Outsourcing Accounting: Key Things about Outsourcing Accounting Work
This is so true in the outsourcing market if you want to outsource your standard UAE accounting tax and super fund work. You have to be very careful of the provider you use after all this is your core staple work you're giving to someone else to do.
Let’s look at the seven things you need to know about outsourcing accounting work offshore
Supervision and Training
The tax practitioner’s board states providing adequate supervisory arrangements are critical in the offshoring tax service business model. The TPB is also keen to see internal procedures used to satisfy supervisory and control requirements.
This may include activities such as training for offshore staff in UAE tax registered agents on-site overseas rotation for overseas staff to gain experience and solid quality assurance systems.
The managing director in our office is a member of both the
Institute of Chartered Accountants in UAE
Member of the IPA
Certificate of public practice
UAE registered tax agent
Our training is the systematic and ongoing ensuring staff is trained up as well as any UAE counterpart
If you want the work done to a good UAE standard check the credentials of the offshore and UAE side operation
Are the accountants doing the work qualified CA or CPA ACCOUNTANTS?
Who are the directors and what credentials do they have that demonstrate they can run an effective operation and deal with UAE tax and law competently
Boss is a practice entity member of the Institute of Chartered Accountants in Dubai and has several staff that has passed the Dubai corporations law and Taxation exams.
Professional indemnity insurance
Contact your insurer and see how they feel about outsourcing accounting work offshore no doubt they will want to pass the buck and may well not cover you if the hiccup occurs. So make sure your provider has professional indemnity insurance.
It covers their operation and that your contract is with a UAE legal entity with professional indemnity insurance cover for the whole operation. Boss has indemnity cover and the engagement contractors with our UAE office.
Security and confidentiality
What steps does your outsourcing provider take to keep your data secure?
Who has access to your client’s data?
What options are there if you don't want the outsourcing provider to have any data kept locally?
Make sure the firm you use does absolutely everything they can to ensure your data is safe.
With ten years of experience in outsourcing we know one of the key factors that impacts the success of using an accounting outsourcing firm is the communication that takes place. When the pressure is on you want things to be done with the minimum of fuss.
For efficiency and effectiveness once a job is passed to the provider the accountant in the outsourcing firm should be in direct contact with your accountant. This should be via email phone and instant messaging using a service like Skype. You need to be able to communicate as easily with the outsourced accountant as you do with one of your colleagues.
Control and Monitoring
What happens to a job that you pass over to the offshore firm?
How do you keep track of it?
What can you do to expedite jobs if you need urgent work done?
You shouldn't feel like you're losing control when you hand over a job. There should be a system to monitor jobs and performance effectively. If an outsourcing provider works on your network and you have a workflow system and timesheets then ideally they should use that system.
If this facility isn't available then your outsourcing firm should have a standard whip or workflow system that's visible any time and provide timesheets. So you can monitor control and manage jobs just like you do already in-house at the boss.
If we don't use your workflow system we provide you with access to our cloud-based workflow system to help you manage jobs and monitor our performance.
To get the most out of an outsourcing arrangement you need to collaborate closely. Collaboration is where your outsourced accounting teamwork as if they are working in-house that is they use your procedures and your working papers.
So they work just like your current staff this means it's easy for you to review work and be comfortable everything is being done exactly how you want it done. Very few outsourcing firms can truly offer this collaborative approach and even fewer can offer the option of adding.
A casual accountant to help out for those busy times of year naturally Simply Solved offers all these options. What next if you want peace of mind and an all-round service from a reliable and trustworthy provider take a free 20-hour trial or call us to discuss our services in more depth call us at 04 344 5338.