The Reasons that Make India the Future of Offshore Accounting
In recent years, India has become a major hub for offshore accounting services. The nation holds a big share of the international Knowledge Process Outsourcing (KPO) market and is the preferred destination over other competing nations. Many CPA and accounting firms in Europe, the US, and other countries outsource their accounting and bookkeeping work to India. Evidently, India is the future of Offshore Accounting due to factors like its ability to adapt quickly to the changing requirements of the KPO market and its high standards of service and efficiency.
The Factors that Have Placed India in this Favourable Position Today in the KPO market
There is a great demand for knowledge-intensive services worldwide today since developed countries face a shortage of knowledgeable manpower. Globalization has opened up all geographical boundaries, and it is easier for countries to access resources and talent from anywhere in the world. Finance and accounting functions have also become globally standardized. India has the advantage of having several professionals in the accounting sector, like chartered accountants and taxation experts. All these factors have placed India in a favourable position. Many Fortune 500 companies are already outsourcing their operations to India.
CPAs in other countries like the US are overloaded with time-consuming, routine work like bookkeeping, bill processing, and payroll accounting. Outsourcing these bookkeeping functions enables the CPAs to focus their energies on other activities like tax planning, wealth planning, or investment, which are more profitable for them. These firms now outsource all their high-volume, low-skilled work to India, known for its highly reliable services provided by its skilled manpower and efficient processes.
The Advantages India Has Over Other Nations in Offshore Accounting Services
These are the factors that give India an edge over other countries:
- India provides cost-effective finance and accounting services while maintaining quality and efficiency.
- Skilled bookkeepers and accountants proficient in English are available at a short notice.
- India has seen a huge growth in the levels of technology in recent years.
- The Indian workforce has excellent communication skills.
- People here are ready to work anyplace and at any time due to low communication costs and infrastructure developments
- India has a reputation for its low employee turnover. This assures that the outsourcing company gets consistent service and also reduces training and recruitment costs.
- By outsourcing to India, companies save on costs, which they would have spent when hiring in-house employees.
The number of countries outsourcing their accounting and bookkeeping functions to India is growing every year due to the many advantages that India provides. Thus, the future of offshore accounting in India looks very promising. The country’s share in the global KPO market is expected to double in the coming years.
3E Accounting’s team has the most experienced accounting specialists in India who provide professional and cost-effective bookkeeping, accounting, taxation, and other related services to a wide range of clients. We prepare all essential financial statements in time. Moreover, our expert bookkeepers are well-versed in Quickbooks online, XERO, Clearbooks, WAVE, and other popular accounting applications. By handling all time-consuming and non-essential accounting tasks, we enable our clients to focus on their core tasks and grow their business and profits services. Please contact us, for more information about our services.