The Outsource Insider – Your Biweekly Dispatch from Finsmart Accounting

Welcome to “The Outsource Insider”, dispatched to you biweekly by Finsmart Accounting, where we share insights, resources, and a little fun - designed for firms to grow with offshore talent.

🌍 The Global Edge

Looking for Skilled Talent with the Right Expertise? Offshoring is Your Answer!

“Offshoring teams have internal requirements much higher than the average bookkeeper requirement in the US. Most of the teams are equivalent to a CPA; they have a Master's in Accounting. A lot of bookkeepers that I work with are self-taught; they are not necessarily trained as accountants,” says Patricia Hendrix, Head of Coaching at Woodard, in a podcast with Finsmart Accounting.

Here’s a common thing that accounting firms often don’t understand about offshoring - it is not just a means to reduce costs. The amount of global expertise they get access to when they offshore with the right partner is immense. Offshoring partners such as Finsmart Accounting often have more stringent requirements; they avoid hiring absolute freshers, and there is a methodological training system in place.

This helps accounting firms reduce time to hire and train resources, and these resources are ready to be deployed in just a few weeks.

The global accounting outsourcing market is expected to reach USD 56.42 billion by 2027 at a CAGR of 8.9% between 2023 and 2027. This number is indicative of the impact that offshoring is making. This also indicates that more and more accounting firms now look beyond their apprehensions and pre-conceived notions and utilize offshoring to its maximum potential.



📚 What We’re Reading

Check out the brand-new innovations that QuickBooks is bringing!

As accountants, QuickBooks is often one of the most commonly used software. Your go-to tool is becoming better now. Your expertise will now get virtual help, allowing you to make more time for your clients, simplifying the daily tasks, and enabling you to provide more accurate and timely advice.

These powerful AI agents, integrated in QuickBooks, are here to make your lives easier.

READ THE FULL ARTICLE

🔦 Finsmart Spotlight

Leaping offshoring can be challenging. Especially if you are thinking about it for the first time. One of the most common challenges that accounting firms often face is not knowing when to switch from an internal team alone to an offshore team. But you are not alone! It happens to the best of us.

If growth and scaling up are in your plan for 2025, it might be time to get the additional hands, access to global expertise, and the convenience to switch up and down swiftly.

Our latest piece explores when it is the right time to choose offshore bookkeeping.

💰 Free Growth Resource

Are you struggling to find the right candidate to streamline your cash flow? Do you constantly face challenges in following up for payments all by yourself? All you need is the right Accounts Payable Specialist. And the search begins with the right job description.

DOWNLOAD OUR CUSTOMIZABLE JOB DESCRIPTION TEMPLATE

🧑‍💼 Meet Your Future Team

At Finsmart Accounting, our teams work directly with the accounting firms (clients) from Day 1. We hire experienced professionals who are fully capable of tackling crises and are always prepared to put their best foot forward to solve their clients’ problems.

In this fourth issue of The Outsource Insider, we present to you one of our Team Leaders, Shalvi Bobade.

• An accomplished finance professional with an MBA in Finance and 2 years of experience in Global Accounting.

• Her areas of expertise include audit, daily and monthly accounting, AR & AP processes, tax assistance, and financial planning and analysis (FP&A).

• She is proficient in Exact, Xero, Zoho, Vantage Point, Lucanet, Basecone, and Tally.

• She excels in streamlining processes and enhancing financial efficiency for businesses.

• As a leader, she ensures that each engagement is handled with meticulous attention to detail.
  

😄 Funsmart Corner

Now this issue cannot truly come to an end unless we pour just a little dose of fun in your inbox.

📅 What’s Coming Up

Finsmart Accounting will be attending upcoming accounting conferences to discuss accounting, offshoring, and more. We hope to see you there!

1. Name of the event: Bridging the Gap
   Date: 22-24 July
   Location: Denver
   Event Highlights:
   
   - Meet Maanoj Shah, Co-Founder and Director of Finsmart Accounting, and an offshoring expert.
   - Engage in conversations about accounting, offshoring, and more.

See you next time!