When you think of “outsourcing,” what’s the first word to come to your mind? Is it the Philippines? Is it Thailand? Or is it India? India – the land of Taj Mahal, Bollywood or outsourcing? Yes, that’s right. Accounting outsourcing!
What started as a cost-cutting initiative in India has managed to be a reliable, sustainable way of working for a lot of accounting and bookkeeping firms in the US. We are not just saying this; we have 15 years of experience to back that claim.
An in-house study of QX suggests that 80% of accountants and bookkeepers outsourced to gain access to a large, tech-savvy talent pool that could turn around work in a short span of time.
So, when you ask why everyone is outsourcing accounting work to India, here are four primary reasons that stand out:
1) To gain operational efficiency
One of the benefits of outsourcing accounting work to India is to enjoy increased operational efficiency. Since many small and midsized CPA firms don’t have access to the best of technology and infrastructure, completing tasks efficiently is a problem.
Thankfully, our delivery centers in India are equipped to conveniently achieve equal if not better efficiency and higher productivity levels. Don’t believe us? Speak to a member of our staff for a free consultation.
2) For legislative support
That’s right! If you are busy running a fast-growing CPA firm, would you have time always to be updated on the ever-changing legislation? We guess not! Outsourcing solution providers like us not only work in partnership with the IRS and US GAAP but also simplify the complicated tax laws for you. All you have to do is focus on growing your business and taking it to new levels of success!
3) To initiate innovation
CPA firms and accountants that outsource accounting work to India can easily drive digitalization and tech-related initiatives. Those who outsource get to initiate innovation faster.
How, you wonder? Now imagine if there was someone who could run your entire work on the cloud for you and use AI capabilities in the process to fasten tax processing, automate reconciliations and data entry, and more? Wouldn’t that be wonderful?
Of course! As our delivery centers in India take care of labor-intensive jobs for our clients in a tech-savvy fashion, they can smoothly move towards advisory roles and put higher value services on offer.
In a nutshell, outsourcing accounting work to India helps in generating massive profits and successfully competing with branded competition if your CPA firm has the right support of innovative technologies.
4) To enjoy a better work-life balance
Isn’t this the whole point? Who doesn’t want to spend Thanksgiving or the Fourth of July not worrying about work? We are sure you have almost ruined a holiday for yourself merely by thinking about work.
It’s okay; it happens. But when the majority of admin tasks have been taken care of, you can enjoy a little family time. The best part about outsourcing accounting work to India is that the practice owners still have control over the processes, sensitive data, security, and more.
For any CPA firm owner or an accountant whose focus on the longevity of their business should take advantage of outsourcing. After all, it is more than a means for cost savings. If you are eager to create a successful business with outsourcing, feel free to get in touch.