Regardless of China, Mexico, Philippines, Nigeria and Ireland being the potential providers of cheap and efficient labour force around the world, India has managed to outsmart them. In a global survey conducted by an HR body, 80% of American and European firms regard India as their number one outsourcing destination for IT, accounting and database management services.
Why Businesses must Outsource Accounting Operations
When companies maintain a business, they need an organised system to analyse how well they're performing in the market. Well-managed accounts let them know where they are heading, how much money they have in hands and how well they're playing in the market.
When you outsource this job to a third party, they maintain not only good records but also use secure software for managing financial data and creating audit reports to compare the performance with your competitors.
If you're a big accounting firm looking for expert professionals for eating-the-spinach drudgery around the clock, here's why you must outsource accounting services to Indian agencies.
India is the Second Largest English Speaking Nation
Nearly 3.1 million graduates in India are added to the labour pool each year. Also, India is the second largest English speaking nation in the world, surpassing even the UK and Australia for that matter. Besides, it is not just the vast numbers, but immense talent, excellent communication skills and superior quality that attract overseas companies.
Indian Accountants follow High Work Standards
Indian service providers follow the IFRS (International Financial Reporting Standards) set by the IASB (International Accounting Standards Board) and American GAAP (Generally Accepted Accounting Principles). Also, they're SOX (Sarbanes-Oxley Act against accounting frauds) and COSO (Committee of Sponsoring Organizations to check corporate frauds) compliant. It means you can expect sophistication and professionalism from them.
Access to Cost-Effective and Resourceful Tools
Most of the accounting companies develop cheap, safe and reliable software for finance, accounting, employee payrolls and database management. You can save a lot of paperwork, time and efforts by hiring them.
Large businesses can avoid negligence at the workplace by outsourcing the tasks to expert professionals. If a single person or team is handling a function, you can expect accuracy and on-time delivery from them. This increases your work efficiency.
Expertise in Multiple Fields
Indian accountants are trained to provide a wide range of services, such as accounts payable, accounts receivable, bookkeeping, bank reconciliation, audits, financial reporting, payroll processing, etc. You can order a custom-tailored plan which includes all services that suit your requirement.
Indian employees sign NDAs and contracts to ensure the safety of your data. They're known to handle accounts with care and professionalism. Probably this is the reason why businesses prefer India for outsourcing accounting and bookkeeping jobs. Also, since the data is remotely managed by third parties in a different country, there are lesser risks of frauds or corruption caused by in-house employees.
You can Take Advantage of the Time Zone Difference
Companies usually outsource their services overseas to manage large workloads in less time. When you're ahead or behind the Indian Standard Time and you send in tasks by day end, you can quickly receive the completed work in the first half the next day.
Other than this, the Indian service providers definitely have the required skills and bandwidth to scale up and down the business operations. The price of skilled labour is lower than in other countries. Also, Indian companies have state-of-the-art infrastructure to provide better services with quick turnaround time. All these factors make India a desirable place for outsourcing accounting jobs.