Why US companies hire virtual accountants from Latin America
Multiple businesses are looking for ways to handle their accounting work as accurately as possible while also keeping the costs under control. However, with growing reporting requirements, increasingly tight deadlines, and the requirement for constant financial visibility, it is extremely tough to scale the teams effectively.
To overcome these challenges, various US companies are looking to hire virtual accountants from Latin America. This region offers a strong pool of finance professionals with experience in US accounting standards, time-zone alignment, and excellent communication skills, which allow smooth collaboration. When combined with cost efficiency and remote work readiness, Latin America is becoming a sought-after destination for businesses seeking reliable, scalable accounting support.
In this blog, we have summarized the benefits, the factors that affect cost, and other key considerations to hire remote accountants from Latin America.
Key benefits of hiring remote accountants from Latin America
Hiring virtual accountants from Latin America can be a practical way to strengthen finance operations while also maintaining efficiency and cost control. This region combines skilled professionals with operational advantages that support long-term business growth.
1. High cost savings
Offshore accountants in Latin America usually cost about 40-60% less than what companies like yours are presently paying. This can help you reduce overhead costs while maintaining accounting reliability and accuracy.
2. Alignment with the US time-zone
Most professionals from Latin America work on US business hours. This allows real-time collaboration, encourages quick approval, and smooth everyday operations.
3. Access to unlimited qualified accounting profiles
Accountants have degrees in finance and accounting, along with experience supporting US companies across payroll, reporting, and LATAM bookkeeping.
4. Familiar with the accounting standards in the US
Professionals are also proficient in US GAAP and have experience with accounting tools such as NetSuite, Xero, SAP, and QuickBooks. This enables the talent to seamlessly integrate with existing workflows, significantly reducing onboarding time and minimizing the need for initial training.
5. High proficiency in English
Strong written and verbal English skills allow clear communication across teams. This supports accurate financial documentation and also ensures error-free reporting. This additionally allows virtual accountants to interact confidently with the internal teams, stakeholders, and clients. This helps in maintaining transparency and smooth everyday collaboration.
If you’re planning to expand your finance team, this guide on how to hire an accountant covers the essential steps, hiring models, and compliance factors businesses should consider.
What’s the cost to hire a virtual accountant from Latin America?
It often depends on various factors. It includes responsibilities, working hours, location, and skill level. Knowing these cost components helps businesses plan budgets and choose the right hiring approach.
According to platforms like Glassdoor, if you want to hire a virtual accountant from Latin America, it will cost you $465.47 to $826.21 per month.
Common roles that you can delegate to virtual accountants
Nearshore accounting professionals support a huge range of accounting and financial functions. They help with daily operations, compliance, and reporting. Depending on your business’s needs, they can handle both routine tasks and specialized finance roles.
1. Transaction management and bookkeeping
Virtual accountants handle the daily transactions, maintain general ledgers, record expenses and income, and ensure that all entries are properly categorized to keep financial records accurate and ready for audits.
2. AP/AR
They handle vendor invoices, verify billing details, manage all payment schedules, ensure timely payments, and maintain accurate records of all outgoing expenses. They can also generate customer invoices, track incoming payments, follow up on overdue balances, and help improve cash flow consistency.
3. Credit card and bank reconciliation
Virtual accountants regularly reconcile bank statements and credit card transactions with internal records to identify discrepancies, prevent errors, and maintain accurate balances.
4. Support with payroll processing
They can help with payroll calculations, deductions, timesheet validation, and coordination with payroll systems to ensure employees are paid accurately and on-time.
5. Financial reporting
Virtual accountants prepare monthly and quarterly financial reports, support the closing activities, and ensure financial statements accurately reflect the business performance.
Key challenges you could face when you hire a virtual accountant
Hiring virtual accountants accompanies significant advantages. However, businesses should keep in mind the challenges that come along with it to ensure long-term success. Understanding these factors early helps organizations plan better, reduce risk, and build a more effective remote finance team.
1. Accuracy management and quality control
Remote accounting teams need strong review processes to ensure consistency and accuracy. Without a defined workflow and checks, small accounting errors can accumulate over a period of time.
2. Employment and compliance regulations
Hiring across borders will require you to adhere to country-specific labor laws, tax obligations, and employment regulations. Incorrect hiring practices can lead to misclassification or legal controversy if not handled efficiently.
3. Confidentiality and data security risks
Accounting teams often handle sensitive financial information. This can also include tax records, payroll information, and bank details. Without access to proper controls, encryption, and security policies, businesses will have to face data leakage or compliance risks.
4. Onboarding documentation
Virtual accountants depend a lot on clear documentation to produce quality work. Incomplete SOPs, limited training, or unclear workflows can heavily impact productivity during the initial onboarding phase.
How does Global Squirrels support Latin American accountant staffing?
Global Squirrels is a staffing and payrolling/EOR platform that helps businesses hire skilled virtual accountants from Latin America compliantly, quickly, and cost-effectively. Our platform handles every stage of the hiring process, including sourcing candidates based on your job, scheduling interviews, onboarding, payroll, and benefits. By assuming legal responsibilities, our platform handles the complexities and risks of remote staffing, enabling you to smoothly expand your business operations across borders.
1. Access to pre-screened accounting talent
We provide access to experienced accountant profiles who have proven experience in payroll support, LATAM bookkeeping, financial reporting, and US accounting standards such as GAAP.
2. Hire compliantly without any local entities
You can hire accountants across Latin America without establishing a subsidiary or legal entity. Global Squirrels acts as the Employer of Record where it’s required.
3. Data security and confidentiality
To safeguard sensitive financial data, Global Squirrels handles access control frameworks, confidentiality agreements, and onboarding procedures.
4. HR and onboarding support
Throughout our collaboration, we handle all HR administrative tasks, including leave administration, attendance monitoring, contract modifications, and employee lifecycle support.
If you’re exploring broader remote support, you can also hire virtual assistants in Latin America to manage administrative and operational tasks alongside your finance team.
Final thoughts
Businesses are seeking efficient and scalable finance solutions by hiring virtual accountants from Latin America. This place has emerged as a strategic advantage. This region offers a strong combination of qualified accounting talent, cost efficiency, time-zone alignment, and familiarity with US accounting standards.
By hiring virtual accountants through Global Squirrels, companies can streamline their financial operations, reduce overhead costs, and improve accuracy without compromising quality. When supported by the right hiring and compliance partner, your business can scale faster, maintain financial control, and focus on long-term growth. Curious to see how our platform can help you hire top-tier talent from key markets, like Mexico? Request a demo!
