Why Your Business Needs Remote Accountants 

Accountants are the cornerstone of any business. We all know that don’t we? What’s new is the rise of dedicated remote accountants. These new-age magicians are revolutionizing the accounting landscape for startups and mid-sized enterprises as we speak with their number-crunching skills and keen eyes for evolving tax laws worldwide.  
 

Here are some facts to blow your mind: 

 

➤The outsourced finance and accounting services market stood at US$ 56.42 billion in 2022. 

 

➤It is expected to expand at a Compound Annual Growth Rate (CAGR) of 9.1% between 2023 and 2030. 

 

➤India continues to have a stranglehold on the Business Process Outsourcing market with a global market share of 65%. 

 

➤According to a study by Mordor Intelligence, the COVID-19 pandemic has “irrevocably changed” the accounting landscape with more and more companies choosing remote bookkeeping experts to do their bidding. This shift in industry trends is due to 83% of accounting professionals working from home during the pandemic, ushering in a sea change in how companies visualized accounting processes.  

Fascinating, isn’t it?  

What’s driving the remote accounting market? 

1. Dedicated Remote Accountants are easy to hire and cost-effective: 

Emerging economies like India have permanently altered the hiring market with concepts like remote staffing and offshore hiring. As more and more multinational companies set up their offshore offices in India, the country has emerged as a key supplier of talented yet affordable remote resources.  

But is this huge talent pool available to industry giants only? The answer is a resounding ‘No.’ Remote staffing companies like Remote Resource ^TM are ensuring that startups and mid-sized companies have easy access to India’s talent pool at an affordable price point. In case you were wondering, virtual finance professionals are part of this talked-about talent pool too. More and more startups are leaning on dedicated remote accountants with a flair for crunching numbers, bookkeeping, and spotting errors in the books.  

2. Cloud Accounting Solutions are playing a major role: 

There’s a lot of talk about how cloud computing, and more specifically Software as a Service (SaaS), has reshaped how we use Apps. For the uninitiated, SaaS involves giving access to a software application to users via the internet in the classic client-server model.  

Cloud accounting solutions like Zoho, QuickBooks, Odoo, and Freshbooks have taken the world by storm with their intuitive features and mind-blowing processing speed. Subscriptions to these applications are affordable and accountants can share data via these platforms easily and securely. The security part is of particular interest to enterprises. No one wants the competition to know their financial data, after all!  

Offshore staffing hubs like India are home to virtual finance professionals with in-depth knowledge of cloud-based accounting software. With them functioning as extensions to the core accounting teams of startups, founders can rest assured their businesses are in the right hands.  

AI and blockchain are playing their respective roles, revolutionizing every aspect of cloud accounting bit by bit with each passing day. And where do you look for AI and blockchain experts? India, of course!  

3. Remote Staffing Solutions Providers are competing with Traditional Accounting Houses: 

There has been a paradigm shift in how multinational companies and startups outsource their accounting requirements. Gone are the days when they had to rely solely on the services of big-budget accounting firms to manage their books. Employee as a Service (EaaS) is the new trend and remote staffing solutions providers like Remote Resource ^TM are more than happy to provide dedicated remote accountants at extremely affordable price points.  

Why you need a dedicated remote accountant 

In other words: what can a dedicated remote accountant do for your business? Well, there’s a lot they can do for your business. Here’s a glimpse: 

 

• • ➤Your dedicated remote accountant manages all financial transactions with internal and external stakeholders. If there’s money to be paid or received, it’s their job to keep track of it so that you don’t have to answer to anyone in the next audit. 
    
    

• • ➤You need a budget forecast to stay on top of your game, and this is exactly what your remote bookkeeping expert can do for you. The job role of a remote accountant also involves publishing timely financial statements to give you a clear picture of your company’s financial health.
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• • ➤Micromanagement is an absolute no-no for startup founders. Imagine a founder having to worry about monthly, quarterly, and annual closings. Enter dedicated remote accountants! With them in charge of the books, startup founders need only worry about stuff like business growth and promotions.  
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• • ➤Computing taxes and filing returns can be as big a nightmare as preparing profit/loss statements and balance sheets. Well, leave it to your remote bookkeeping expert to manage.   
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• • ➤Managing compliance issues, conducting audits, and backing up financial data are all part of an accountant’s job. Remote accountants make all this look easy with their in-depth knowledge and experience in handling a host of different clients for years on end.

 

The Remote Resource ^TM Advantage! 

Now that you know why you need a dedicated remote accountant, it’s time to know what we bring to the table. 

 

• • ➤Save big on hiring budget: For starters, we help you save more than 50% on your hiring budget by eliminating the need to hire local accounts experts. Our virtual finance professionals do your bidding without costing you a fortune.  
    
    

• • ➤Say goodbye to hiring hassles: Local hiring laws can be a hassle when it comes to scaling your team up or down. And who doesn’t know how nightmarish layoffs can be for startups? We don’t believe in tying the hands of our clients with long-term contracts. This means you can onboard or cancel your virtual assistant whenever you want.  
    
    

• • ➤Data security is our responsibility: We know you are worried about your financial data getting into the wrong hands. When you sign a contract with us, we take it upon ourselves to keep your data safe with stringent nondisclosure agreements.  
    
    

• • ➤We do the heavy lifting: Just let us know your requirements and allow us to find the right resources for your project. We help you conduct interviews with potential candidates so that you can have the best full-time remote resource at your disposal. 
    
    

Remote hiring is here to stay and so is cloud accounting. Take our hand, ride the wave, and be the next star in the startup world!