Accounting Outsourcing has become a pretty common service specially for small businesses that don’t want to hire and manage an in-house team. Outsourcing can significantly reduce costs while saving management and other complexities like Payroll, etc. Outsourcing is a win-win situation for all the parties involved in it.
However, when you think of outsourcing, the first few names that usually pop-up in your mind are India, Philippines, Thailand,etc or to say more precisely, outsourcing to third-world countries.
But out of all, India stands out as the most-preferred location for businesses to outsource their Accounting and Bookkeeping needs.
So if are looking for a few reasons to outsource accounting to India, here’s what you need to know:
Why outsource accounting to India:
Lower Cost & Higher Benefits:
Cost-effectiveness is the first and most important feature of Outsourcing Accounting services to India. Outsourcing can save you both costs as well as hours of your precious time that can be invested in other core business processes. Moreover, the labour costs in India is low but that doesn’t mean that you’ll have to compromise with the quality since India has the highest number of ISO certified companies
Time Zone Advantage:
One of the key advantages of Outsourcing your Accounting needs to India is the Time Zone Advantage. The 12-hour difference between India and the US can offer businesses the opportunity to get their work done earlier. Also, due to the time difference, most of the Outsourcing companies provide 2407 support so that there aren’t any reporting or other complexities.
Avail the benefits of Virtual/ Online Bookkeeping:
With Certified Domain Experts, you can avail the benefits of remote Accounting services if you decide to Outsource to India. These professionals are highly skilled and well-aware with the latest technology trends that can oversee all your Accounting needs from remote locations via cloud software. All you need is to find the right Outsourcing Accounting service provider and let the professionals handle your accounting complexities.
India is the IT hub:
India is famous for the availability of highly skilled IT professionals. And in today’s tech-driven world, Accounting and IT skills go hand in hand. Outsourcing to India means you are signing-up for such a skilled workforce that can both handle your accounting as well as use their technical expertise to use the available financial data and help you make tough business decisions.
Data Security & Confidentiality:
When it comes to financial data, security and confidentiality are two very important aspects that concern business owners when outsourcing their accounting needs. However, as discussed earlier, the availability of skilled and certified accountants in India that can handle cloud-based accounting software with ease. Using cloud software like Xero, Quickbooks Online, etc ensures that your financial data is safe and secure within multi-layers of encryption.
Wide range of Accounting services that can be outsourced to India:
Accounting isn’t just a task it is a collection of a wide range of services. Outsourcing to India means you get to choose the Accounting service that you need for your business. Few of these services can be classified as follows:
- Bookkeeping and VAT Returns
- Self-Assessment Tax Returns
- Year-end and CT Returns
- Invoice generation services
- Tracking accounts receivables services
- Generating accounts receivable reports
- Tracking accounts payable services
- Trial balances and P&L accounts services
- General ledger maintenance services
- Payroll outsourcing services
To conclude my thoughts, I would simply suggest that if you are considering outsourcing accounting services for your business then India can be a great country to do so. However, I would further add that do conduct proper research before you do so.