Benefits of Outsourcing Accounting Services to India
CPA firms in the UK, US, and Australia outsource accounting operations to Indian accounting firms in huge numbers, owing to their expertise. But in addition to access to technical expertise, outsourcing accounting services to Indian firms proves beneficial in many other ways. It proves more of a strategic decision for CPA firms. Accordingly, let us look at five significant benefits of outsourcing accounting services.
How does outsourcing accounting services to India benefit CPA firms?
- Considerable Cost Savings
The cost of handling accounting operations has multiple aspects associated with it. From hiring to nurturing full-time accounting professionals, living with employee administration costs to further bearing employee benefit costs, there’s so much that a company has to deal with while hiring full-time resources.
However, offshore accounting eliminates all of it. Except for the resource fee, companies do not have to pay any other costs. Besides, in India, the per resource and operational expenditure are way less than that of hiring a full-time accounting professional in the UK, US, or Australia.
- Access to Extensive Technical Expertise and Experience
India is often referred to as a goldmine of knowledge and skills. The fact that Indians can adapt to any working environment, grasp everything relatively quickly, and are technologically more proficient than professionals from other countries qualify them as better outsourcing contenders.
As a result, CPA firms from the US, UK, and Australia get access to extensive technical expertise and experience when they outsource accounting operations to India.
- Multiple Time Zone Functioning
While for the US, Indian firms work during their night hours, for the UK, they begin working earlier than working hours, and for Australia, they continue working even after closure. So, India’s time zone proves an advantage for CPA firms across these and many other countries. As a result, outsourcing increases the number of person-hours at disposal and thus augments productivity. Further, it enables CPA firms to keep up with critical deadlines and do more in relatively less!
- Easier and Quicker Scalability
With time, the volume of accounting operations may increase or decrease. If the volume reduces, the company might have to lay in-house people off, and if it increases, the firm will have to hire. However, outsourcing eliminates the need to hire and fire people. Outsourcing accounting firms have an extensive pool of resources that caters to both increased and the decreased volume of accounting operations. As a result, companies scale their resources quickly, based on their operational needs.
- Compliance Assurance
Compliance is an integral aspect of accounting. Indian accounting firms are well-versed and updated with the latest compliance requirements, for instance, US GAAP, IRS, etc. As a result, while working with Indian accounting firms, CPA firms across the UK, US, and Australia stay assured about compliance.
Are you a CPA firm in the US, UK, or Australia looking to outsource a part or entire accounting operations to an Indian accounting firm? Biztree, with its infrastructure, expertise, experience, and extensive pool of resources, proves the right choice. To know more, call Biztree at +91 9028499520.