2022 Offshore Accounting Trends
This article discusses some prevailing offshore accounting trends.
Among the most commonly outsourced jobs in small businesses are accounting and IT. 71% of financial service executives outsource or offshore some of their services… Small business outsourcing stats show that 37% of all accounting and IT tasks get outsourced.
Before [the] pandemic about 6.2% of the accounting firms used offshore staffing. Today, the [number] has grown to a whopping 41.3%.
Here are some trends shaping the Offshore Accounting Industry:
Blockchain Technology
The market size for blockchain solutions for the banking system and financial institutions was estimated at 0.28 billion U.S. dollars in 2018. The application of blockchain technology in the financial sector is expected to develop further in the next years, reaching a market size of approximately 22.5 billion U.S. dollars in 2026. (Statista)
Offshore Accounting Companies can deliver finance services through blockchain technology. Blockchain works the same as how accounting ledgers in accounting practices work: the blockchain technology is a distributed ledger with immutability and decentralized aspects. It allows for both secure data storage and information exchange, available to the peer-to-peer network. Finance and Accounting Outsourcing businesses effectively perform financial services, verify records and access completed transactions effectively in the blockchain.
Prioritizing Employee Engagement
Employee engagement and recognition boosts employee morale and positive employee engagement. Delegate employee engagement to your offshoring provider and shift the focus on your core accounting functions.
Connext Global Solutions is a people-focused offshoring organization and has also dedicated a lot of time and effort in employee satisfaction. With this the company maintains a unique organizational culture for their distributed workforce which sets them apart and results in high retention.
Remote Work and Hybrid Work
A 2020 survey by Accounting Today’s parent company, Arizent, states that employees have fully embraced the flexibility of [work] arrangements and 62% of respondents said they would like to work from home the majority of the time if their employer would allow it.
This preference on work being hybrid and remote is very much aligned when outsourcing services to the Philippines, a top offshoring destination.
The 2021 PhilCare Wellness Index revealed that 48.7 percent of Filipinos now prefer to work in a hybrid setup versus 35 and 16 percent willing to work entirely from their office and home, respectively.
Connext Global Solutions is a Philippine offshore accounting services provider that allows clients to outsource Connext teams who work from anywhere. The company’s remote teams use a digitally secure remote setup with 24/7 IT Support to work from their home or place of choice- be it office, remote, or both.
Connext Global Solutions Offers Cost-Effective Offshore Accounting Solutions
Connext Global Solutions provides offshore accounting and financial services support, Standing IT support and Talent management and employee engagement with our cost-effective offshore accounting solutions.
At Connext Global Solutions we allow clients to start with as little as 1 full-time employee and scale as they see fit. Connext actively sources top talent required by the client. Businesses looking to offshore Accounting functions can tap from our talent pool of:
- Bookkeepers
- Accounting Associates
- Junior CPAs
- Senior CPAs
- Controllers
- And other related roles
The offshore accounting service provider is also capable of integrating current systems such as accounting software within your dedicated remote support teams’ operations.
Your offshore accounting staff can work with whatever existing systems or software you currently use for your accounting and finance transactions.
The company is equipped with industry-leading digital security systems and processes. We are SOC-2 compliant and have secure operating controls and processes in place.
Connext Global Solutions provides excellent offshore staffing solutions that add value and unlock client growth.
Start building a scalable support team of Offshore Accounting experts. Outsource your end-to-end Accounting workflow with Connext Global Solutions today.
Gain insights into how offshoring accounts payable is shaping the 2022 offshore accounting trends. Visit our blog for an in-depth analysis and stay ahead in the evolving world of accounting.
