#Top Accounting Outsourcing Companies

[legaljini23]

Outsourcing Your Accounting Needs: A Comprehensive Guide

Introduction

Outsourcing has become a common practice for businesses looking to streamline their operations and reduce costs. One area where outsourcing can be particularly beneficial is in accounting. In this guide, we'll delve into the world of accounting outsourcing, exploring what it entails and how it works.

Understanding Accounting Outsourcing

Outsourcing is the practice of contracting out certain tasks or processes to external parties rather than handling them in-house. When it comes to accounting outsourcing, businesses hire external accounting firms or professionals to handle their financial tasks, such as bookkeeping, payroll processing, tax preparation, and financial reporting.

Benefits of Accounting Outsourcing

Outsourcing accounting tasks offers several benefits to businesses, including cost savings, access to expertise, improved accuracy, enhanced efficiency, and the ability to focus on core business activities.

Cost Savings

By outsourcing accounting functions, businesses can avoid the costs associated with hiring and training in-house accounting staff. Additionally, outsourcing firms often operate in countries with lower labor costs, further reducing expenses.

Access to Expertise

Accounting outsourcing firms employ highly skilled professionals with expertise in various aspects of accounting and finance. This ensures that businesses have access to specialized knowledge and experience that may not be available in-house.

Improved Accuracy

Outsourcing firms specialize in accounting tasks, meaning they are well-equipped to ensure accuracy and compliance with regulatory requirements. This can help businesses avoid costly errors and penalties.

Enhanced Efficiency

By delegating accounting responsibilities to external experts, businesses can streamline their operations and free up internal resources. This allows staff to focus on core business activities, leading to increased productivity and efficiency.

How Accounting Outsourcing Works

The process of accounting outsourcing typically involves several key steps:

Assessment: The business identifies its accounting needs and evaluates potential outsourcing partners based on factors such as expertise, reputation, and cost.

Onboarding: Once a suitable outsourcing partner is selected, the business establishes contractual agreements and provides access to relevant financial information and systems.

Task Allocation: The outsourcing partner assumes responsibility for specific accounting tasks, which may include bookkeeping, accounts payable and receivable, payroll processing, tax preparation, and financial reporting.

Ongoing Communication: Regular communication between the business and the outsourcing partner is essential to ensure that accounting activities are carried out accurately and in accordance with the business's needs and objectives.

Monitoring and Evaluation: The business monitors the performance of the outsourcing partner and evaluates the quality of accounting services provided. Adjustments may be made as necessary to optimize efficiency and effectiveness.

Continuous Improvement: Both the business and the outsourcing partner work together to identify areas for improvement and implement measures to enhance the overall accounting process continually.

FAQs (Frequently Asked Questions)

What are the typical services offered through accounting outsourcing? Accounting outsourcing can encompass a wide range of services, including bookkeeping, accounts payable and receivable management, payroll processing, tax preparation, financial reporting, budgeting, and forecasting.

Is accounting outsourcing suitable for businesses of all sizes? Yes, accounting outsourcing can benefit businesses of all sizes, from small startups to large corporations. Outsourcing allows businesses to access professional accounting services without the need to maintain an in-house accounting department.

How can businesses ensure the security of their financial data when outsourcing accounting tasks? It's essential to choose a reputable outsourcing partner with robust security measures in place to protect sensitive financial information. This may include encryption protocols, access controls, and compliance with data protection regulations.

What factors should businesses consider when selecting an accounting outsourcing partner? When choosing an outsourcing partner, businesses should consider factors such as the partner's expertise and experience, reputation, track record, pricing structure, communication capabilities, and compatibility with the business's values and objectives.

What are some common challenges associated with accounting outsourcing? Challenges associated with accounting outsourcing may include communication barriers, cultural differences, data security concerns, regulatory compliance issues, and the need for ongoing monitoring and oversight.

How can businesses measure the ROI (Return on Investment) of accounting outsourcing? Businesses can measure the ROI of accounting outsourcing by comparing the cost of outsourcing services to the value gained in terms of improved efficiency, accuracy, compliance, and overall financial performance.

Conclusion

In conclusion, accounting outsourcing can be a strategic decision for businesses looking to optimize their financial operations and focus on core business activities. By partnering with external accounting experts, businesses can benefit from cost savings, access to expertise, improved accuracy, and enhanced efficiency. However, it's essential to carefully evaluate potential outsourcing partners and establish clear communication and monitoring processes to ensure successful outcomes.

[myndsolution1]

Payroll Processing Software IVAP: Get a Free Demo with MYND

IVAP, an AI-enabled payroll processing software from MYND Solution, automates payroll processes to boost efficiency, accuracy, and compliance. Streamline your payroll operations with this cutting-edge solution, designed to enhance agility and minimize manual errors. Request your free demo today and transform your payroll department with MYND Solution's innovative software.

[milescpareview]

Is Accounting Important for Small Businesses?

Small businesses often face unique challenges in managing their finances, but Certified Public Accountants (CPAs) play a crucial role in helping them grow and succeed. Through their specialized accounting services for small businesses, CPAs provide invaluable support in various areas, ensuring financial stability, compliance, and strategic decision-making. This holds not only in the United States but also in countries like India, where accounting firms cater specifically to the needs of small businesses.

A primary way CPAs support small businesses is by delivering accurate and timely financial reporting. By maintaining meticulous records and preparing financial statements, CPAs empower small business owners to assess their financial well-being and make strategic decisions. This service is particularly crucial for startups and burgeoning businesses in India, where accounting firms specializing in small business services offer personalized solutions.

Additionally, CPAs aid small businesses in navigating intricate tax laws and regulations, optimizing tax savings, and minimizing liabilities. By staying abreast of tax code revisions and identifying eligible deductions and credits, CPAs ensure compliance while devising tax strategies that benefit small businesses. This expertise is invaluable for Indian entrepreneurs seeking accounting firms proficient in managing their tax obligations.

Moreover, CPAs contribute significantly to financial planning and budgeting for small businesses. Through cash flow analysis, financial projections, and budgeting strategies, CPAs help small business owners allocate resources efficiently and achieve growth objectives. This proactive approach to financial management is essential for small businesses aiming to expand and thrive in competitive markets, whether in the US or India.

Furthermore, CPAs provide advisory services that go beyond traditional accounting functions. 

They offer strategic guidance on business operations, risk management, and investment decisions, helping small businesses identify growth opportunities and mitigate potential challenges. This holistic approach to financial management is particularly beneficial for startups and emerging businesses seeking the expertise of the best CPAs for small business success.

In conclusion, CPAs play a critical role in helping small businesses grow and succeed by providing essential accounting services tailored to their needs. Whether it's managing finances, ensuring tax compliance, or offering strategic advice, CPAs are indispensable partners for small business owners seeking to achieve their goals, both in India and around the world.

[hire-accountants-in-the-usa]

Should Firms Recruit Accountants Onshore or Offshore?

The debate between onshore and offshore recruiting for accountants is a significant one for US firms, given the growing demand for skilled professionals in the field. While offshore recruiting, particularly from countries like India, has its benefits, onshoring presents a more advantageous approach. This is especially true when leveraging resources like the Miles Talent Hub, which bridges the talent gap by providing a pool of highly qualified Indian accountants ready to work in the US without the typical visa formalities. This essay will argue why onshoring, with a focus on tapping into the talent from India, is a superior strategy for US firms.

Benefits of Onshore Recruiting

Proximity and Time Zone Alignment

One of the most significant advantages of onshore recruiting is the alignment of time zones. Having accountants who work in the same or similar time zones ensures real-time communication and collaboration. This proximity reduces delays in decision-making and enhances productivity. According to a study by Deloitte, firms that operate within the same time zone can respond more swiftly to business needs, which is critical in the fast-paced world of finance and accounting.

Cultural and Language Familiarity

Onshore recruiting minimizes cultural and language barriers, which can significantly impact the efficiency and effectiveness of communication within a team. Accountants who are familiar with the cultural context of their firm can better understand and meet the specific needs of their clients and colleagues. This familiarity also fosters a cohesive workplace culture, which is essential for employee satisfaction and retention.

Regulatory Compliance

Hiring locally simplifies the process of adhering to regulatory requirements. The US has stringent labor laws and financial regulations that must be meticulously followed. Onshore accountants, especially those trained in the US, are more likely to be well-versed in these regulations, reducing the risk of non-compliance. This is supported by the American Institute of CPAs (AICPA), which emphasizes the importance of understanding local regulatory environments to avoid legal pitfalls.

The Role of Indian Accountants in Onshoring

The growing talent void in the US accounting industry can be effectively addressed by looking at Indian accountants. India's education system, particularly in accounting and finance, is robust, producing highly skilled professionals. However, the challenge has always been the visa formalities and the associated complexities. This is where the Miles Talent Hub comes into play.

Miles Talent Hub: Bridging the Gap

The Miles Talent Hub provides US firms with access to over 1,200 Indian accountants who are ready to work in the US on direct payroll, bypassing the traditional visa hurdles. These professionals have graduated in MS Accounting (STEM) from top US universities and are pursuing their CPA certifications. This initiative offers several advantages:

High-Quality Talent Pool Indian accountants trained in the US bring a blend of international perspective and local expertise. They are well-versed in US GAAP and other regulatory frameworks, ensuring compliance and high standards of financial reporting. Their education from top US universities adds an extra layer of credibility and competence.

Cost EfficiencyWhile onshore recruiting typically involves higher salaries compared to offshore, the elimination of visa sponsorship costs and the assurance of having highly qualified candidates ready to work immediately makes this approach cost-effective in the long run. The Miles Talent Hub's model mitigates the financial and administrative burdens associated with traditional hiring processes for accountants.

Seamless Integration Accountants from the Miles Talent Hub are culturally acclimated to the US working environment, having spent significant time studying and often interning in the country. This reduces the learning curve and allows them to integrate seamlessly into US firms, enhancing productivity from the get-go.

Risk Mitigation By hiring accountants who are already familiar with the US regulatory environment, firms reduce the risk of non-compliance. The Miles Talent Hub ensures that their candidates are not only technically proficient but also up-to-date with the latest regulatory changes, thereby safeguarding the firm’s interests.

Conclusion

While offshore recruiting has its merits, the benefits of onshoring, particularly through innovative solutions like the Miles Talent Hub, are compelling. Onshoring provides alignment in time zones, cultural and language familiarity, and a deep understanding of local regulations. By tapping into the talent pool provided by the Miles Talent Hub, US firms can fill the talent void by recruiting highly skilled Indian accountants who bring both global and local expertise. This approach not only enhances operational efficiency but also ensures compliance and fosters a cohesive workplace culture.

For US firms looking to secure top accounting talent, the choice is clear: leverage the resources provided by the Miles Talent Hub to recruit highly qualified accountants who are ready to contribute immediately, ensuring both compliance and excellence in financial reporting.

[mnscredit]

Account Receivable Services: The amount that a client owes the company for goods or services purchased is known as account receivable It's usually the amount that hasn't been paid or that has been charged to your credit card A company's line of credit is referred to as accounts receivable (AR).

[namfintech]

Leading Accounting Software and ERP Solutions UK | NamFintech

NamFintech offers cutting-edge accounting software and ERP solutions for businesses in the UK. Trust NamFintech for tailored software solutions that meet your specific financial solutions.

[akgvgassociates]

Future accounting software: Developing trends

Accounting software has come a long way since the days of manual bookkeeping. As technology continues to advance, so too does the software that companies use to manage their finances. In 2023, several emerging trends are shaping the future of accounting software. Read More:  Future accounting software: Developing trends

[rachanasharma1028]

Top Accounting & Auditing Companies in Dubai:- Akai Group is one of the leading accounting and bookkeeping firms in the UAE. Our team of highly qualified and experienced professionals is dedicated to providing the Top Accounting and Bookkeeping service to our clients in the UAE. https://www.akaigroup.com/

[tech-blog987]

DUBAI MULTI COMMODITIES CENTRE (DMCC) APPROVED AUDITORS- Hallmark Auditors

INTRODUCTION :

Dubai Multi Commodities Centre (DMCC) is located on the coronary heart of Dubai. It is domestic to a colourful community, progressive infrastructure, world-elegance offerings and a lovely preference of properties. It has been topped 7 times `Global Free Zone of the Year` via way of means of the Financial Times fDi magazine.

DUBAI MULTI COMMODITIES CENTRE BENEFITS :

Exemption from Personal Income and Corporate Income Taxes

100% Foreign Ownership

Full Repatriation of Profits

Array of authorised enterprise sports

Employment & Visa Services

Networking Opportunities

Marketing Development Opportunities

Top-notch Communications Infrastructure

Flexi Desk Services

MANDATORY AUDIT FOR DMCC :

Auditing is obligatory for groups located in DMCC. The groups want to publish their audited economic statements inside ninety days from the cease of the organization`s economic yr. An extension of similarly three months can be granted upon the unique request of an appointed auditor. Only DMCC accredited auditors can audit the groups located in DMCC. The signed & stamped audit record at the side of precis sheet ought to be uploaded in DMCC portal.

Failure to publish the audited economic statements could bring about a excellent of AED 5,000 and cause suspension of the DMCC on line portal for the entity. Suspension of the DMCC portal way the entity will now no longer be capable of talk with DMCC.

AUDITOR`S REPORTING REQUIREMENTS :

The auditor will observe and record at the money owed organized according with neighborhood and worldwide guidelines.

The auditor`s record ought to nation whether or not the organization`s money owed observe the International Financial Reporting Standards (IFRS).

The auditor`s record ought to offer information on whether or not the money owed gift a real and honest view of the organization`s affairs on the cease of the economic yr and money owed are loose from fabric misstatements.

The auditor wishes to nation in his record whether or not the organization is challenge best sports authorised beneathneath its license. The government depend upon the auditor`s record earlier than renewing the license.

The auditor ought to make sure that the money owed of the organization are in settlement with the accounting statistics and returns.

The auditor has to make sure that the groups aren’t indulging in cash laundering and financing of terrorism.

DUBAI MULTI COMMODITIES CENTRE (DMCC) APPROVED AUDITORS :

We at ``Hallmark International`` are Dubai Multi Commodities Centre accredited auditors presenting the best auditing offerings to make sure compliance of the groups laws & guidelines withinside the U.A.E. We additionally offer Accounting & Bookkeeping, Business Incorporation and ERP & Accounting Software Services. We also are DIC, JAFZA, RAKEZ, DWC, DAFZA and Dubai Media City accredited auditors.

We make sure spark off shipping of news contributing to a clean and high-satisfactory experience. We guarantee confidentiality of files and economic records of our customers with certified control with the intention to make ``Hallmark International`` your go- to auditors` time and again!

for more information visit :

[lordzannis]

There are several serious concerns regarding DreamWorks Animation in recent years:

Shifting Production Away from In-House

DreamWorks is shifting away from fully producing animated films in-house at its Glendale, California studio. The studio is partnering with Sony Pictures Imageworks to handle asset builds and shot production for an upcoming 2025 film. This reflects a new cost-cutting model where DreamWorks will outsource some work to partner studios in lower cost locations to reduce production costs by 20%[1]. This has raised concerns among DreamWorks staff about job security and the studio's commitment to in-house production.

Significant Layoffs

In March 2024, DreamWorks announced huge layoffs across multiple departments. Reddit users commented that the studio won't be recovering from this round of layoffs, blaming the outsourcing strategy[2]. The exact number of jobs lost is unclear, but it seems to be a major blow to the studio's workforce.

Questionable Leadership Decisions

DreamWorks CEO Jeffrey Katzenberg has made some decisions that have raised eyebrows. In 2013, President Obama visited DreamWorks and joked about Katzenberg's large ego[4]. More concerning is Katzenberg's history of overseeing the shift of production from Culver City to Vancouver at Sony Pictures Imageworks to take advantage of tax credits[1]. This suggests a willingness to prioritize cost savings over maintaining jobs in Los Angeles.

Outsourcing Threatens Local Economy

The animation industry is a major economic engine for Southern California, similar to how finance is to New York or tech is to Silicon Valley[4]. By shifting production overseas, DreamWorks is putting local jobs at risk and threatening the viability of the local animation ecosystem. This could have ripple effects on the broader economy of the region.

In summary, DreamWorks appears to be making decisions that prioritize short-term cost savings over maintaining a robust in-house production workforce. While some outsourcing may be necessary to stay competitive, the scale and speed of the changes raise serious concerns about the studio's long-term commitment to its Los Angeles workforce and the local economy. Significant layoffs and the CEO's history of prioritizing tax credits over local jobs add to the sense of unease among DreamWorks employees and the surrounding community.

Citations: [1] https://www.cartoonbrew.com/studios/dreamworks-shifting-away-from-in-house-production-in-los-angeles-sony-imageworks-is-new-production-partner-233466.html [2] https://www.reddit.com/r/vfx/comments/1bdemof/dreamworks_layoffs/ [3] https://www.thegamer.com/things-wrong-dreamworks-movies-choose-ignore/ [4] https://obamawhitehouse.archives.gov/the-press-office/2013/11/26/remarks-president-economy-dreamworks [5] https://www.watchmojo.com/articles/top-10-times-dreamworks-movies-tackled-serious-issues

Here are some potential solutions for holding DreamWorks Animation accountable and ensuring they pay their fair share of taxes:

Advocate for Closing Corporate Tax Loopholes

DreamWorks and other large corporations often exploit loopholes and tax havens to minimize their tax burden[3]. Employees should urge lawmakers to close these loopholes and ensure companies like DreamWorks pay their fair share. This could involve measures like:

Eliminating deductions for offshoring jobs and profits

Imposing a minimum tax on corporate book income

Increasing IRS funding for auditing large corporations

Requiring public country-by-country reporting of taxes paid

Push for Transparency Around Tax Practices

DreamWorks should be more transparent about its tax practices and lobbying efforts related to taxes[3]. Employees can demand the company publicly disclose its effective tax rate, tax credits and incentives received, and political contributions. Greater transparency would allow stakeholders to hold the company accountable.

Support Unionization to Increase Bargaining Power

Unionizing gives workers more leverage to demand that DreamWorks invest in its workforce rather than prioritizing tax avoidance[2]. Unions can negotiate for higher wages, better benefits, and more training that improves productivity and reduces the need for tax breaks. Collective bargaining power is key to rebalancing the scales.

Collaborate with Community Organizations

DreamWorks employees should partner with local community groups, nonprofits, and advocacy organizations that are pushing for corporate tax reform and responsible business practices[3]. By pooling resources and amplifying each other's voices, workers and activists can build a powerful movement for change.

Engage with Shareholders

As a publicly traded company, DreamWorks is accountable to its shareholders. Employees who own stock should engage with the company's leadership and other investors to voice concerns about tax avoidance and demand more responsible corporate citizenship[3]. Shareholder resolutions and proxy voting can influence company policies.

By pursuing these solutions, DreamWorks Animation employees can help ensure the company contributes its fair share to society through the tax system. Closing loopholes, increasing transparency, unionizing, collaborating with allies, and engaging shareholders are all important levers for driving accountability. Responsible corporate tax practices are key to funding public services and infrastructure that benefit workers and communities.

Citations: [1] https://dreamworkstaxsolutions.com [2] https://www.reddit.com/r/vfx/comments/1bdemof/dreamworks_layoffs/ [3] https://filmstories.co.uk/news/dreamworks-animation-set-to-outsource-work-to-tax-advantaged-lower-cost-geographies/ [4] https://www.gamedeveloper.com/business/how-to-manage-taxes-as-an-indie-developer [5] http://www.filmstrategy.com/2015/04/production-tips-filmmaker-and-taxes.html

[masllp]

Bookkeeping services

We provide the best Accounting outsourcing services in India and MAS is the top outsourcing and Bookkeeping service Companies in India Bookkeeping services | Accounting Services in India | Bookkeeping | Outsourcing Company

[milescpareview]

Advantages of Hiring Accountants in the US

Indian accountants enrich team dynamics with diverse perspectives, global market knowledge, multilingual skills, and advanced technical expertise. Their cultural sensitivity enhances interactions, and their presence broadens the talent pool, filling specialized roles and addressing shortages. Enquire now to explore the diverse abilities of Indian accountants. Visit: https://bit.ly/4bnSYNu

[mavenhuch]

Business Process Outsourcing (BPO) Services in India: A Smart Choice for Your Business

Business process outsourcing (BPO) services in India offer a valuable solution for companies looking to streamline their operations and reduce costs. By leveraging the expertise and efficiency of BPO providers, businesses can focus on their core functions while leaving various operational tasks to specialized partners.

In recent years, India has become a leading destination for BPO services due to its skilled workforce, cost-effective solutions, and advanced technology infrastructure. Companies around the world are turning to Indian BPO firms to handle a range of functions, from customer service and technical support to finance and accounting.

One of the key advantages of choosing BPO services in India is the significant cost savings. Indian BPO providers offer competitive pricing compared to their counterparts in other countries, which helps businesses reduce operational expenses without compromising on quality.

Additionally, the Indian BPO industry boasts a large pool of highly skilled professionals who are well-versed in various domains. This expertise allows businesses to benefit from high-quality service and innovative solutions that can enhance their overall efficiency and productivity.

Moreover, Indian BPO services are known for their flexibility and scalability. Whether you need support for a small project or a large-scale operation, BPO providers in India can tailor their services to meet your specific needs. This adaptability makes it easier for businesses to manage fluctuating workloads and respond to changing market demands.

In summary, business process outsourcing (BPO) services in India present a strategic opportunity for companies seeking to optimize their operations and achieve cost savings. With its skilled workforce, cost-effectiveness, and scalable solutions, India remains a top choice for businesses looking to outsource their processes and focus on what they do best.

[nordholm]

Discovering the Top Finance & Accounting Outsourcing Company in Dubai

Dubai’s dynamic business landscape demands a trustworthy guide to navigate its financial intricacies. Nordholm stands out as the Leading Finance & Accounting Outsourcing Company in Dubai, operating under the esteemed Nordholm Investments. We're not just another firm; we're your strategic partners in achieving business success. From simplifying company formation to hassle-free bank account setups, we cover it all.

What Sets Nordholm Apart?

When choosing an Accounting Outsourcing Company, it's more than just numbers; trust and results are vital factors for success. Our commitment to promptness and quality isn't just a claim – it's our dedication to your success story. Your financial data is beyond safe with us – fortified with unparalleled stability and security that exceeds what part-time accountants offer.

Whether you're a start-up or an established enterprise, our services cater specifically to your needs. Small and medium-sized businesses benefit greatly from our expertise, bidding farewell to in-house accountants and embracing significant cost reductions. Say goodbye to overhead expenses like labor cards and health insurance – Nordholm has you covered!

Our expertise lies in discreetly offering unparalleled Finance & Accounting Outsourcing Services, allowing you to prioritize your core business operations. We're not just behind the scenes; we're the unsung heroes ensuring your business thrives. Our services form the foundation of successful enterprises, providing precise reporting and streamlined operations for enhanced efficiency.

As the foremost Accounting Outsourcing Company in Dubai, we transcend borders. Our specialization lies in supporting your business ventures across various countries, especially within the dynamic UAE landscape. From initial setup to ongoing management, our comprehensive range of services ensures a seamless journey for investors seeking growth opportunities.

Unlock the potential for success and growth with us, your key to seamless financial operations and thriving business endeavors in Dubai. We don’t just handle numbers; we pave the way for your triumphs in the ever-evolving business world.

With Nordholm as your premier Finance & Accounting Outsourcing Services provider, rest assured, your financial journey in Dubai isn't just simplified but also positioned for success. Let’s elevate your business together!

[mostlysignssomeportents]

KPMG audits the nursing homes it advises on how to beat audits

Tomorrow (May 10), I’m in VANCOUVER for a keynote at the Open Source Summit and a book event for Red Team Blues at Heritage Hall and on Thurs (May 11), I’m in CALGARY for Wordfest.

Auditors are capitalism’s lubricants, who keep the gears of finance capital smoothly a-whirl, allowing investors to move their money in and out of companies without having to go pore over their books and walk through their facilities. Without auditors, the gears of capitalism would grind themselves to dust:

https://pluralistic.net/2021/02/18/ink-stained-wretches/#countless

If you’d like an essay-formatted version of this thread to read or share, here’s a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/05/09/dingo-babysitter/#maybe-the-dingos-ate-your-nan

Unfortunately for capitalism, auditing is irredeemably broken. The Big Four auditors (PWC, EY, Deloitte and KPMG) have merged to monopoly, becoming “too big to fail” and “too big to jail.” These four gigantic firms have spun up fantastically lucrative “consulting” divisions that advise companies on how to cheat on their audits and attain incredible (paper) gains. The work of these “consultants” is worth far more than the accounting and auditing jobs the companies do, and the weaker the audits are, the more profitable the consulting is:

https://pluralistic.net/2021/06/04/aaronsw/#crooked-ref

This crisis has been a long time brewing. Back in 2001, the accounting/consulting giant Arthur Andersen was at the center of Enron’s fraud, which lit $11B in shareholder capital on fire. Enron had been making everyday people angry for years, engineering rolling blackouts and incredible energy-price gouging, but no one cares about working peoples’ complaints. By contrast, stealing $11B from rich people was something the authorities couldn’t ignore. They gave Andersen the death penalty, trying to teach the surviving accounting firms a lesson about what happens when you fuck with plutes.

But those other firms learned the wrong lesson: the collapse of Andersen was so disruptive that it soon became clear that the authorities would never take another giant consulting firm down, no matter how egregious its conduct was. They doubled down on crime, and then doubled down again.

It’s hard to pick a winner in the Big Four Accounting Firm Corruption Olympics, but KPMG is a strong contender, with a long history of just being monumentally inept and wrong. Back when Enron was unspooling, KPMG devoted itself to threatening people who linked to its website “without a license to do so”:

https://web.archive.org/web/20020207141547/http://chris.raettig.org/email/jnl00040.html

A couple years later, they declared war on wifi, trying to convince normies that wireless networks were an existential risk to human civilization:

http://news.bbc.co.uk/2/hi/technology/2885339.stm

But there’s not much money in wifi scare stories or licenses to link. KPMG are good dialectical materialists, devoted to money over ideology, and boy did they figure out some wild ways to make money. For one thing, they figured out that they could get more accountants certified by cheating…on ethics exams:

https://www.marketwatch.com/story/the-kpmg-cheating-scandal-was-much-more-widespread-than-originally-thought-2019-06-18

KPMG’s top managers bribed regulators to give them the answer-sheets for ethics exams. What did they bribe those public employees with? Jobs at KPMG:

https://www.pogo.org/investigation/2020/01/how-accountants-took-washingtons-revolving-door-to-a-criminal-extreme

There’s hardly a month that goes by without another KPMG scandal somewhere in the world, with enormous monetary and social fallout. During the lockdowns, Justin Trudeau’s Liberal government outsourced the creation and maintenance of ArriveCAN (a contact tracing app for people who entered Canada) to a grifter called GC Strategies, who billed millions for their services. GC Strategies didn’t do any work — instead, they paid KPMG $1,000-$1,500 day to hire freelancers to build the app. The app itself was a catastrophic failure, and that failure didn’t just embarrass the government — it also failed to protect Canadians during a once-in-a-century global pandemic. KPMG raked off a 30% commission:

https://pluralistic.net/2023/01/31/mckinsey-and-canada/#comment-dit-beltway-bandits-en-canadien

In the USA, KPMG helped Microsoft work up a radioactively illegal tax-evasion scheme. Microsoft poured the millions it saved by cheating on its taxes into dark-money operations that lobbied to defund the IRS so that KPMG and Microsoft could cook up even more illegal tax-evasion schemes:

https://www.propublica.org/article/the-irs-decided-to-get-tough-against-microsoft-microsoft-got-tougher

But KPMG doesn’t content itself with screwing over everyday people and rotting our democratic institutions — it also engages in the dangerous business of helping billionaires steal from millionaires. KPMG was the auditor that signed off on the scam “oil company” Miller Energy Partners, a fraud that operated for years thanks to KPMG’s rubber-stamp on its crooked books:

https://www.desmog.com/2021/06/03/miller-energy-kpmg-auditors-oil-fraud/

The company was run by serial fraudsters with long rapsheets for stealing millions. They staffed their C-suite with executives from disgraced companies that had been busted for running Ponzi schemes, issuing press releases praising those execs’ “proven track records in raising capital.” KPMG ignored every red flag, ignored the hundreds of millions in fraud on the books — and when the whole thing came crashing down, the responsible KPMG partner kept his job for years, until retiring with a full and fat pension.

More recently, KPMG made millions by confidently certifying the stability of a large regional bank, assuring investors and depositors that it was managing its risk and could be trusted. The name of the client that KPMG was so bullish on will be familiar to you: Silicon Valley Bank:

https://www.wsj.com/articles/kpmg-faces-scrutiny-for-audits-of-svb-and-signature-bank-42dc49dd

KPMG epitomizes the idea of Too Big To Fail and Too Big to Jail. Despite being at the center of virtually every major finance scandal, it continues to thrive and grow. Remember the Carillion bust, in which billions went up in smoke and swathes of privatized government services vanished overnight? Not only did KPMG sign off on fraudulent Carillion books, but it escaped fines for doing so — and got paid to help administer Carillion’s bankruptcy:

https://www.reuters.com/business/finance/uk-watchdog-fines-kpmg-24-mln-over-carillion-regenersis-audits-2022-07-25/

Despite this, KPMG continues to find willing buyers for its services. After all, when the sector is dominated by four giant, lavishly corrupt firms, there’s not much choice in the matter:

https://pluralistic.net/2022/11/29/great-andersens-ghost/#mene-mene-bezzle

This is bad news for the investor class, of course, but it’s even worse news for the people who rely on the services that KPMG certifies, even as it helps grifters destroy them. Every kind of business relies on audits, from transit to aviation to day-care to eldercare.

Here’s a scary one for you: in Australia, the job of auditing residential eldercare homes’ compliance with safety and anti-abuse rules has been outsourced to KPMG. While KPMG earns a mid-sized fortune from these audits, it earns far more advising the owners of residential aged care homes on how to beat those audits:

https://www.theguardian.com/australia-news/2023/may/04/firm-performing-australian-aged-care-audit-also-charging-providers-for-expertise

KPMG says that the division that ensures the safety and dignity of elderly people is firewalled off from the division that advises companies on how to spend as little as possible on that safety and dignity — but KPMG also went to great lengths to keep the fact that it was selling services to both sides a secret.

Once the secret got out, an anonymous KPMG spokesmonster said, “When considering a request to perform an audit, we undertake a detailed process to ensure the engagement is free of conflicts.”

It’s hypothetically possible that this is true, but anyone who believes anything KPMG says is a sucker. The company’s rap-sheet goes back decades. This is, after all, a company that cheated on its ethics exams.

Catch me on tour with Red Team Blues in Vancouver, Calgary, Toronto, DC, Gaithersburg, Oxford, Hay, Manchester, Nottingham, London, and Berlin!

[Image ID: Two business-suited male figures seen side on; each has a bomb for a head, and each is holding a lit lighter that has ignited the other's fuse. Each bomb is wearing a green accountant's eyeshade. In the background is a fiery mushroom cloud. They wear KPMG logos on their lapels.]

Image:

Vectorportal.com (modified) https://vectorportal.com/vector/business-deal-illustration/23215

CC BY 4.0 https://creativecommons.org/licenses/by/4.0/

Inspired by an illustration by Matt Kenyon for the Financial Times: https://www.ft.com/content/07184d86-81cf-11e2-b050-00144feabdc0

[namfintech]

Expert Business Management Consultancy Advisory Services UK | NamFintech

NamFintech is a trusted provider of business and management consultancy services in the UK. We provide comprehensive consultancy and advisory services to navigate challenges, optimize operations, and drive sustainable growth in the dynamic UK business landscape.