India: An Emerging Global Hub of Outsourced Accounting services.
- March 15, 2018
- Posted by: admin
- Category: Uncategorized
After the recession of 2008, outsourcing has gained in popularity across the world. Having a capable partner manage some of your non-core activities helps you focus on your core competencies and provide better value to your customers.
In a recent study conducted by a leading consulting firm, it was found that India ranks #1 for outsourcing, followed by China, Malaysia, Mexico, Indonesia and so forth. This study was run on the parameters of financial attractiveness (cost savings), diversity of skills and business environment.
Recently Human Capital online, recognizing our significant contributions in the payroll and accounting space, conducted an interview with Mrs. Shalaka Joshi, founder and director at Finsmart Solutions. You can read her views here
Here are some reasons as to why India is blooming as an emerging hub for outsourcing accounting services.
1) Cost Savings – India offers flexible pricing options for services. By outsourcing accounting services from India, companies are easily able to meet their cost saving targets.
2) Strategic Staff appointment – In many international companies, it is common for the accounting staff to face manpower constraints which becomes challenging. When you work with Indian accounting outsourcing firms, you can have dedicated staff that can be trained on your processes and can be used to manage all your work overflows. Also the person need not be appointed full time and is offered to you on a variable cost model. This proves to be a win-win situation for everyone.
3) Scalability of resources with quality framework – Many international accounting firms find the maintenance of financial accounting procedures and book-keeping cumbersome and expensive. With an ample amount of skilled manpower in India, the scalability of resources for client solutions becomes easier.
4) Virtual 24/7 operational process – With the time zone differences between India & other geographies like U.S. or U.K., setting up a team in India virtually means that you are setting up 24 hours operations. Once you finish your working day, you can hand over work to your Indian counterparts and have that part of the work completed, before you get into office the next morning.
5) Infrastructure and technological knowhow – India of the 21st century is a well developed nation that provides its clients with state of the art technology and specializes in the best software assistance in telecom, communication, system integration, application based operations and accounting. International accounting firms thus find it easy to work with the Indian firms and stay updated about all the work through a variety of tech mechanisms.
6) Cloud computing and data security – A lot of Indian accounting firms are comfortable with usage of cloud infrastructure and are competent to manage the security frameworks involved therein.
India has successfully achieved global confidence in the world of outsourcing by providing companies with unmatched talent, professional expertise, and quality output with cost effectiveness, relentless client satisfaction and other value added services.
Clearly, there are many benefits to outsourcing Finance & Accounting operations from India. Hence it is important to select a leading accounting outsourcing service provider like Finsmart Solutions to hand over important processes related to accounting and audit of the company. By selecting a specialist in finance and accounting outsourcing company as its service provider, a client company can benefit from a solution that is customized for its requirement.
Comments and feedback welcome
Electronica Finsmart Solutions Private Limited