Outsourced Accounting: A Strategic Approach

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BY ELENA KOSOLAPOVA
AZERI OBSERVER MAGAZINE

In the current landscape, organizations are adopting a strategic trend where they retain control over core activities while outsourcing external communications to regulatory bodies. This approach is designed to boost operational efficiency and ensure compliance despite the shifting dynamics of labor distribution.

Benefits of outsourcing
Outsourcing offers a significant opportunity for cost savings, potentially reducing expenses by 40-60% in areas including employee salaries, workplace expenses, computer costs, and social payments. In certain European countries, the prevalence of outsourced accounting has reached levels as high as 80-90%. It’s essential to note that a key advantage of outsourcing is that it involves not only an in-house accountant but the entire experienced staff, collaborating to address issues and find optimal solutions. While larger enterprises may maintain robust in-house accounting teams, SMEs often turn to outsourcing to manage costs and navigate intricate regulatory requirements.

Where to outsource?
One of the pioneers of outsourcing in Azerbaijan is Accounting.Az. Thriving for over a decade, the company boasts a robust core top management and team leaders with over 20 years of experience in diverse fields. Established in 2012, it takes pride in providing outsourced accounting, tax consultancy, HR, outstaffing, payroll, and audit services to more than 70 entities, including several embassies and both local and multi-national companies. Considering the high penalty rates in payroll taxation and migration laws, these services require close and abundant attention. The company addresses critical issues, including work permits, taxes, and mobility, offering businesses and employees significant cost and time savings and eliminating risks. With a dynamic team of 25+ professionals across all group companies – including Audit.Az, Finstaff, and Azerbaijan Accountants School – Acounting.Az bring together seasoned experts and fresh insights to provide a comprehensive range of services. This merging of experienced perspectives with innovative approaches ensures a robust and forward-thinking strategy. A significant milestone in the organization’s timeline was becoming the Local Partner of the International Global Mobility company and joining esteemed organizations such as the German Azerbaijan Trade Chamber (AHK) and PrimeGlobal, an award-winning association of independent accounting and business advisory firms, based in the US, in 2023.

Who are the clients of Accounting.Az?
Accounting.Az caters to a diverse clientele, with no stringent restrictions based on turnover or industry. The company extends its services to startups, providing guidance and assistance in establishing businesses free of charge, showcasing a commitment to supporting their initial steps toward prosperity. For outsourcing services, there are no restrictions on client size. However, it is advised that large manufacturing and construction companies with an extensive number of specific operations consider utilizing in-house services.


Business Development Executive/Partner of Accounting.az Shahin Eldarov

Why Accounting.Az?
Clients prefer Accounting.Az due to its experienced team, automation capabilities, and customer-centric approach. The company distinguishes itself from its competitors through its commitment to internal annual audits for existing clients, innovative pricing with a service cost calculator on the website, and free consultations on company establishment. Additionally, the risk mitigation strategy includes a unique compensation clause equivalent up to the annual service agreement cost, providing clients with added reassurance.
Information security is a paramount focus, with data being e-archived daily, and the company strictly adheres to NDAs with clients and employees. The team launched the accounting web portal Muhasibat.Az in 2017, which has become the country’s largest informational source for accountants. The introduction of Hesabat.Az in 2020, the first online accounting software in Azerbaijan based on cloud technology, further distinguishes the company. For international organizations and embassies, Accounting.Az’s meticulous handling of social payments for local employees is crucial. The service provider’s expertise in ensuring timely and accurate compensation and safeguarding future pensions makes its services highly relevant for such clients. Internally, Accounting.Az maintains a fortified framework based around a multi-level internal auditing system, ongoing international certification plans for employees, and robust internal procedures regulating all aspects of its activities. These factors contribute to the company’s selection by esteemed international bodies and multiple foreign and local companies.

Still have questions?
Contact info@accounting.az, +99412 3100929, or +99450 2258205 for assistance.