Whatever type of business you’re running, keeping a tight rein on its financial aspects is vital, and this is done through bookkeeping and accounting. Accurate financial reports can be created to help companies monitor their operational efficiencies, identify any potential areas for improvement, and ensure that they’re up-to-date and fully paid up on all of their taxes.
But, while an accounting and bookkeeping department can be an incredibly valuable addition to any business, they are also incredibly costly and resource-intensive, especially for smaller enterprises. That’s what makes outsourcing tax preparation to India a highly appealing and convenient solution.
But why India? Why not some other country overseas?
Why should your accounting and bookkeeping be outsourced to India?
The cost, not to mention the inconvenience and stress, of hiring even an individual bookkeeper or accountant, can be high, and imagine how much higher that would be if you took on an entire team. They would have to be trained to use your software systems (which you’ve had to buy), get to know your customers and the way your business operates, among many other things. Their salaries would have to include benefits such as healthcare and retirement plans, and when they take sick leave or vacation, you have to fill their posts temporarily.
In India, there are a wealth of highly trained bookkeepers and accountants, each of whom speak and write well in English, waiting to assist you with whatever your needs may be. With salaries in India being a lot lower than here in the U.S., and an influx of talent (unlike here where there is an ongoing talent shortage), you can get all the benefits of a bookkeeping and accounting department, at a fraction of the cost.
Need a little more convincing? Here are some more things that make outsourcing to India, a smart move in 2024 and beyond:
Increased efficiency levels
With an entire team of professionals helping you out with your back office bookkeeping and accounting, you and your team can focus on streamlining your core competencies, increasing productivity, and boosting your overall efficiency levels.
Ability to take advantage of new technology and innovations
India is an extremely tech savvy country, and its accounting professionals take advantage of all the latest tech trends and innovations within the industry, such as RPA, artificial intelligence, cloud-based technology and mobile applications. This helps them be the best at what they do; while helping you offer more to your clients.
Time zone advantages
Time zone differences between the U.S and India makes it easy for work to be carried out around-the-clock, and oftentimes, completed work might arrive on your desk first thing in the morning, having been completed while you were fast asleep!
Access to highly skilled and qualified accountants
Following international standards and trained in US GAAP, IFRS and other global accounting languages, Indian accountants are skilled, knowledgeable, and typically consummate professionals.
Heightened security
Most of the data involved in bookkeeping and accounting is of a highly sensitive nature, meaning that CPA firms and accounting professionals must adopt strict cyber safety and security practices to protect client information. However, provided you work with an experienced outsourcing provider who are willing to share their safeguarding protocols for company data with you, you can rest assured that all financial and personal information related to clients, is kept safe at all times.
Deciding to outsource bookkeeping services to India could be one of the smartest decisions you make for the future of your accounting firm, because let’s face it, with so many U.S. CPAs turning to India for professional, affordable, and convenient assistance, how can it not be a smart decision?
