Hiring in-house accountants may be the best option if there’s an abundance of talent around. Freelancers are always there, but they may be busy handling multiple clients. But what if you can get the best of both worlds?
Real talk: Do you really need accountants?
Let's get real for a moment – do you really need to bring an accountant on board? Sure, some startups kick off without an accountant, with the CEO or a VP taking charge of the books. But let's face it, you're not going to stay a startup forever, right?
The ultimate goal for any business is growth, and when that growth hits, it hits fast and hard. Quick decisions, smarter strategies, and a focus on adding more value become crucial. A sudden surge in growth means you'll have to handle a ton of processes – keeping financial records, ensuring compliance, tackling tax duties, managing the payroll for a growing team, and the list goes on.
This is the moment when many startups wake up to the fact that they do need an accountant, or even a whole finance department, to keep up with the pace of growth. Sadly, this realization often comes a bit too late. Companies end up struggling to handle the financial side of things, leading to significant losses.
A Disruptive Talent Shortage
Let's talk about the real struggle businesses are facing – a shortage of talented accountants. These are the folks who keep your finances in check, handle the numbers, and make sure your pockets are in good shape.
Here's the kicker: This global talent shortage is making it seriously tough for companies to find the accountants they need. To make matters worse, the scarcity of accountants has led to a spike in salaries across the industry.
The Result: Companies are spending a way more in searching for accountants and spending way more to keep the few they manage to find.
But here's the silver lining – some smarter companies are finding clever ways to navigate this talent shortage. Some are turning to freelance accountants, while others are outsourcing the work to different countries. Now, if you're thinking of following in their footsteps, you might be wondering – should you go for a freelancer or an offshore accountant? Or maybe just stick with in-house staff? Let's figure that out.
Hiring in-house Accountants
Having your own team of in-house accountants might seem like the top choice if you want a dedicated crew to handle your finances consistently for the long haul. And in many cases, that's true. But here's the catch – before you jump in, you need to take a good look at whether you've got the time and resources to find and keep them, especially in today's shortage of talent.
Let's talk about startups. They often face a tough time filling roles because they're working with limited resources. In-house accountants might not be the best fit for them.
Now, for businesses that are scaling up or already established, having in-house accountants could be a good move, but only if they've got enough time and money to spare.
When you're bringing in in-house accountants, you want someone with lots of experience and expertise, so you can focus on your main business in the long run. But here's the tricky part – figuring out someone's accounting skills can be a challenge if you're not an expert yourself. So, you might need some external help in the recruiting process.
In the end, going for in-house accountants is the right call only if you've got the money, time, know-how, and patience to find the perfect fit. It's a bit like a high-risk, high-reward game. If you land the right person, you've got a finance leader for the long term. But if you hire the wrong one, you might end up going through the whole expensive hiring process again.
Hiring freelance Accountants
If you have your own team of in-house accountants but suddenly have a lot more work, especially during busy times like tax seasons, hiring freelancers can be a quick solution to get extra help.
Freelancing is pretty common nowadays. When the world went digital because of the pandemic, many accountants started doing freelance work to earn money.
Now, when you compare the cost, hiring freelance accountants is usually cheaper than bringing in more in-house staff because of the extra costs.
The cool thing about freelancers is that they can work from anywhere, opening up a big pool of talented freelancers globally who are ready to take on jobs for you.
But here's the trick – even though freelancers are everywhere, finding one with the specific skills you need can be a bit tricky.
Usually, businesses hire freelancers for short-term projects. However, working with different freelancers on short-term agreements might make things a bit messy.
Some businesses do work with freelancers for longer periods, but that's not very common. Freelancers usually prefer short-term jobs to make more money.
Freelance vs. In-house vs. Offshore Accountants
If you're looking for the knowledge and skills of a local accounting expert along with the flexibility and cost-effectiveness of freelancers, offshoring could be your best bet.
Here's the deal – offshoring lets you tap into a global pool of talent, making it quicker to find the right accountant compared to hiring locally. Offshore companies usually have groups of certified professionals, and they match you with accountants who meet your specific qualifications, like certifications and the tools they're familiar with.
Take the India, for example – a top spot for offshoring. There's a surplus of highly skilled workers, including junior and senior bookkeepers, billers, CAs, paraplanners, payroll specialists, financial advisers, and analysts.
But it's not just about hiring. Good offshoring providers also help with onboarding and support for your team.
Whether you need extra accountants for tax season or want a dedicated team for your startup, offshoring is flexible enough to provide the right talent. Some providers even give you the choice to offshore in different locations, depending on what works best for you.
Finding the Right Offshoring Partner
When aiming to tap into the global talent pool to support and expand your business, it's crucial to find the right offshoring partner.
The top offshoring partners give you the flexibility and control to bring your brand, identity, and vision into your offshore team, all while providing access to the best talent available. They enable you to hire accountants who can handle both routine and essential business tasks because accounting involves more than just crunching numbers.
While there are many offshoring companies globally, only a few are truly dedicated to solving your challenges as if they were their own. To find the right partner, start by understanding the specific problems and needs you want to address – the main reasons why you're considering offshoring.
Begin by looking into providers from leading offshoring destinations like India.
In the end, choose the provider that understands your business and provides the right tailor-fit solutions it needs.
Dangi Global, an Indian-owned and managed offshoring firm, is expanding its reach into the UK market. Operating from India, Dangi Global specializes in providing knowledge-based staffing solutions. Our commitment is to empower businesses with strategic offshoring solutions, ensuring they thrive in the ever-evolving global landscape.
For inquiries, collaboration opportunities, or to learn more about how Dangi Global can elevate your business, please feel free to reach out to us.
Contact Information:
Website: https://dangiglobal.com/
Email: info@dangiglobal.com
Phone: IND: +91 72270 70277
UK: +44 73688 00605
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Thank you for considering Dangi Global as your offshoring partner. We look forward to connecting with you!
