Can an offshore accountant lodge my tax return or sign my financial statements?
No. Only a registered tax agent can lodge on your behalf in Australia, and financial statements are signed by your Australian accountant or auditor. Your offshore accountant prepares the workpapers, journals and draft statements to your firm's standard, and your registered agent reviews, signs and lodges. That is the same review structure most Australian firms already use with junior staff.
Is an offshore accountant suitable for an accounting firm as well as a business?
Yes, both. Businesses hire one as an in-house management accountant reporting to the owner or CFO. Accounting and bookkeeping firms hire one or several to prepare compliance and management accounting work under a supervising accountant, which frees the local team for advisory work and client contact. Offshored has clients of both kinds.
What is the difference between an offshore bookkeeper and an offshore accountant?
A bookkeeper records and reconciles transactions and keeps the ledger current; an accountant analyses and reports on them, prepares management accounts, budgets, forecasts and compliance workpapers, and reviews the bookkeeper's work. If you need clean books, start with an offshore bookkeeper. If you need someone to close the month and explain the numbers, hire an offshore accountant.
How much does an offshore accountant cost?
An offshore accountant through Offshored costs A$2,400 to A$3,400 per month, all-inclusive. The lower end of the band is for a degree-qualified accountant with two to three years of Australian work, and the upper end is for a Philippine CPA with five or more years on Australian files and supervisory responsibility. The fee covers salary, 13th month pay, Philippine statutory contributions, payroll and HR, and there is no recruitment fee and no lock-in contract.
How is my financial data protected with an offshore accountant?
An offshore accountant recruited by Offshored works inside your own accounting software and document systems with the access you grant, so your data stays in your systems and Offshored holds no client data on its own infrastructure. Every hire passes an NBI clearance, the Philippine police check, and signs an employment contract with Australian Pathways OPC that includes a confidentiality clause that continues after employment ends. All logins are removed on the person's last day, and Offshored's data security and quality assurance page lists every control.
What happens if my offshore accountant does not work out?
Offshored replaces the accountant at our cost, with no re-recruitment fee. During the six month probation Offshored formally asks for your feedback at the end of month one, month three and month six, so a poor fit is picked up early. There is no lock-in contract either: you pay month to month and can end the arrangement with 30 days' notice and no exit fee.
Why do Australian businesses offshore accounting to the Philippines?
Cost and time zone. Offshored's cost benchmark shows a Sydney accountant advertised on Seek at A$80,000 to A$90,000, which is A$89,600 to A$100,800 with 12 percent superannuation, against A$28,800 to A$40,800 a year through Offshored, a 63 percent saving at the midpoint. Manila is two hours behind Sydney in standard time and three in daylight saving, so the accountant works your business day.
Does the offshore accountant fee include the accountant's Philippine salary and benefits?
Yes. The A$2,400 to A$3,400 monthly fee through Offshored covers the accountant's salary, 13th month pay, SSS, PhilHealth and Pag-IBIG contributions, HMO health cover after the six month probation, payroll, tax withholding and HR. Australian Pathways OPC pays the person in the Philippines, and you receive one invoice from Offshored with no recruitment fee and no setup fee.
Can I offshore bookkeeping to the Philippines as well as accounting?
Yes. Offshored recruits offshore bookkeepers at A$2,100 to A$2,800 per month for daily processing, reconciliations, payroll and month end, and accountants at A$2,400 to A$3,400 for workpapers, financial statements and tax. Many clients start with a bookkeeper and add an accountant as volume grows. Both work inside your Xero, MYOB or QuickBooks file with the access you grant.