Accounting Outsourcing Services In India

Accounting Outsourcing Services To India

Outsourcing accounting services has become a fairly common service, especially for small businesses that are unwilling to hire and manage an in-house accountants to do their accounting functions.

For small or medium-sized businesses, maintaining up-to-date accounts is probably the most essential part of the day-to-day routine. Setting up an accounting department, hiring and training accounting staff, and purchasing accounting software are expensive. These companies, whose main skill is not accounting, can benefit from outsourcing to India.

Outsourcing can remarkably reduce costs by saving management and other complications like payroll etc. Outsourcing is a win-win situation for all the parties involved.

Nevertheless, when one thinks of outsourcing, the first countries that usually come to mind are India, Philippines, Thailand etc. or more precisely, outsourcing to third world countries.

Most importantly, India stands out as the preferred location for companies to outsource their accounting and bookkeeping needs.


Why Outsource Accounting Services To India?


So if are looking for a few reasons to  outsource accounting services to India, here’s what you need to know:

1. Lower Cost And Higher Benefits


Profitability is the main element of outsourcing accounting services in India. Outsourcing can save you both costs and your time that can be invested in other vital business activities. The labour costs in India is low, however, this does not mean that you will have to compromise with the quality as India has the highest number of ISO certified companies.

2. Time Zone Advantage


One of the main advantages of outsourcing your accounting needs to India is the time zone advantage. The 12 hour difference between India and the United States can provide businesses with an opportunity to get their jobs done earlier. Also, because of the time difference, most of the outsourcing accounting firms provide 24/7 support so that there are no reports or other complications.

3. No Language Barriers


In India, people can speak English fluently. You can easily communicate with professionals and get your message across without language barriers. Moreover, all the latest communication tools and technologies are accessible in India. Therefore, you can communicate with your accounting outsourcing team using any communication source. With strong communication, there is no doubt that the level of understanding and working culture will improve significantly.

4. Enjoy The Benefits Of Virtual/ Online Bookkeeping


With certified domain experts, you will enjoy the benefits of remote accounting services if you choose to outsource to India. These accountancy professionals are well skilled and knowledgeable about the latest technological trends and can oversee all of your accounting needs from remote locations through cloud software. The need is to find the right provider of accounting services and let the professionals handle your bookkeeping issues

5. India is the IT hub


India is renowned for the availability of highly skilled IT professionals. And in today's tech-driven world, accounting and computer skills go side by side. Outsourcing to India means signing up for such a skilled workforce who can both handle your bookkeeping and use their technical skills to utilize available financial data and help you make tough business decisions.

6. Data Security and Confidentiality


On the subject of financial data, security and privacy are two very important aspects that bother business owners when they outsource their accounting needs. Nonetheless, as noted above, the availability of qualified and certified accountants in India who can easily handle cloud based accounting software. When you use cloud software like Xero, Quickbooks Online, etc you are sure that your financial data is protected by multiple layers of encryption.


What Are The Accounting Software That Is Used In India?


Accounting outsourcing services providers in India have expertise in using all the latest accounting and book-keeping software available in the market when rendering services to customers. Here is a list of the accounting and bookkeeping software used in India.
  1. QuickBooks
  2. Quicken
  3. Peachtree
  4. Net Suite
  5. Intuit's ProSeries
  6. Intuit's Lacerte
  7. MYOB and many more

What Accounting Services Can Be Outsourced In India?


Accounting is not just a task, it is a compilation of a wide variety of services. Outsourcing to India means you can choose whatever accounting service you need for your company. Some of the accounting services that can be outsourced to India are:
  1. Bookkeeping and VAT Returns
  2. Self-Assessment Tax Returns
  3. Year-end and CT Returns
  4. Invoice generation services
  5. Tracking accounts receivables services
  6. Generating accounts receivable reports
  7. Tracking accounts payable services
  8. Trial balances and profit and loss accounts services
  9. General ledger maintenance services
  10. Payroll outsourcing services

There are many reasons to use Outsourced Accounting Services in India including cost effective, efficient, quality and technical support. To raise the bar of your accounting services and grow your business, you can look to India and take advantage of the best accounting professionals.

Conclusion


Outsourcing accounting services in India will remove the need for an accounting department in your organization, on the other hand, your organization can get professional accounting services for as little as 40% to 50% of the cost.

I would just say that if you are contemplating on outsourcing accounting for your business, India can be a great country to do so. However, I would add that you do proper research before you do this.

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