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SMEs unsure on offshore finance
Over 70 per cent of small and medium sized-enterprises (SMES) would not offshore their accounting services, a new report has found.
A survey of 103 financial directors by SKS Business Services discovered that while they agreed offshoring could reduce costs, they were concerned about potential language and cultural barriers that could cause problems in the future.
However, the research, which was carried out to discover the most important factors for SMEs when choosing an accountant, showed that cost was still the primary concern.
Only just over half (53 per cent of respondents) said they would be willing to pay more for a better quality service.
Sanjay Swarup, director of SKS Business Services, claimed smaller companies are yet to appreciate the benefits of offshoring in the same way large organisations have.
He added that as long as the work is done by qualified accountants and there is a UK-based team to supervise "the risks are no different to an in-house or in-country team but there are additional benefits including greater fire power to the finance function".
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Categories: Business & Support Services