74 Accounting Services That Can Be Offshored

Lots of exciting AI action this week in the world of accounting including new research on 74 accounting services that can be offshored.

74 accounting services that can be offshored

This week I wrote a LinkedIn post on the top accounting services that are ripe for offshoring:

This is just the beginning as the smartest firms are finding more ways of using offshoring as a competitive advantage.

Here is the extended list of the services that I have found ripe for offshoring:

Bookkeeping

1. Setup of accounts

2. Cleanup of books

3. Recording of all expenses and income

4. Maintaining various ledger and sub-ledger accounts

5. Fixed assets accounting

6. Reconciliations – Bank accounts, Credit cards, Vendor and Customer Statement, Inter-company, Ledger and Sub-Ledger

7. Month-end and year-end closing

8. Consolidated financial reporting

9. MIS reporting

Tax Preparation

10. Individual Tax Preparation

11. Business Tax Preparation

12. Multi-State Tax Preparation

13. Consolidated Tax Returns

14. Year-End Accounting and Adjustments

15. Exempt Organization Tax Preparation

16. Trust Tax Preparation

17. Basic Gift Estate Tax Returns Preparation

18. Foreign Forms Preparation

19. Foreign Partnership Form

20. Foreign Corporation Form

21. Tax Planning Tax Research

Financial Statements

22. Balance sheet reconciliations

23. Month-end journal entries and adjustments

24. Month-end close and financial reporting

25. Review and Preparation of Monthly Bank Reconciliation

26. Cashflow Analysis and Reporting

27. KPI Reporting and Analysis

28. Budgeting and Forecasting

29. Consolidated financial statements

AP/AR

30. Checking invoice accuracy

31. Inputting and coding invoices correctly

32. Matching invoices and purchase orders

33. Processing and paying invoices

34. Scheduling payment runs

35. Managing creditor inquiries for payment

36. Processing employee expense claims

37. Performing reconciliations

38. Monthly reporting

39. Working with required accounting software such as Xero or Quickbooks.

App Advisory

40. Application System Reviews

41. Process mapping / Scoping – Understanding your clients processes and requirements

42. Research & evaluation – Discovering and documenting apps that may fit the requirements, analyzing, and recommending apps to use

43. Implementation – Planning, testing, training, and using the apps

44. Support – Helping clients with using apps

Payroll

45. Process client payroll and produce checks, vouchers

46. Input all payroll-related data to meet payroll processing deadlines

47. Process payroll garnishments, vacation time, insurance, 401(k), and other deductions

48. Prepare single and multi-state quarterly and annual payroll tax reconciliations

49. Prepare payroll compliance returns 940 - 941

50. Filing payroll client information

51. Maintenance of payroll software

52. Maintaining detailed daily time records of work performed

53. Assist with payroll audits

Audits

54. Financial Statement Reviews and Compilations

55. ESG Audit

56. Cryptocurrency Audit

57. Internal Control Audit

58. Compliance Audit

59. Employee Benefit Plan Audit

60. SOC2 Readiness Assessment and Reporting

FP&A

61. Budgeting

62. Forecasting (Monthly/Quarterly)

63. Variance Analysis of Actual vs. Forecast

64. Funding Ready Business Model

65. KPI business report card

66. Business Dashboard

67. Budgeting & analysis for line items

68. Roll-ups forecast & consolidation

69. Project reporting

70. Scenario planning

71. Cost proposal and pricing development

72. Financial Modeling

73. Contract Management

74. M&A Advisory

This is the tip of the iceberg.

When adding automation, AI and RPA (Robotic Process Automation) in addition to offshoring you create a truly well oiled machine.

We will explore combinations of these strategies in an upcoming newsletter and deep dive on how to set these up at your firm.

1. 5 Ways Accounting Firms Use Offshoring to Boost Valuation [LINK]

2. 54 Accounting Tasks That Can Be Automated [LINK]
   

2. Introducing OffshoringOS: A Side Project I’m Investing In [LINK]

(Wait list currently open at offshoringos.com).