Why it makes sense to outsource accounting and bookkeeping to capable vendors in India.
- March 15, 2018
- Posted by: admin
- Category: Accounting, Payroll & Compliance
As a mid-sized audit firm, it is very common to be dealing with a number of small or medium sized businesses. Maintaining books of accounts for these entities is an inevitable however cumbersome job for mid-sized audit firms.
The establishment of an accounting division, hiring and training bookkeeping personnel and retaining them becomes time consuming as these firms try to maintain focus on their business growth. This is one of the main reasons why they end up engaging with a professional offshore accounting firm.
Managing margins, a challenge
As a mid-sized accounting firm, it does become difficult to manage margins, as most of these smaller businesses are not able to pay a large premium for managing their accounting/bookkeeping services. To manage your top-line, you end up working with several firms, but can you justify the internal costs needed to manage these accounts on an ongoing basis.
Now it can be a lot easier for you as several of the repetitive tasks that you focus on can be done by capable accounting partners in India. Team additions can be considered at the far-shore location to save on labour arbitrage and also benefit from virtual extended operations (because of the time differences)
Outsourcing accounting and bookkeeping services to India will eliminate the need to have the extra support staff that you need in your organization. And you can get access to professional bookkeeping services at just 40%-50% of the cost.
Why outsource bookkeeping services to India?
By choosing India as your bookkeeping outsourcing partner, you can get access to several benefits such as:
- Save up to 40-50% on bookkeeping expenses
- Less investment in infrastructure
- Scalability of operations as per seasonal demand
- Faster speed of operations due to round-the-clock working on accounts
- Availability of accounting expertise on demand
Complete confidentiality and data security with the latest encryption technologies, remote servers and physical security systems
What are the bookkeeping services that can be outsourced to India?
Some of the bookkeeping services that can easily be outsourced to India include:
- Daily Accounting entries in accounting software
- Invoice booking and generating AP report
- Invoice generation and preparing accounts receivable reports
- General ledger maintenance services
- Consolidation of accounts across subsidiaries
Most Indian outsourcing providers have expertise in using all the latest bookkeeping software available in the market.
What about security and confidentiality concerns?
When you outsource bookkeeping services to India, you can define the security standards that you would like the India team to maintain. Today most of the organizations in India also support BCP/DRP standards and are able to support you, based on your requirement.
If you are looking to outsource any or several accounting functions, then we can offer support. At Finsmart Solutions, we have been working with our clients and managing their end to end Accounting including Accounting entries, bank reconciliation, calculating and making payments of statutory dues and meeting compliances.
We offer a flexible engagement approach and through our engagements, we have earned a reputation of being the ‘Trusted Growth Partners’. We can make the entire process of outsourcing accounts easy for you, right from team set up to mainstream operations.
For more details on our services, you can also visit www.finsmart.co.in
Shalaka Joshi (Finsmart Solutions)