cloud-based collaboration software. Accounts Payable outsourcing lets you delegate the Accounting Reconciliation Tasks such as reconcile all Accounts Payable & Retainage Payable, Reconciling Credit Card Payable, and preparing and executing other related tasks.

This process is a critical aspect of the accounting process for proper accounting. Upon receipt of the invoices, your outsourced team can review whether stated services in the invoice versus actual services provided match. Some parameters to check in the purchase order and invoice are the agreed terms, supplier’s invoice, original purchase order price, purchase order receipt, quantity ordered, and physical quantity received.

Depending on the setup, once invoice and purchase orders are matched, outsourced accountants can forward the invoice to internal staff for proper invoice review. This is to ensure the invoice subject for review has details that comply with financial policies and regulations.

Accounting is a repetitive, technical and time-consuming process. There are functions that can be automated with the help of Artificial Intelligence and Robotic Process Automation (RPA).

Businesses can use Robotic Process Automation for fast generation of invoice, data syncing and management, and data extraction.

Outsourced accountants also need to generate an accurate financial report. This is a time-consuming process involving hardware, several cloud-based applications and software tools in order to generate the most updated financial reports.

At Connext, we have a dedicated team of experts in FinTech and Insurtech to automate key finance and accouting outsourcing related processes to improve the productivity, cycle time, accuracy, and scalability and user experience.

Accounting Outsourcing providers can ensure compliance with all federal and state tax laws. These providers make sure that businesses comply with standard operating controls, financial policies and regulations. They are required to stay up-to-date with labor legislation and any changes in employee insurance and tax regulations.

Compliance covers implementing and reinforcing financial data confidentiality, conducting database backups when necessary and ensuring timely bank and tax payments.

Aside from these functions mentioned above, there are still many more services you can delegate to your outsourced team. By assigning outsourced teams to handle certain specialized tasks—such as bookkeeping, financial analysis, payroll processing, tax preparation and planning, accounting, accounts payable, accounts receivable, outsourcing teams, outsourcing services, accounts payable, accounts receivable —your business has access to the necessary expertise and experience which can be difficult or costly to provide in-house.

By outsourcing accounting functions, you also have the benefit of not needing to manage the stress associated with these tasks yourself. Instead, you can focus on other more core operations while leaving it up to an expert team who is better equipped to handle the financial work of your business. As a result, you’ll gain greater control over your finance and accounting and have more visibility into overall operations.

Offshore Accounting teams at Connext provide remote day-to-day accounting support as effectively as in-house Accounting departments.

Start building a scalable support team of Finance and Accounting experts. Build your Offshore Accounting Team with Connext Global Solutions today.

Senior Accountants

Senior Accountants oversee the finance department and provide assistance with external and internal audit examinations. They manage and supervise Junior Accountants in creating detailed financial reports and analyzing forecasts.

Controllers

Controllers verify bank reconciliation ties with the General Ledger. Their tasks also include reconciling Accounts Receivable & Retainage Receivable, and other Receivables. They also reconcile Prepaid Accounts, Deposits, Inventory, Fixed Assets, and Investment. Aside from this they also reconcile Accounts Payable & Retainage Payable, and Credit Card Payable, and other assigned related roles.

Junior Accountants

Junior Accountants provide back-office support such as updating lists of requested information and supporting documents, update the Accountant Scorecard and deliverables status, prepare financial statements, reconcile Accounts Receivable & Retainage Receivable and other Balance Sheet Accounts Reconciliation, and more.

Data Entry Specialists

Offshore Accountants can also provide data entry services such as organizing, managing and processing billing and invoice reports, maintaining accounting records, and making sure procedures are fully compliant.

Accounting Associates

Accounting Associates ensure completion of Service and Compliance Tasks such as Accounts Payable Invoice and Accounts Receivable Billings, Bank Reconciliations, monthly and annual GET filing, payroll tax filing, weekly payroll and cash forecast and more.

THE CONNEXT DIFFERENCE

Offshore Accounting Services 

Hiring an external provider for financial functions can help businesses save on costs in several ways. Offshoring Accounting Services reduces overhead costs associated with hiring internal staff and there is no need to pay for associated costs for office space or for hiring additional employees. Also, offshoring Accounting Services ets you hire staff who are qualified in providing accounting service and contributing to the overall efficient operation of the accounting and financial department.
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OUR BACKGROUNDS

We provide the services you need to make your accounting teams successful

  • Recruiting
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  • Management Support
  • Consulting
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WHY CHOOSE CONNEXT

Why Connext is a Top Accounting BPO 

  • Adaptive and flexible approach
  • High responsiveness
  • Accountability and discipline
  • Transparency and shared decision making
  • Unwavering commitment to your growth
  • Focused on metrics, data, and getting the optimal outcome
  • Aligned values and strong ethos
  • Ranked as one of the Fastest Growing Companies by INC 
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Outsourced Accounting Support: How it Works

We help companies build dedicated offshore accounting teams from the ground up. We start with your job description, schedule, and working setup and recruit based on those specific needs.

1. Assess

Understand your business needs so that we can build a team to supercharge your growth

2. Recruit

Screen, interview, and endorse candidates that meet your specific qualifications

3. Train

Help you train your team for optimal performance

4. Evaluate

Conduct quality audits, evaluations, and feedback loops to ensure your team is performing to standard

5. Execute

Full production of your team with ongoing management support and consulting from Connext

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