In the era of economic uncertainties, businesses are taking advantage of disruptive technologies and services to add value and cut operational costs. Accounting rules in Russia may seem foreign and complicated when one thinks of starting a company in Russia. Hiring a professional and experienced accounting outsourcing services provider can be cost-effective for the firms in the long run. They are experienced and up-to-date with the latest regulations.
In this blog, we have assembled a few reasons why you should hire a reliable accounting services provider in Russia and how to choose one.
Let's dive in, shall we?
Advantages of Outsourcing Accounting Services in the Russian Market
Businesses now understand the importance of offshoring services in terms of compensation and accuracy. There are a number of reasons that motivate businesses to outsource their services and make the most of their resources and finances.
Companies can save time and use it in growth strategies
Financial record logging, analysis, and reconciliation require time. Especially when you are just starting a company in Russia, you can free up your time from performing these tiresome and time-consuming chores and focus more on the strategic aspect of your organization by outsourcing accounting and bookkeeping services to a reputable Business Process Outsourcing partner.
Improves accuracy
The company's smooth operation and the ability for business owners to make critical business decisions are made possible by precise accounting and good record-keeping. Financial errors can be minimized, and problems can be promptly resolved with the help of an experienced accounting professional and an automated accounting system that records your accounts seamlessly.
Access to experienced accounting professionals
Through outsourcing, you can get in contact with full-time accountants who are deeply knowledgeable about the accounting and financial processes and sectors. These offshore accounting experts have extensive training, in-depth knowledge, and a wealth of experience managing challenging accounting circumstances and assignments.
Accounting services companies in Russia, such as LowLands Accounting Services, have professionals fluent in English and provide reports as per the Russian Accounting Standards (RAS). They also provide assistance with IFRS reporting, if required.
Reduction in business costs
The most recent Deloitte analysis from 2020 indicates that cutting costs is still a key advantage of outsourcing accounting services. By employing highly skilled outsourced accounting specialists, many business owners are able to reduce their overhead costs.
Cost containment is once again becoming more and more important. The effect of COVID-19 is significant in this case since the shaky state of the economy is bringing attention back to the data.
Access to cloud-based accounting services
Companies such as LowLands Accounting Services employ the implementation of licensed accounting software, 1C: Enterprise 8.3. It also identifies ways to automate accounting processes that increase work efficiency. Moreover, it fosters integration of the software used in specified international head offices with local IT solution. These services ensure that the accounting software solution is compliant with both corporate standards and Russian legislation. It is essential for international company subsidiaries and branches operating in Russia to have an accounting software solution that offers all the capabilities required for daily operations, local reporting, and group reporting.
LowLands Accounting Services, a payroll, HR, and accounting specialist, has developed significant experience in deploying and utilising multiple accounting software solutions from 1C, the market leader in accounting software in Russia.
How to choose the ideal accounting outsourcing companies?
Outsourcing accounting services has become a strategic move for many businesses, offering cost-effective solutions and allowing them to focus on core operations. When considering outsourcing accounting services, particularly if you are starting a company in Russia or planning to set up a branch in Russia, choosing the right accounting outsourcing company is crucial. Here are key factors to consider in your selection process:
Understand Your Accounting Needs
Before diving into the selection process, it's essential to have a clear understanding of your accounting requirements. Different businesses have varying levels of complexity in their financial operations. Identify whether you need basic bookkeeping, tax preparation, payroll services, or comprehensive financial analysis. Understanding your specific needs will guide you in selecting an outsourcing provider with the right expertise and services tailored to your business requirements.
Look for Experience and Expertise
Experience matters significantly when it comes to accounting outsourcing. Look for companies that have a proven track record in providing accounting services for subsidiaries of foreign companies in Russia. Also, consider the qualifications and experience of the accounting professionals who will be managing your accounts.
Consider Their Certifications
Certifications provide assurance of the competence and reliability of an accounting outsourcing company. When setting up a branch in Russia, look for providers with relevant certifications and affiliations with professional bodies. Certified accounting professionals are more likely to stay updated on the latest changes in accounting regulations and bring a higher level of professionalism to their services.
Consider Provider’s Tools and Software
Efficient accounting relies on the use of advanced tools and software. Inquire about the tools and software that the outsourcing company uses for accounting and financial management. The use of modern technology not only enhances accuracy and efficiency but also ensures that your financial data is handled securely.
Compatibility with your existing systems is crucial.
Assess Provider’s Customer Service
Effective communication and responsive customer service are critical factors in outsourcing partnerships. Consider the accessibility and responsiveness of the accounting outsourcing company's customer service team. Inquire about the channels of communication, response times, and the availability of dedicated account managers. A provider with excellent customer service will address your queries promptly and proactively communicate any issues, changes, or updates related to your accounting processes. This level of communication is vital for building a strong and reliable outsourcing relationship.
Bottom line
Choosing the ideal accounting outsourcing company is a strategic decision that requires careful consideration. You can select a partner that aligns with your business goals by understanding your needs, evaluating experience, checking certifications, considering tools and software, and assessing customer service.
Accounting outsourcing service providers like Lowlands Accounting services can help you make the most of the Russian business landscape by giving you the freedom to expand and experiment.
