Why Accounting Offshoring in India Is The Strategy Needed in 2020

Why Accounting Offshoring in India Is The Strategy Needed in 2020

Posted by  on 06 November, 2019   5 minute read

As a CPA firm owner, it is a given you want to deploy the most profitable business model for your practice, and you should! After all - to attain growth and drive revenues are prime reasons why you run a business in the first place.

However, when most CPA firms start their operations, partners shoulder the responsibility of managing the key departments internally. Although this practice may seem like a viable option in the initial growth years, it is a daunting task and requires a lot of resources.

From payroll and bookkeeping to AR/AP and taxation, these easily outsourced accounting functions can become too much for a small CPA firm to handle in-house smoothly.

Therefore, sooner or later, you will want to consider getting outside help for accounting matters. And that's where outsourcing accounting functions can help you scale faster than anything else.

Since we are very much into Q4 of 2019, now is the ideal time for you to put together a business growth plan for your CPA firm for the coming year. In our opinion, 2020 not only marks the start of a new decade but also represents a number that reflects 'clarity of vision.'

Accounting offshoring in India has become hugely popular in the last one decade - showcasing itself as a reliable and proven way to reduce costs, improve work efficiency, and help you eliminate the hassle that comes along with managing accounting functions.

However, if you are still not convinced about it, here are four reasons why accounting offshoring in India can be precisely what your CPA firm is looking for:

1) Scaling up and down your outsourcing team is easy.

Tax seasons are super chaotic, and yes, that's precisely when a CPA firm needs a more extensive staff to firefight issues and meet deadlines. That's where accounting offshoring in India are ideal as your outsourced partner takes care of complete receipt work and tax-related documents, and alleviates staff crunch!

By outsourcing, you can focus on high-margin jobs such as advisory services, knowing you have a reliable accounting services provider who always has your back to finish off time-consuming tasks like tax return preparations.

2) Gain access to trained and knowledgeable outsourced staff.

One of the significant concerns about hiring new staff is that you have to train and make sure they work on the same software as your team. That is a costly process and one of the reasons why it is better to go for accounting offshoring in India.

An outsourced accountant will be trained on multiple software and know the ever-changing raft of legislation or tax laws. As soon as you sign them up, they can start work and save your time and money effectively.

3) Expand your service portfolio and attract more clients.

Of course! When your outsourced accountant is taking care of your clients' tax returns, your in-house staff can focus on providing high-margin functions like budgeting, forecasting, and auditing. This way, you can not only add more services to a client's portfolio but also get more clients on board who are looking for high-value services.

By expanding your portfolio, you will also be able to stay ahead of the competition. Imagine if you could 360-degree accounting services to your clients? That would make you the most desirable CPA firm to work within the market.

 4) Ensure a healthier relationship with your clients.

With accounting offshoring, your overall practice staff will increase manifold. You will have more free time to lend an ear to your clients periodically and sit down to discuss with them what they have been up to, how you can help them further.

Clients love to be heard, and outsourcing will make sure you always have the bandwidth to look after that. Retaining clients and maintaining close relations with them becomes easier because now you have time. An equally experienced party handles your payroll and taxation functions that would usually take up lots of time.

Endnotes

So, that's how accounting offshoring in India will help you boost your CPA firm's growth. When you think of hiring one, make sure you decide with patience. One good hire and your CPA firm can scale new heights quickly!

To make your job easier, let us tell you that we are a seasoned accounting outsourcing service provider. If you'd like to have a chat with us, drop us an email at contact@qxas.us.com, and we will get back to you pronto!