Accounting Outsourcing India: India is one of the largest Populated country in the world. When it comes to more people it also signalize towards more resources. Human capital is the most vital ingredient for any business. Average literacy rate of the India is 70-75% give or take, which is very significant. Most part of its economy is covered by Manufacturing Industries But, its Servicing sector is also getting worldwide recognition among other sectors.
Now, Western companies are transferring their Operations and responsibility to some developed Asian countries. India is one of these qualifying countries in the Asia Pacific. Some Companies outsource their Production plants or Specific Departments which can better operate overseas. Most usual one is ‘’Accounts Outsourcing’’. Outsourcing Accounting System is a good beginning and it can work better when a company have limited resources and it wants to put them in useful manner. Rather than curtailing its operations it is good to outsource that area of work at lower cost for the best quality.
Why Outsourcing Accounting to India?
The Question is why any company wants to outsource its accounting department to India? Well, the answer is simpler than the question. It is because the Indian Rupee is weaker than the western currency, that’s why it is always beneficial to hire maximum financial resources at less cost. Outsourcing Accounting is now more common practice among large companies. By outsourcing Accounting Operations Company’s cost could reduce up to half and it will also save you from maintaining a huge offshoring accounting record. Your time will be saved and time is money.
Any company which wants to outsource its major task first evaluate all the positive and negative aspects then, it finalize whether it is a good choice or a bad one. Due to high literacy rate of India anyone can count on the Professional skills and conduct of an Indian Accountants. A company can hire an accountant through other company at lower price and who will be more competent and complete loyal to your work. Companies can also have all the time access to their accounts which could result into excellent Reporting and decision making could be easier for the top management.
What to Outsource?
Usually companies prefer to outsource their static operations which are simple but repetitive. Invoice Generation is always a burden to large companies because it’s processing takes too much time and for this they also need to hire extra staff. Indian Outsourcing companies who have skilled staff they provide same services with more accuracy and efficiency. Some major Reports which are core of accounts needs to be made with more careful and there should be no chance of an error These Reports include Trial Balances, Profit & Loss statement and other statutory reports. These Report and Statements keeps very keen importance because if a company submit statutory returns with false information, it could result in unbearable Penalty or a company can blacklisted against one strong lawsuit.
Indian Accountants and Accounting Soft Wares
Indian Accountants are updating themselves day by day with the latest Cloud Accounting Soft wares and online gadgets for the preparations of Accounts. Currently some accounting soft wares are very popular in India which includes Quick Books, Quicken, Intuit’s Lacerte /Pro series, MYOB and many other ones. These soft wares makes accounting more easily and reports generation on these soft wares includes accuracy and Analysis can be retrieve in no time according to client’s demand. Due to the well recognition of the Indian community they are dominated in many companies outside the India.
Compilation of Self-assessment and other tax matters are very difficult in such countries where Taxes are very high Like; United Kingdom. Tax avoidance will be more feasible if a company can hire specialized accountant and they can guide their clients better about what steps they should take for the tax saving purpose. In Last, A Successful business is the one who have expert accountant.