When you think of “outsourcing,” what’s the first place to come to your mind? Is it the Philippines? Is it Thailand? I could probably guess that it is India, the land of the Taj Mahal, Bollywood and 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 time span.
So, when you ask why everyone is outsourcing accounting work to India, here are the 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 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) 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 Foster 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? Imagine if there was someone who could run your entire work on the cloud for you and use AI capabilities in the process to quicken 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 offer higher value services..
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) Enjoy a Better Work-Life Balance
Isn’t this the whole point? Who wants to spend Thanksgiving or the Fourth of July worrying about work? We are sure you have 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 by an outsourcing provider, 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.
Talk to Us
Any CPA firm owner or accountant whose focus is on the longevity of their business should take advantage of outsourcing. After all, it is more than a means for cost savings.