In today’s rapidly evolving business landscape, CPA firms and accounting professionals constantly seek innovative ways to enhance their capacity and streamline operations. One increasingly popular solution is the utilization of offshore teams. In a recent digital CPA Conference webinar, Dave Schnitt, President and CEO of IQ BackOffice and Offsite Office, shared valuable insights, drawing from his company’s extensive experience in providing outsourced accounting services and offshore staffing solutions.
IQ BackOffice, established in 2002, has been at the forefront of accounting services for over two decades. The company caters to a diverse clientele, including CPA firms, private equity-backed businesses, and private companies. Their service offerings range from comprehensive accounting to specific process solutions such as Accounts Payable, Accounts Receivable, and Payroll management.
In this model, a company hires a firm to deliver specific services at guaranteed service levels and costs. The outsourcing provider manages all aspects of the operation, making it a more turnkey solution for businesses.
While offshoring can be cost-effective, it typically requires a significant scale (around 100 employees) to be viable. On the other hand, outsourcing often yields more significant savings and is easier to implement, especially for firms new to global workforce solutions.
With approximately 1,000 professionals worldwide, IQ BackOffice operates from two strategic locations:
Chennai, India (750 employees): Focuses on transactional work such as Accounts Payable, Accounts Receivable, and Bank Reconciliations.
Manila, Philippines (250 employees): Handles higher-end accounting work, leveraging the local workforce’s training in US GAAP and superior English language skills.
This dual-center approach allows IQ BackOffice to optimize costs while maintaining high quality and service levels.
IQ BackOffice performs the work while the client firm maintains the primary interface with end clients.
The choice between these models depends on the client’s specific needs and objectives.
Mr. Schnitt highlighted several critical factors for successful offshoring:
He cautioned that many firms underestimate the differences between managing onshore and offshore teams, which can lead to potential failures if not properly addressed.
To maximize profitability in outsourced accounting, Mr. Schnitt stressed the importance of leverage – assigning lower-cost resources to transactional work while higher-skilled professionals handle book closings and client interactions.
IQ BackOffice prides itself on maintaining a 99.97% accuracy rate per transaction. This high level of quality is achieved through years of process refinement and the development of proprietary technologies.
Here at OffsiteOffice, we build remote, offshore accounting teams that work as an integral part of our clients’ operations. We offer the best global talent at cost-effective rates so you can enhance your financial operations and achieve your goals faster. We help you do everything needed to build a team, from helping you design a strategy to recruiting, setting up interviews, onboarding your team, providing infrastructure and ongoing administration.
OffsiteOffice will meet with you to understand your business goals and the requirements for each position and then find the perfect candidates to join your team. We build dedicated teams exclusive to your account that we provide with the infrastructure and tools to work effectively with you. Lastly, we handle the administrative aspects of your team – payroll, HR, etc., so you never have to. All for 1 simple monthly fee.
Contact OffsiteOffice today to learn more about building an effective Global Accounting Team.
In a recent digital CPA Conference webinar, Dave Schnitt, President and CEO of IQ BackOffice and Offsite Office, shared valuable insights, drawing from his company’s extensive experience in providing outsourced accounting services and offshore staffing solutions.
While AI won’t replace human accountants entirely, it has the potential to revolutionize the way accounting firms operate, particularly those that leverage offshoring.
Measuring ROI in offshoring demands a forward-thinking approach that goes beyond cost reduction. By embracing a holistic framework that captures tangible and intangible benefits, CFOs can assess the true value proposition of offshoring ventures
This article is a quick digest of key takeaways from David Schnitt’s insightful podcast interview regarding Offsite Office.
Forget everything you thought you knew about finding qualified accountants. The game has completely changed.
Businesses are increasingly recognizing the value of delegating accounting tasks to qualified service providers in other countries. This approach offers a multitude of benefits beyond just cost savings.
Let’s schedule a call to discuss your needs. Choose a convenient time and one of our consultants will get back to you ASAP.
Offsite Office will provide a Consultant to perform a detailed review and benchmarking of your current process. We will:
