Top 10 Outsourced Accounting Firms to Consider in 2024

Over the past few decades, the accounting sector has seen a significant transformation as businesses outsource more tasks in an effort to increase productivity. Finding the best outsourcing partners that can meet their unique needs and offer pertinent solutions has become increasingly important for accounting firms due to the increasing complexity of financial rules and the necessity for specialised expertise.

India and the Philippines are two of the more developed nations where outsourcing is expanding quickly. India has several benefits over the Philippines when it comes to accounting outsourcing, including a more developed ecosystem, access to expertise, and a different time zone. This post will assist you in learning about the best accounting outsourcing companies and the reasons India is a top location for offshore accounting services.

Why is India the Number One Outsourcing/Offshoring Destination for Accounting Firms?

The nation has an abundance of highly qualified accountants with extensive knowledge of international accounting standards and laws.
The best offshore accounting services are typically provided by Indian outsourcing companies because of their reputation for quality, prompt delivery, and respect to data security rules.

Benefits of Offshoring / Outsourcing for Accounting Firms:

• Availability of highly qualified personnel with knowledge of several accounting applications and worldwide accounting standards.
• Robust IT architecture to facilitate and take use of cutting-edge hardware and software for effective accounting procedures.
• Financial benefits from reduced labour and operating costs in offshore sites like India.
• Adaptability and adaptability to quickly modify processes in response to demand, maximising available resources.
• Time zone advantage for doing work during non-business hours and being productive around the clock.
• By assigning non-essential accounting tasks to others, you can concentrate on your main abilities, which include client management, strategic consulting, and company development.

Top 10 Most Outsourced Companies for Accounting Firms In 2024

Numerous external accounting companies provide a variety of services and options to accommodate the demands and financial constraints of various companies. The following list of top outsourced accounting companies includes short introduction about the companies and what benefits they offer. If you are in search of the best accounting outsourcing company, this blog is a must to read.

Corient Business Solutions

Corient Business Solution is the leading accounting outsourcing company based in Coventry, United Kingdom. Since, 12 years Corient is providing various accounting services such as Bookkeeping, Payroll, VAT, Year-end accounting, Personal Tax and other services.

They offer a perfect combination of specialised and professional services to SMEs, companies and individuals. Corient’s team think that working transparently and respectfully with our clients will help them reach their financial objectives. So, they utilise knowledge, service offerings, skills, to the best to fulfil your objectives.

Over 400 accountants with extensive experience in various aspects of accounting and bookkeeping work at the company. Till now they have provided services successfully to 500+ clients and continues to serve more clients till date. Other than this, Corient also values and treat employees as a vital part of their organisation therefore, it is recognised as “Great Place to Work® Certified™” in the accounting and offshoring industry.

Why Choose Corient for unparallel service?

• Provides guaranteed cost savings compared to other accounting firms.
• Provides customised service according to your requirement.
• Provides accounting service based on industry type such as, Dental accounting, Law Firm accounting, eCommerce accounting, Education accounting, Logistic accounting and various other.

See why: Accounting industry trust Corient?

Entigrity

Over 850 accountants, CPAs, and tax businesses located in the US, Canada, and UK choose Entigrity as their preferred offshore partner. Entigrity operates from its headquarters in Sugar Land, Texas, and is situated in 39 global locations, providing a strong network to service its clientele.

GDPR compliance, ISO 27001:2013 accreditation for information security management systems, and SOC2 Type II certification are evidence of the company’s dedication to excellence. Entigrity has received several awards in the accounting outsourcing and offshoring sector, including “KPO Organisation of the Year,” “Dream Companies to Work For,” and “Great Place to Work® CertifiedTM.”

Pros:

• The exclusive emphasis is on service to CPAs and accounting businesses.
• Regarded as reliable by 40 of the top 200 US accounting firms.
• Availability of highly skilled experts in their field.
• Interviews and team member selection are at the discretion of the clients.
• A wide range of talent improves one’s ability to solve problems.
• The freedom to scale teams in response to changing business requirements.

Cons:

• Entigrity puts mutual respect and understanding above everything else, even in the face of cultural differences that may make collaboration difficult.
• In order to address linguistic discrepancies, in-house language competency training is used in addition to English as the primary communication medium.
• Flexibility in work scheduling helps to mitigate time zone differences.

See why: Accounting industry trusts Entigrity?

QX Global group

1. Global provider of comprehensive consulting, digital transformation, and business process management services, QX Global Group is based in North Yorkshire, UK. With six delivery centres spread over two nations, its varied service portfolio includes offshore, nearshore, and onshore activities.

Pros:

• Flexible outsourced options for payroll, HR, IT, accounting, and finance services.
• Significant presence in specialised industries such higher education, public sector, manufacturing, property management, retail, accounting and audit, and recruitment.

Cons:

• Turnaround times could be impacted by communication delays.
• Worries about data security and privacy as a result of exchanging data with outside parties.
• High attrition rates and time zone disparities present challenges.
• Restricted authority over outside vendors affecting the quality and continuity of services.

See why: Accounting industry trust QX Global group?

Analytix Solution

• Integrated staff solutions in finance, accounting, IT, data management, and healthcare are offered by Woburn, Massachusetts-based Analytix Solutions. It is spread across six nations geographically.

Pros:

• Interdisciplinary knowledge from a range of industries.
• Serving a wide range of industries, including franchising, retail, e-commerce, hotels, start-ups, dental services, and DME.

Cons:

• Obstacles to performance monitoring brought on by supervisory systems.
• The unstated expenses are linked to overseeing contracted services.
• Hazards associated with breaking accounting and tax laws.
• Reporting inaccuracies are caused by variations in accounting rules throughout jurisdictions.

TOA Global

• Accounting staffing solutions from TOA Global, a Philippines-based company, are available to businesses in Australia, New Zealand, Canada, and the US. Having been in the accounting business for more than ten years, it provides committed client care and is among the biggest employers in the Philippines.

Pros:

• Vast background in providing services to the accounting sector.
• An enormous knowledge base and committed client assistance.

Cons:

•  Communication obstacles and risks related to data security breaches.
• Variations in work cultures have an effect on productivity.
• Difficulties adjusting to shifting company requirements.

BeFree

• For the past fifteen years, BeFree has been a financial and accounting BPO company with clients in the UK, Australia, New Zealand, and Canada. It provides scalable outsourcing solutions and an array of e-commerce services despite certain restrictions in sophisticated functionality and customer support.

Pros:

• Scalable outsourcing options that improve ROI and business performance.
• Broad range of e-commerce options.

Cons:

• Intricate platform interface and lack of sophisticated functionality.
• Threats of illegal access and data breaches.
• Delays are caused by inadequate customer support.

Paperchase

• With its headquarters located in New York, Paperchase Accountancy is a global provider of services to restaurants and hospitality organisations. It provides a variety of financial services and makes use of state-of-the-art accounting software.

Pros:

• The use of cutting-edge accounting software and BACS bureau accreditation.
• Specialisation in the hospitality industry and daily financial, analytical, and consulting services provided.

Cons:

• Operations are complicated by a lack of oversight and control.
• Inefficient service is impacted by high attrition rates.
• Vulnerability to data breaches and system malfunctions.

CapActix Business Solutions:

• Servicing accounting firms, CPA firms, and SMEs in the USA, Canada, Australia, and the UAE is CapActix Business Solutions, a New York-based company. Accounting, tax, administration, and medical billing processing are among the services it provides.

Pros:

• A staff of more than 120 trained professionals and high retention rates.
•  Serving more than 40 industries across a wide spectrum.

Cons:

• New team members may have integration difficulties that affect service continuity and compliance.
• Misunderstandings in communication might arise from variations in culture.
• High turnover rates might cause operational difficulties.

Xpitax

• Xpitax is a well-known accounting outsourcing firm that was founded in 2004. Their comprehensive accounting solutions are tailored to meet the requirements of small and medium-sized accounting companies worldwide. Among the services offered by Xpitax are management reporting, accounts payable/receivable, financial statement preparation, and tax return preparation. With a staff of more than 200 seasoned experts, Xpitax has established a solid reputation for providing top-notch services and going above and beyond for customers.

Pros:

• Xpitax serves customers in more than 180 countries.
• The business continues to conduct operations in more than 40 countries.

Cons:

• New hires are not given the necessary training.
• Tax season chaos frequently results in small mistakes.

Sureprep

• In the offshore accounting sector, Sureprep has built a solid reputation since launching its business in 2002. Their primary objective is to cater to small and medium-sized accounting organisations globally by providing effective outsourcing and tax preparation services. Their products are made to automate and simplify the tax preparation process, increasing accuracy and efficiency. Tools for data import, document organising, preparing tax work papers, and electronic filing are all provided by SurePrep. The services provided by Sureprep include the preparation of business and individual tax returns, tax planning, and audit help. With more than 1,000 accounting firms as clients, Sureprep has made a name for itself as a trustworthy resource for all things related to tax preparation and compliance.

Pros:

• SurePrep offers the software programs TaxCaddy, SPbinder, and 1040SCAN.
• We offer rapid customer service.

Cons:

• We are not doing Excel work and complex subjects correctly.
• The lack of defined criteria makes it difficult for clients to decide when to use outsourcing services.
• Especially when working in a cloud environment, clients encounter difficulties with the file-sharing process.
• There is a perception that the upload and restoration procedure is laborious, requiring an excessive number of stages and creating difficulties.

Key Considerations for Choosing an Offshoring Partner:

Management expertise: Seek out outsourcing partners with a management team that has extensive experience and understanding of the accounting sector. Their experience should match the requirements of your company so they can offer advice and solutions that work.

Credibility: Give priority to partners with a track record of dependability and credibility. To evaluate a company’s reputation and service quality, read through customer reviews and testimonials.

Avoid small firm: Even though they could have more affordable prices, smaller businesses frequently lack the tools and expertise needed to safely complete complicated accounting duties. To reduce risks and guarantee high-quality service delivery, use reputable companies that specialise in accounting.

Data Security: When it comes to accounting, data confidentiality is crucial. To safeguard sensitive client information, make sure your offshore partner has implemented strong security procedures. Investigate their cybersecurity procedures and look for certifications such as ISO and GDPR compliance.

Communication and collaboration: When working together, your onshore and offshore staff must have effective communication. In order to promote smooth collaboration and workflow coordination, choose partners who offer dependable communication methods, such as video conferencing and project management software.

Scalability and Flexibility: Your offshore partner should accommodate workload changes and your company’s shifting needs. Select a partner that can adjust to changing needs regarding working hours or time zones and scale up or down their services accordingly.

Conclusion

For small businesses looking to contract out their tax and accounting work to a reputable and experienced service provider, outsourced accounting firms can be a wonderful choice. Small firms can access knowledge and quality, reduce costs, save time and money, and expand and modify their accounting and tax duties with the aid of outsourced accounting solutions.
In conclusion, the ideal company to think about for accounting outsourcing needs is Corient Business Solutions. Because Corient has highly skilled employees who can comprehend your needs and deliver high-quality services, they can offer services at a reasonable cost with total transparency. These can assist small enterprises in meeting their budget needs. For any requirements or to resolve query about our services connect with us on call or by email.