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Getting Burned Using Outsourced Overseas Accounting Services

"Outsourcing accounting overseas may be a way to save money, but there are very good reasons for not doing so." - Zev Jankovic, CPA

PRLog - Dec. 21, 2012 - There are differences between countries in the way accounting principles are applied. GAAP (Generally Accepted Accounting Principles) is used in the USA, while many other countries use IFRS (International Financial Reporting Standards).

Time differences between countries can sometimes make receiving documents or statements problematical; this is particularly true if accounting functions are outsourced to countries that have a 12-16 hour time difference (even the minimal time difference of 3 hours between the west coast and east coast of the USA sometimes causes these types of problems).

Other countries are not bound by USA taxation laws nor are they required to obey Internal Revenue Service (IRS) dictates.

GAAP is rules based while IFRS is principles based. IFRS gives a more realistic picture of the economics of a transaction than does GAAP.  For example, GAAP values intangible assets at fair market value, while IFRS only recognizes the value of an intangible asset if there is a future economic benefit and measured reliability.

See more reasons not to use overseas accounting services at http://www.speedycpa.com/virtual-cpa/outsourcing-accounti...

About the author:

A small, hard-working online CPA firm based in Denver, Colorado. We hit the ground running withour direct approach to helping our clients find success.

Zev has 14 years of wide-ranging business experience. Zev has a Bachelors in BusinessAdministration from the University of Phoenix and a Masters in Accounting and InformationManagement from the University of Texas at Dallas (and a member of Beta Gamma Sigma – Business Honor Society). He is a Certified Public Accountant (CPA). Zev enjoys spending time with his family,learning Talmud, listening to music, and hiking in the beautiful Rocky Mountains.

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Source:Speedy CPA
Location:United States
Industry:Accounting, Business
Tags:virtual cpa, online bookkeeping, online payroll, online taxes, virtual bookkeeper
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