Frequently Asked Questions (FAQs)
Absolutely not! At PushDigits we are solving a long-standing problem. The business world is growing very fast and companies are having trouble locating local talent to manage their affairs. Young people are focused on training in the computer sciences, and far too few are interested in an accounting career.
Consequently, local accounting talent is far over-capacity because there aren’t enough accountants to go around, and those that are ready to go can’t manage the sheer volume of people that need accounting services as people continue to open thousands of new businesses every year.
As the world changes to a small-manufacturer or service-based culture (from a traditional large-manufacturer style) there is a very long lag time until local supply can meet local demand. We’re filling that gap. And
Outsourcing Online means that large accounting firms with extra capacity can support hundreds or thousands of new businesses, but without the necessity of attending a business in person. Clients of such outsourcing firms gain access to a wide variety of abilities and talents usually reserved for massive corporations—it creates a level playing-field so you can compete with much larger companies.
Once a client is set up, an Expert Accountant’s skills are only needed for a short time, daily or weekly. This means they can work on many different accounts, giving each one all the time they require, and providing excellent service.
By sharing one well-paid expert accountant with many companies, the cost savings can be passed along. More importantly, the customer doesn’t have all the associated expenses of a fulltime employee, such as salary, vacation time, office space, equipment, parking spots, or maybe air travel from office to office.
Depending on what you wish to accomplish, you should (obviously) look for a company with expertise in the areas you need. If, for example, you need 24/7 access to your accountant because you deal with many times zones, then you’ll need a firm that is available when you need them.
If you conduct business internationally, then you’re going to need a company that has expertise in foreign tax laws, policies, and so much more. In either of these cases, a small local firm probably isn’t up to the task.
First of all, Outsourced accounting is a real money-saver! You can reduce your accounting costs by as much as 75% over traditional solutions. Cloud-based accounting software and other advancements in technology have made it possible for all companies to gain the benefit of outsourced accounting and bookkeeping services provisioned by huge companies with incredible resources.
PushDigits is a worldwide respected accounting firm because we do so much international business. We know international trade laws, jurisdictions, policies, VAT & general tax law intimately. We also understand regional oddities, such as the Free Trade Zones around Japan, China, the UAE, and many other political areas around the world. Transferring air cargo duty-free at many stops around the world is a huge advantage for businesses.
Wherever you choose to conduct business in the world, our diverse group has insight and knowledge about that area. Our expertise is the most important reason to choose PushDigits.
Typically customers identify these as their favourite benefits:
- No infrastructure and administrative hassles
- Amazing cost savings
- Flexible pricing
- Access to our skilled resources
- Increased efficiency
- Transparency in operations
- Complete data confidentiality and security
- Quick turnaround time
Our clients consist of all sizes from small to medium sized to big corporations. Typically, we serve companies with annual revenue up to $50 million, and they come from all across the business spectrum. Our expert chartered accountants have experience in every industry, including banking, trading, manufacturing, investments, real estate, Owners Associations, e-commerce, consulting services, marketing, petroleum, and much more!
We’re not new to the business of international outsourcing. We have communications set up so that we are just a video call away, answering 24 hours per day, or responding to messages within 30 minutes. Unless you’re married to your accountant, you can’t even obtain that level of service locally.
We maintain efficiency with automatic reports to keep you up-to-date on the financial state of your company. Our communications allow you to speak to us, face-to-face, any time of the day, to share desktops, or documents whenever needed, and to obtain answers within minutes.
We work everywhere—from Albania to Zimbabwe—wherever we are needed. That is the advantage with virtualised accounting. It isn’t dependent on borders or physical access. It’s a part of the modern world where you transfer skills and knowledge rather than physical objects. Currently, however, the largest majority of our clients are based in the UAE, GCC, Australia, and Pakistan.
We have established strong security policies and procedures and have implemented measures to make sure that all of the data, network, and workstations are secured. We are continuously developing and enhancing these security practices.
Your data is preserved on a secure cloud-based server, safe from prying eyes. You never need to send any data directly to PushDigits. More importantly, all the software that we supply is in your name, with your personal access codes, not ours.
It is up to you to grant us access to work on your data. If you decide to discontinue our relationship at any time, your data remains utterly private, and we would have no access to it.
For example, with Hubdoc, it uses “bank-level security” to ensure your data is safe. This includes 256 bit encryption, SSL/TLS and a Premium Extended Validation certificate—as well as monitoring and verification from McAfee & TRUSTe—the most relied upon industry standards in data security.
Encryption is the key! Banks now use a minimum of 256-bit encryption, not like the old days of 16/32/56/64 or even modern RSA128 bit. In the days of Windows XP, with 64-bit encryption, you were fairly safe, but modern computing power can now break such a code in less than five minutes.
Depending on the intrinsic weaknesses of a given algorithm, 128-bit has been cracked in less than five weeks. 256-bit could take years to crack. And if you change your encryption every month, criminals have to start from the beginning again. It really is safe.
No. In fact you will achieve greater control of your accounting records and they will be in order, which supports you in running your business effectively. To ensure your control, we also enable you to approve & authorise transactions while leaving the administrative work to us.
It really makes no difference which country you are located in. It’s all about getting the high quality service and expertise offered by a large accounting firm, but most importantly, in a timely manner.
PushDigits is well-known internationally because that is precisely where our expertise lies—in international rules, laws, and regulations. Where we stand apart is in the speed of our service provisioning. We’re there 24/7/365 for you, providing answers when you need them!
We respond to you in 30 minutes or less when you send a message. And as for deliveries, we always meet the agreed timeline; it’s an integral part of why our customers love us. Typically most requests can be answered in 24 hours because of the enormous resources we can bring to bear on a problem.
The time completion with regards to a specific project depends on various factors like project type, size, complexity and how quickly it is required. Once you provide us with details related to your requirements then we can update you with the time that will be needed to complete your assignment.
That’s an easy one…Desktop-based means that you’re confined to local data and local interactions. It means you cannot use your smartphone to stay connected to your accounting. Your laptop is also extremely limited, as is your tablet.
Cloud-based means that you can conduct business on the road, like a real road-warrior. Wherever you have data, you have the ability to conduct business, such as accepting credit or debit cards for payment, significantly enhancing your cash flow.
Desktop-based also means that whenever there is work to be done, it must be done in one place, while physically present. If you have a problem, your accountant has to come and look at the material on your computer, or you must copy records and get them to the accountant.
Cloud-based means everyone can look at the material at the same time, no matter where they are, sharing screens, pointing out flaws, and solving problems together. It’s the better way.
Most often you’ll see the names Xero for accounting, Cisco WebEx Online Meetings for our video conferencing, Hubdoc for document management and storage, and Dropbox for file transfers. We chose these because of the versatility of these wonderful and sophisticated programmes. We’ll make sure the programmes are just right for your particular situation.
Certainly! We’re experts at that sort of thing. We’ll move you smoothly to the new programme, and make sure that everyone knows how it works. We’re always available to answer questions, and have explanatory videos that you can watch as many times as you please to become a true expert!
We respond to you in 30 minutes or less for answers. And we operate 24/7/365 so you can always reach out to us.
Absolutely! Most jurisdictions in the world now employ VAT under various names, such as Goods & Services Tax (GST), and it may function differently from country-to-country, but our software can handle all the variations.
No, the software that we ordinarily select to manage your required services is all provided as part of your service package.
Upon notice of termination of services, we will take the next 30 days to work with a client for handing over the complete data and information handling process. We ensure the transition process is as smooth as possible.
On the whole, things remain largely the same for you. The software that we supply at the beginning becomes your regular, everyday accounting program, so you will already be familiar with it. You’ll continue to enter your receipts and all the other day-to-day functions of your business.
The main difference is that unless you possess the skills yourself, you’ll probably want to hire a local accountant to take over the work. Just be prepared for the large demands on your time, or a significant increase in price.
Using a software tool like Hubdoc, you’re connected to banks, suppliers, customers, or anyone whom you ordinarily exchange money with, and the documents can be collected and managed automatically. You can log in at any time to see your current status, or wait for your daily/weekly/monthly report, or any special notifications about unusual activity. It is as if you are actively watching every single transaction yourself!
Absolutely! We use various accounting and ERP software for which we are certified and authorized, such as QuickBooks, Sage, Zoho, Tally. ERP 9, and Xero, of course! Equally important are the Add-ons and applications integrated with the above accounting software to boost your business processes such as Customer Relationship Management (CRM) integration, Human Resource (HR) integration, Sales & Marketing integration, and much more.
Xero, our favourite (and soon to be yours) has over 700 add-ons which allow you to accept credit and debit cards using only your smartphone, providing instant payment for service, enhancing your cash flow. Every imaginable function is available to make your business better. All those add-ons allow you to completely customise your experience.
We make it a point to arrange that one of our firm’s Partners has a lengthy video conference with every client to discuss their business requirements and issues in detail. This is the best way to assure that we handle your needs in an efficient and effective manner. We want to assure that you receive the best service possible.
Our Accountants and Auditors are trained and certified by International Chartered Accountancy Bodies including ACCA (Association of Certified Chartered Accountants), CPA (Certified Public Accountants) and IIA (Institute of Internal Auditors). Our Professional Team also follows the stringent standards issued such as IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles).
You will be assigned an Accounting, Tax, or Audit Partner based on your requirements, along with their support network. You will always have contact with one of our team members and an Engagement Partner, readily available to answer your queries.
Two of our most important software tools are called Xero and Hubdoc. Xero is an easy-to-use accounting package with over 700 add-ons to add the exact functionality you need to get the most from your business.
Hubdoc is an incredibly efficient software package which is already approved and connected to Australian banking institutions. This makes it very easy to collect banking statements and other important Financial Instruments. It is also a document management tool that can accept your electronic bills automatically. You simply provide an electronic address to your suppliers and that information can be gathered automatically, or whenever they provide an e-bill.
Any information which you want to provide directly to us (e.g. if you want something reviewed) can be managed with a Dropbox account, which is a cloud-based storage used by millions every day.
If your accounting employees’ performance is good and you are satisfied with it, then we will recommend that you carry on with your existing accounting staff. However, if there is a single accountant who is handling all of your company’s financial management, and your company has grown to such an extent that now it needs fresh eyes, then this is the time you should consider us.
Another consideration is simple attrition. Because the replacement rate for accountants is so low in our current educational system, sometimes it is difficult to find a replacement for retiring employees. PushDigits can provide a solution by outsourcing some or all of your accounting work.
That is a very complicated question, dependent entirely on what services you are going to require. It takes into consideration the size of the company, the volume of business, and the number of employees that will be dedicated to your Accounting Service needs.
What is really important here is simply the knowledge that, generally speaking, your current costs will be reduced by 90%. The best possible thing you can do is speak directly to one of our experts for a thorough analysis and they can give you a solid estimate for free. Just invest a little of your time and then begin saving money.
While this has answered most of the common questions about how virtualised accounting works in this region, we still want you to feel free to contact us anytime by phone, email or our live chat. At PushDigits we have the answers you need!