Why is India Preferred for Accounting Services?
India, for a long, has been a prominent outsourcing destination. While the manufacturing and service sector have already acknowledged it, CPA firms, too, have realized the need to partner with accounting firms in India to achieve a better and higher output. And, of course, there are several reasons India has emerged as a preferred accounting outsourcing service provider. Let us look at four of them through this blog.
4 Reasons India Leads the Accounting Outsourcing Services Sector
- Extensive Technical Expertise
India offers extensive technical expertise when it comes to performing accounting tasks as per the accounting standards of the respective country. That’s because Indian accounting professionals grasp and achieve practical expertise quickly, eliminating the need to provide months of training.
Additionally, Indian accounting companies that work as an extension to several CPA firms across the US and the UK are habitual to perform accounting tasks remotely. They have access to the required technology, such as the latest accounting software and internet connectivity. So, managing remote accounting operations isn’t a challenge!
- Compliance Expertise
For a CPA firm already engaged in handling several tasks, dealing with compliance and legislative changes, and updating the system accordingly, it might seem a challenge. Your extended accounting team in India can be of a lot of help here. It can keep up with the compliance needs, and at the same time, remain abreast of the legislative changes happening across the concerned space and understand their impact and applicability.
- Significant Cost Savings
In western countries, CPA firms pay a hefty hourly fee or salary to accounting professionals. However, in India, accounting experts are available at a much lesser monthly salary. Additionally, the salary for extra hours too is high in the western world. But, in India, the overtime fee is relatively less. So, outsourcing accounting operations to India is highly affordable and generates millions of dollars of savings for CPA firms in the long run.
- Multiple Time Zone Advantage
This is another highlighted advantage. While the US is at least nine to ten hours behind India (considering the eastern time), the UK has a time difference of four and a half to five and a half hours. So, practically, these countries, and especially the United States, enjoy a dual time-zone advantage. How?
Accounting professionals in India work during their daytime (which is nighttime in the US) to complete the given responsibilities such as updating accounting records, reconciliation, bookkeeping, etc.
So, through their extended teams in India, US CPA firms continue working during the night as well. And, when they resume work in the morning, they have everything already updated in their systems. As a result, they double their efficiency, without (themselves) working for extra hours.
Are you a CPA firm in the UK or the US looking out for an external accounting firm in India to manage your finance and accounting operations? Then, you’ve got Biztree! Biztree works as an extension to your in-house accounting team. It handles accounting tasks seamlessly, enhances your service delivery, ensures compliance, and lets you focus on what’s strategically more critical for business expansion. To know more, call +91 9028499520.