IS THE DEDICATED OFFSHORE OFFICE (DOO) MODEL RIGHT FOR YOUR ACCOUNTING FIRM?
As we cross the halfway mark of 2022, the accounting industry continues to become more globalized. Over the last decade, many accounting firms in the US began experimenting with offshoring. The pandemic seemed to only intensify the concept even further, with a whopping 41.3% (up from 6.2%) of accounting firms in the US having now tried their hand at offshoring.
A majority of these firms are using the traditional dedicated offshore staffing model where an offshoring supplier (like Entigrity) provides a specific function such as payroll, bank reconciliations, tax prep, etc. for the domestic accounting firm. Depending on the firm’s requirements, an offshore team of accounting professionals would be recruited and would occupy an office where other offshore teams also sit.
This model works fairly well for firms that have just started offshoring or are using it only to cover their busy tax seasons. However, it can be limiting when they want to grow their firm and structure their team according to how they see fit. The firm may want to implement their own HR policies or offer hybrid working, but they cannot because the current offshoring model doesn’t allow for it.
After listening to our client's concerns and understanding how they wanted to make the most of their offshore teams, we introduced the Dedicated Offshore Office (DOO) model.
Who is the Dedicated Offshore Office (DOO) model for?
We only recommend the DOO model to accounting firms that are current Entigrity clients of ours that have an offshore team size of at least 25 people. When a team grows to 25 staff it indicates the accounting firm is growing and offshoring multiple processes.
It also signifies that the firm has assimilated well with the offshoring model and is now ready to implement its own policies and company culture. The firm may want to establish their own HR policies which reflect what they follow in the US or even offer hybrid working to their offshore staff. However, the current offshore model doesn’t allow for this level of freedom and flexibility.
How does the Dedicated Offshore Office (DOO) model work?
1. Interest in DOO Model
Once a client meets the necessary criteria (at least 25 offshore team members and is a current client) we review their processes to see if the DOO model will support their long-term offshoring strategy.
2. Sign Up
If all goes well in the review process we finalize the terms and sign an agreement and get a receipt of deposit so we can start looking for office space that will meet the client’s requirements.
3. Office Finalization & Hiring
We understand how the client wants to structure and build their offshore team and according to that, we begin recruiting for the required positions. The existing offshore team will be transitioned to the DOO model. Entigrity will source candidates according to the client’s criteria however, the final hiring will be done by the accounting firm. We also begin to get the office ready according to the client’s requirements in terms of design and infrastructure.
4. Office Opens & Hiring Continues
Within 60-90 days of signing the agreement, the offshore team will move into the new office and start working according to the policies and culture of the client’s accounting firm.
Why partner with Entigrity?
1. Focus on your core business
Entigrity is focused on working with accounting firms and making their offshoring a success. In the DOO model, we do this by taking care of all the support functions so the client can focus on their core strengths and grow their business. The core team hiring, retaining and management remains with the client.
2. Reach and Partnerships
We are an IMA Platinum Partner and have aligned with 61 colleges to source the best accounting talent in India. We have signed an MOU with the Gujarat and Kerala state government to empower the state’s youth with the skills and knowledge to be great accountants.
3. Learning & Development
We ensure our team members have the necessary training to start working on projects right away. By having access to 25+ experienced trainers in accounting, audit and tax our team members are always ready to be deployed. We are also an Approved Learning Partner of IRS and NASBA. We have curated 5,000+ hours of educational content covering 100+ subject areas.
4. Our Infrastructure & Offices
Our 12 offices in 7 different cities allow us the flexibility to recruit the best talent from all over India. We’re also on track to open another 8 offices in 5 different cities to extend our reach even further.
5. Domain Expertise
We work with 600+ accounting firms, with 30 of them being in the top 200. Working exclusively with accounting firms means we’ve become experts in accounting offshore staffing.
6. Hiring Beyond Accounting Roles
With the DOO model, you would want to hire for roles other than traditional accountants. For this, we have access to individuals in specialized areas such as; Business Valuation, Transaction Advisory, Fraud & Forensics, IT, Wealth Management, etc.
7. Don’t worry about the compliances
An advantage of the DOO model is that even though you are setting up your own office in India you don’t have to deal with any of the compliance concerns a foreigner who is setting up a business would go through. It’s our responsibility to take care of all the business, payroll, HR, safety, tax and finance compliances. Any local challenges, litigations or disputes will be managed by Entigrity. Essentially, we make it super easy for you to do business in India.
8. Build your best quality team
With complete autonomy to recruit and manage talent as you see fit, you can build the best team for your firm. Entigrity’s pre-screening and post-training tests offer the best filters to ensure you’re getting qualified professionals. We can source the best candidates from our established pipeline.
DOO, the next evolution in offshoring
Offshoring is no longer a dirty term that gets whispered in back rooms. Accounting firm owners have realized the freedom and value it brings to their business. They are now able to grow their business and focus on their core processes rather than getting bogged down with admin and other non-revenue generating tasks.
But as the saying goes, ‘Change is the only constant’. We’re now experiencing an evolution in the traditional offshoring model with the DOO model providing greater value to certain firm owners. In essence, it bridges the gap and unifies their onshore and offshore teams so that everyone in the firm aligns with the same goals.
Get in touch to know if DOO is right for your firm
If you are an existing Entigrity client and have more than 25 offshore staff then the DOO model could be just right to take your firm to the next level.
Still not sure, or have questions, no worries, let’s set up a time where we can answer all your queries and see how we can help grow your accounting firm the way you want.