| Lately, job outsourcing has started to affect | | | | Outsourcing is also beneficial because it saves |
| everything from information technology to | | | | companies the process of setting up and |
| customer service to accounting. In fact, anyone | | | | maintaining a separate accounting department |
| whose job does not require frequent face to | | | | (Offshoring Finance Jobs). This helps to save |
| face interaction is a possible target of this | | | | overhead costs for such companies. Since |
| growing epidemic. Jobs involving low-skilled | | | | accounting and tax laws are being changed so |
| workers are not the only ones being affected | | | | frequently here in the US, it is much easier for |
| anymore. Now, even high-skilled jobs such as | | | | CPA firms to outsource their accounting services |
| those related to medical and engineering fields are | | | | to other countries (The Benefits of Outsourcing). |
| being affected (High-skilled jobs in finance). It is | | | | This saves companies the hassle and cost of |
| expected that 200,000 more jobs will be | | | | retraining their employees every time the laws |
| outsourced every year for the next decade | | | | are changed (The Benefits of Outsourcing). |
| (Outsourcing’s long-term effects). What | | | | |
| does this mean for the future of accounting? | | | | Despite the benefits outsourcing accounting |
| | | | | services bring, it does have its disadvantages. |
| Every company needs some type of accounting | | | | The main problem involved is confidentially issues |
| aid to help prepare their financial records. Since | | | | (The Benefits of Outsourcing). Certain accounting |
| companies cannot entirely eliminate their | | | | information is supposed to be confidential, so |
| accounting operations, many have opted to | | | | sending it to overseas places like India poses a big |
| outsource their accounting divisions to offshore | | | | threat. You can never really tell who is across |
| countries, mostly India (High-skilled jobs in | | | | the world looking at your financial statements, and |
| finance). These outsourcing companies have the | | | | what type of security is being used to screen |
| ability to perform quarterly and annual accounting | | | | such issues (The Benefits of Outsourcing). Other |
| and bookkeeping tasks, all which could be done | | | | things stopping companies from outsourcing their |
| here, for less money (Finance and Accounting | | | | accounting jobs include worries about compliance |
| Outsourcing). All areas that are involved in | | | | issues, and the initial investment that is involved |
| accounting are currently being outsourced including | | | | for this procedure (Offshoring Finance Jobs). |
| financial statement preparation, internal auditing, | | | | Businesses are not sure if the initial cost |
| and account reconciliations (Finance and | | | | necessary for outsourcing will override the |
| Accounting Outsourcing). In some cases, only | | | | potential benefits it could provide. Some |
| parts of a company’s accounting sector are | | | | corporations are waiting for others to outsource |
| outsourced. In such cases, outsourcing is being | | | | their accounting jobs before doing it themselves; |
| used to aid a company’s current staff | | | | this way, they can try to gauge the potential |
| (Finance and Accounting Outsourcing). Every | | | | risks that are involved before switching to |
| company needs to know the advantages and | | | | outsourcing themselves (Offshoring Finance Jobs). |
| disadvantages of outsourcing before they make a | | | | |
| decision. | | | | Accounting outsourcing is both good and bad. As |
| | | | | of right now, there seem to be more pros than |
| The main reason companies are deciding to | | | | cons, mainly due to the potentially large amount |
| outsource is that it saves them a ton of money | | | | of money being saved. However, businesses |
| in training and recruiting costs (Finance and | | | | should not base their entire decision on that fact |
| Accounting Outsourcing). The people performing | | | | alone. Companies deciding whether or not to |
| these accounting jobs overseas are getting paid | | | | outsource the accounting division of their business |
| far less than those doing the same job here in | | | | should look at the advantages and disadvantages |
| America, and working longer hours as well. | | | | before making such an important decision. |