10 Reasons Why UK Accounting Firms Should Outsource to India
Businesses need a mechanism to keep track of how well they are performing in the market whenever they execute operations. Accounting allows a company to see where it is going and how well it is doing financially. It enables firms to produce reliable financial reports that can be compared to those of their competitors and other enterprises in the market.
This enables business owners to assess the effectiveness of their operations and identify areas for improvement. Although having an in-house accounting team is beneficial, it may be resource consuming and costly for a business. As a result, it is preferable to outsource accounting services to a skilled third-party provider. India has always been a favourite destination for outsourcing.
10 Reasons Why Accounting Firms in Australia Need to Outsource to India
Outsourcing is not new and the main reason why this trend began was the quality of service at reduced costs. Outsourcing allowed companies to get quick and efficient services at extremely affordable rates. But the price is no longer the primary factor which drives businesses to outsource accounting services to India. Some of the major reasons why accounting firms in Australia outsource to India include -
Lower Costs
This is one of the most obvious factors which drive people to outsource accounting services to India. Indian skilled labor price is much lesser compared to other countries, particularly when compared to those in major cities of Australia, such as Sydney, Melbourne, Canberra, etc.
Improved Performance
By outsourcing accounting services to India, businesses can get rid of staffing issues, old tools, and technologies, irregular processes, etc., which results in overall improved performance. Therefore, outsourcing can lead to improved performance, as the outsourcing companies in India have access to good infrastructure, latest tools, skilled workforce, etc.
Skilled Pool of Resources
India is known to have some of the most talented and skilled resources in the world. This trend continues to grow and is true in the field of accounts and finance as well. India has a huge pool of skilled accountants and financial experts who can help businesses with all their accounting service needs in the best possible manner.
Uncompromised Security
Accounting service providers in India sign confidentiality agreements and have the required data security policies in place, which ensure that all the important company data and the client information are kept completely safe with them.
Easy Scalability
Service providers in India have the required skills, resources, and bandwidth to easily scale up or down the accounting processes. Companies may go through several ups and downs with time and service providers are there to support any kind of changes that the organization goes through.
Expertise Across Different Services
Indian accountants, bookkeepers, and financial experts are trained and experienced to provide clients with a series of accounting services. The expertise varies from bookkeeping, accounts payable, accounts receivable, financial reporting, accounts reconciliation, payroll processing, etc.
The Time Zone Advantage
The time difference between India and the major cities of Australia has made India the most favored location to outsource accounting services. When you send in the work by day-end, you can be assured that you will receive the completed work by the time you resume your services on the very next day.
Use of the Latest Accounting Tools
Most of the accounting tools and technologies being used in the industry are most probably being made in India itself. With access to the latest accounting and financial tools and technologies, you can be assured that you will get the best-quality services from service providers in India.
State-of-the-art Infrastructure
India is one of the fastest growing nations in the world. Indian accounting service providers have state-of-the-art infrastructure in place. This empowers them to provide their clients with the best-quality services, within a quick turnaround time.
IFRS Compliance
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB), which are followed across the globe. Service providers in India are well-versed with these standards and ensure that all the services provided by them are compliant with these standards.