How Much Do Outsourced Audit Support Services Cost?

If you’re thinking about outsourcing your audit support services, the cost is likely a top concern. Outsourcing can indeed streamline your operations and cut costs, but understanding the specific expenses involved is crucial. Let’s dive into what you can expect to pay and how different factors influence these costs.

Location-Based Engagement Types for Outsourced Audit Support Services

Outsourced audit support services come in various engagement types based on location, each with distinct cost implications:

On-site Audit Support

On-site audit support involves the service provider’s team working directly at your location. This is the most expensive option due to travel and accommodation costs. You might pay around $100 to $200 per hour for on-site services in the US.

Onshore Audit Support

Onshore outsourcing means hiring a team within the same country. Costs for onshore audit support services typically range from $50 to $150 per hour. This option offers convenience and ease of communication but at a higher price compared to offshore solutions.

Nearshore Audit Support

Nearshore outsourcing involves partnering with a service provider in a nearby country. It balances cost and communication efficiency, with rates generally between $30 to $80 per hour. This model helps save money while maintaining relatively easy communication.

Offshore Audit Support

Offshore outsourcing is the most cost-effective option, involving teams from countries with lower labor costs. You can expect to pay between $4.5 to $50 per hour. However, there may be challenges related to time zones and cultural differences​ 

Outsourcing Audit Support Services Models Based on Scope and Budget

Your choice of outsourcing model will significantly impact costs. Here are the main models:

Virtual Employee or Full-Time Employee (FTE) Model

This model provides you with dedicated virtual employees working exclusively for your business. It’s ideal for consistent, ongoing audit work. Audit support services cost can range from $1,500 to $5,000 per month per full-time virtual auditor, depending on their location and expertise.

Ad-hoc or Pay as You Go Model

Perfect for businesses with fluctuating audit support needs, this model allows you to pay for services as needed. Rates vary based on the complexity and volume of work but generally range from $30 to $100 per hour. 

This is like ordering takeout – you pay only when you need the service, making it a flexible and cost-effective option for less frequent tasks​.

Choosing the Right Model for Your Audit Support Services Needs

Choosing the right engagement model depends on several factors:

• Assess Your Needs: Determine your workload and the specific tasks you need help with. If you have a steady stream of work, the FTE or VE model might be best. For sporadic needs, the ad-hoc model is more suitable.
• Consider Your Budget: Onshore and on-site services offer convenience but at a higher cost. Nearshore and offshore options provide cost savings but may require more effort in communication and management.
• Evaluate Communication Needs: If real-time communication is crucial, on-site or onshore models are preferable. For less urgent tasks, nearshore or offshore models can work well.
• Think Long-Term: Consider your long-term goals. If you plan to scale up, investing in a virtual employee might be beneficial. For short-term projects, ad-hoc services are more practical.​.

Outsourced audit support services can offer significant benefits, from cost savings to access to specialized expertise. The key is to choose the right engagement model that aligns with your needs and budget. 

Whether you opt for on-site, onshore, nearshore, or offshore services, and whether you prefer a virtual employee or an ad-hoc model, there’s a solution out there that’s perfect for you.

Why Choose Invedus Outsourcing?

Invedus outsourced accounting stands out in the crowded market of audit support services. With a commitment to quality, cost-efficiency, and tailored solutions, Invedus can help navigate the complexities of audit support with ease. 

Invedus’s outsourced audit support services offer flexible engagement models, ensuring the support needed, when it’s needed, without breaking the bank. Think of Invedus as a trusty sidekick, always ready to step in and save the day. Contact us today!