In recent years, India has become a major hub for offshore accounting services. Many CPA and accounting firms in Europe, the US, and other countries outsource their accounting and bookkeeping work to India. Evidently, India is the future of Offshore Accounting due to factors like its ability to adapt quickly to the changing requirements of the Accounting market and its high standards of service and efficiency.
The Factors that Have Placed India in this Favourable Position Today in the Accounting market
There is a great demand for knowledge-intensive services worldwide today since developed countries face a shortage of knowledgeable manpower. Globalization has opened up all geographical boundaries, and it is easier for countries to access resources and talent from anywhere in the world. Finance and accounting functions have also become globally standardized. India has the advantage of having several professionals in the accounting sector, like chartered accountants and taxation experts. All these factors have placed India in a favourable position.
CPAs in other countries like the US are overloaded with time-consuming, routine work like bookkeeping, bill processing, and payroll accounting. Outsourcing these bookkeeping functions enables the CPAs to focus their energies on other activities like tax planning, wealth planning, or investment, which are more profitable for them. These firms now outsource all their high-volume, low-skilled work to India, known for its highly reliable services provided by its skilled manpower and efficient processes.
The Advantages India Has Over Other Nations in Offshore Accounting Services
These are the factors that give India an edge over other countries:
- Skilled bookkeepers and accountants proficient in English are available at a short notice.
- India has seen a huge growth in the levels of technology in recent years.
- The Indian workforce has excellent communication skills.
- People here are ready to work anyplace and at any time due to low communication costs and infrastructure developments
- India has a reputation for its low employee turnover. This assures that the outsourcing company gets consistent service and also reduces training and recruitment costs.
- By outsourcing to India, companies save on costs, which they would have spent when hiring in-house employees.
The number of countries outsourcing their accounting and bookkeeping functions to India is growing every year due to the many advantages that India provides.
Top Reasons to Move With Offshore Accounting Services
Though offshore accounting services come with a lofty list of benefits, there are many reasons to go with this outsourcing option.
Reduce Your Workload at Peak Season
Whether you are a startup, SME, or huge business, everyone piles up in the account closing session. which almost everyone would find to be a stressful task, but this time you can choose to outsource accounting services.
You can delegate time-consuming tasks such as trial balance preparation, bookkeeping, financial reporting, auditing, tax calculation, and MIS (Management Information System) reporting in the interim.
This will not only reduce your workload but also allow you to remain stress-free in this hectic situation as well. So that you can stay tension-free and focus on the core tasks.
Get an opportunity to Hire the World’s Best Talent for your Balance Sheet
Sometimes it happens that there is a lot of the best talent available, but you are not aware of it. However, outsourcing will provide you the opportunity to use this elite talent for your company.
Talent doesn’t know boundaries, it can be present across the globe, only you need to find it, and often you’ll get it at very affordable prices through outsourcing accounting services.
Nonetheless, this choice may benefit you, particularly for the 150 million startups that exist globally.
Not Just Hire an Offshore Accountant; Save Tax Also
Offshore accounting services can potentially save businesses tax dollars in a few ways. They can help navigate tax treaties that reduce tax burdens and identify deductions businesses may not be aware of.
Additionally, some countries have lower corporate tax rates than the US. However, tax laws are complex and constantly changing, so consulting with a tax advisor is crucial to ensure compliance and determine if offshore accounting is right for your business.
Increase or Reduce Offshore accounting according to Your Business Requirement
Sometimes, you don’t require an excess workforce, but you can not revoke them as they are regular employees in your organization. However, if you proceed with offshore accounting services, you are not bound to entertain them when you don’t need them for your services. This will not save your regular salaries; in fact, you are not liable to provide them health insurance, overtime, gratuity, and all
Additionally, your data is completely safe with them, and you can take a follow-up of your work progress anytime with them. Another best part is that your working time increases almost double, as offshore accounting services may have a time zone difference. Therefore, you will benefit from using offshore accounting services because someone will be working for your company while you are asleep, which will help you decompress when it is time to take a nap or spend time with your loved ones.
Finsmart Accounting’s team has the most experienced accounting specialists in India who provide professional and cost-effective bookkeeping, accounting, taxation, and other related services to a wide range of clients. We prepare all essential financial statements in time. Moreover, our expert bookkeepers are well-versed in Quickbooks online, XERO, Clearbooks, WAVE, and other popular accounting applications. By handling all time-consuming and non-essential accounting tasks, we enable our clients to focus on their core tasks and grow their business and profits services. Please contact us, for more information about our services.
CEO
Mrs. Dipali Phadke is the back bone of the company’s operations. A qualified Chartered Accountant with more than 12 years of experience in the field of Accounting, Taxation and Audit.
