Since independence in 1947, India has emerged as a major economic power. It has recently emerged as one of the main providers of outsourcing services to native English speaking nations like UK, US, Australia, New Zealand, Canada, and Ireland. Accounting is one of the major services offered by Indian companies to global business organizations.
The usage of English as the official language of India and low costs are considered to be the main reasons behind this phenomenon. Indian people have also earned a reputation for being hardworking and resourceful throughout the world.
Some of the major advantages of outsourcing accounting services to India are:
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Proper utilization of time – Outsourcing helps a business organization in focusing on more important core activities which are directly related to the revenue earning process. The back office activities though essential act as a hindrance towards more productive activities. By putting all these tasks out of sight and out of mind the profitability of the organization can be increased. Moreover keeping an in-house staff also requires following different processes like recruitment, training, and retention etc.
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Cost effectiveness – By outsourcing accounting services to India, you can save a lot of money that would have to be spent on payroll, training, and infrastructure. Moreover, remuneration charged by the outsourcing companies based in India is much less than the service rates in the developed nations. Moreover, all this money can be invested in core functions for optimizing the commercial potential of the organization.
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Benefit from the expertise of the outsourcing accounting firm – The outsourcing firms based in India is extremely proficient in performing their tasks. They have access to the latest accounting software and stay intoned with the latest developments in the accounting field in different countries. But you don’t require paying a full-time salary to the expert staff, you have to pay only for the number of hours, they have worked for.
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More accuracy – Accounting is a task which can be performed more efficiently at a secluded place as it involves a lot of concentration. Even a single mistake can spoil the whole process. So getting the accounting tasks done in the hustle and bustle of an office is less favorable than getting the job done by an outsourcing firm. Moreover, accounting teams based in India are known for their professional and accurate results.
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Easy to handle – By outsourcing the accounting tasks to a company based in India, you have to only deal with only the contractual obligations. Whereas if you hire an in-house accountant you will have to oversee the work and offer the required training. The first option is certainly easier to handle.
The above-mentioned points have been discussed to offer a genuine insight regarding the benefits of hiring the accounting services of outsourcing firms based in India. But it is up to the higher management of business ventures based in developed nations to decide what suits their requirements.
Cogneesol has emerged as a leading provider of outsourcing accounting servicesto the business organization from around the globe. For more information contact us at info@muniwar.com or call us at +91-88822 66111
Source: cogneesol
