- Posted by: anmol
- Category: Finance & accounting
Why Choose India As An Accounting Outsourcing Partner Over Other Countries?
India: Land Of Innumerable Business Opportunities
India is a hub of abundant talent and diligent professionals. It is one of the most attractive outsourcing destinations in the world. The concept of outsourcing implies hiring third-party services for a specific internal business operation/task /services on contract.
Witnessing And Embracing Change: India - A Preferred Outsourcing Hub
India witnessed an incredible change in demand for manpower when its IT sector experienced a positive increase in the global market. Slowly & steadily, India became a predominant exporter of software & IT support to many foreign countries.
Apart from many reasons, the key reason behind India turning into a preferred outsourcing destination in different sectors and professions was that it can provide skilled, qualified & experienced human resources at a highly competitive rate. One of the key purposes of every organization is growth in business and an increase in profits.
Outsourcing Accounting In India
Accounting is a core division of an organization that requires a systematic set-up, efficient workforce and dedicated monitoring for its smooth and successful functioning. With emerging times, trends reveal that India is gaining traction in the accounting outsourcing field also and companies from abroad are outsourcing services like payroll services, accounts receivable outsourcing, accounting services, financial services, financial accounting outsourcing services, etc. In fact, all big 4 accounting firms are setting up their global delivery centers in India to avail the benefits of outsourcing to India. A lot of core functions of clients business are being performed and handled in India by their chosen outsourcing partner.
India’s Accounting firms and finance Professionals offer a win-win solution to many established businesses in the world. That solution is Account Outsourcing and accounts payable outsourcing services which can effectively meet their accounting needs and comes with many advantages.
Statistics and Facts
Let’s take a glance at the global outsourcing attractiveness Index:
| RANK | OUTSOURCING COUNTRY | OUTSOURCING ATTRACTIVENESS |
| 1 | India | 7.12 |
| 2 | China | 5.61 |
| 3 | Malaysia | 5.59 |
| 4 | Czech Republic | 5.58 |
| 5 | Singapore | 5.45 |
Courtesy: AT Kearney
In comparison to other countries, statistics indicate that India beats them due to various significant reasons. Also, India offers real-time advantages that lure big corporations to outsource services to India.
The Key Findings Are
- Indian accounting outsourcing companies commit fewer accounting errors than other countries. Statistics indicate that the error rate has lessened by a whopping 60% in comparison to other countries.
- After outsourcing accounting services from India, organizations have saved more than 30% of their costs and gained a boost in their business revenues.
- It is a proven fact that Indian accounting professionals are skilled & experienced. Their cost of hiring is far less than the cost of hiring accounting professionals in the US, UK, and other developed countries.
- In India, the infrastructural costs are much lower than other enabling companies which gives them the liberty to save their capital costs.
- The time difference is a boon for companies hiring Indian accounting outsourcing service providers. For instance, the time difference between US & India is 12 hours and it allows US companies to use 24-hour working power with a minimal backlog.
Why Do Companies Around The World Choose India As An Accounting Outsourcing Partner?
India is a preferred accounting outsourcing destination as it offers a multitude of lucrative benefits that helps foreign companies from different countries to boost their business growth and aptly meet their service requirements.
- Impressive Quality
Good quality service always catches attention. In India, accounting outsourcing companies hire professionals expert in accounts, finance, business analysis, business related compliances, and commerce. They use their skills to deliver accuracy & efficacy while maintaining the accounts of offshore clients. As a result, accounting outsourcing services in India render impressive quality and accuracy.
- Indian Time Zone Is The Triumph Card
Time is of the essence in business. Indian Standard time is 5.30 hours ahead of Universal time which gives leverage on time to the outsourcing companies. The project delivery of requested accounting services can be scheduled and completed within the deadline. The acceleration of time enables foreign clients to improve their productivity.
- Political Stability
India is a democratic country that offers a favorable political & economical environment. The government of India fosters the growth of trading & commercial activities as it benefits the overall economy of the country. It strengthens the trust of foreign organizations in Indian outsourcing companies and facilitates them to hire accounting outsourcing services from India.
- Cost-Effectiveness And Better Flexibility
In developed countries, CPA firms have to pay high salaries to their accounting staff & employees. On the other hand, India is offering the best quality accounting services at flexible & affordable prices. The difference in currency valuation of developed countries & India is another contributory factor. It comfortably allows clients to save time as well as cost.
- Advanced Infrastructural And Technological Setup
India is popular for its booming IT sector. It gives them the advantage to equip their companies with the latest accounting software, better network connectivity, advanced technical support, cyber security solutions, etc. Due to better infrastructural setup & access to hi-tech tools, the quality of account services is guaranteed.
- Professional Approach
Indian accounting outsourcing companies focus on maintaining their reputation in the global market. Their professional approach towards their clients enable them to give their best performance in their services.
- Hub Of Talented Manpower
India is the second most highly populated country in the world after China. It has the potential to offer a hub of talented accounting professionals. The companies can employ experts who are well aware of the concepts & standards of IFRS, US GAAP as well as IAAS guidelines. Indians have always proven their professional acumen in different fields and with passing years they have acquired experience also.
- Language No Barrier
Our Indian business culture has always encouraged the use of the English language in business and corporate environments. Since English is the universal language, hence foreign clients will find no difficulty in communication & discussions with Indian outsourcing companies. Effective communications in business would improve the flow of work at all levels and thereby enhance business productivity.
Conclusion
India is gaining popularity for its impeccable outsourcing services in the international market. In the Accounting and Finance sector, it is showcasing its worth by promising a multitude of lucrative benefits. Organizations & MNCs would not miss the opportunity of increasing their productivity and should ensure hiring the services of a reputed outsourcing service provider from India that can aptly meet their demands.