Argentina: Could outsourcing accountancy services be what your business needs to develop in 2023?
One service that Latin America is increasingly popular for is outsourcing, and while we discussed nearshoring in a recent article, today seems like a good opportunity to explore a more specific service, namely, the outsourcing of accountancy to Argentina.
Whenever there is a chance to get a quality service for a lower price than you would find in the country where your business is based, it is certainly hard to suppress the temptation to explore it further.
However, the effects of the pandemic have left economic fractures extending beyond the control of companies themselves, and as Argentina is presenting itself on the world stage as a contender for international attention for outsourcing, perhaps there is no longer a need to strive to keep all of your business’ operations within one country.
In today’s article, while broadly focusing on Argentina’s role for accountancy outsourcing, it will be important to first unpack some key definitions, followed by why Argentina is such a suitable overseas location for your business as well as some other benefits to outsourcing this service. Hopefully, when tying all of these together, you will be able to make an informed decision as to the next steps for your outsourcing journey in Latin America.
What does outsourcing involve?
So, what is outsourcing? The way companies are run depends on their size and market, however, one thing they all have in common is a need to be economically sustainable and to offset extortionate expenses with alternatives, which is where outsourcing comes into play. The act of contracting other specialist companies overseas, often for a lower price but with no compromise on the quality of the work done goes some way to solving these issues as well as bringing about other benefits. As we are looking into outsourcing accountancy, some of the operations this covers includes bookkeeping (billing, payroll etc.) and management accounting.
With these terms understood, we can look at why Argentina is one of the best outsourcing locations for this practice in the region, but also the world. Below are some of the key aspects and consequent benefits that support this idea:
English proficiency: The Argentinian service sector is full of English speakers, reducing language barriers while also increasing the reliability of communication flows between the source country and Argentina. It is immediately clear that the nation has many subsidiary benefits as a result of the primary attractions, and in relation to accountancy, clarity is key, as numbers are the key to a business operating at a consistent level.
English proficiency also leads to an ability for employees of the main business and the outsourced accountancy firm to meet regularly be it via an online medium or on a business trip to discuss strategies and plans, further presenting Argentina as an ideal choice.
Time difference: Following on from the previous point, it is also important to look at the time difference between the United States, UK and Argentina, where, for example, New York is only 1 hour ahead of Argentina and either 3 or four hours behind London depending on the time of year.
This makes the Latin American country extremely attractive for foreign business as any issues or requests can be made without delay and maintain the level of productivity that would be found if all of the workers were based in the same office space. This underlying theme of communication comes up again, as wherever time differences are smaller, the ease of organising urgent meetings can be done on the same day as the working hours mostly overlap and there would be no large delays should an issue arise in any part of the accountancy department.
Costs: A final benefit associated with outsourcing accountancy to Argentina is the cost. While we do not have a specific section attributed to this, it is because this comes as an underlying bonus to outsourcing as a whole. Typically, across the globe, accountancy businesses for outsourcing charge per month, facilitating companies looking to budget, especially after the pandemic. Couple this idea with the other benefits of Argentina mentioned above, it really does seem like the perfect overseas move for your business this year.
So, if you are interested in finding out more about the pathway to outsourcing some of your business' accounting processes to Argentina, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
Also, if you want to access our other great content, subscribe to our YouTube channel! At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.