Thursday, 21 May 2020

Benefits of Outsourcing Accounting Services to India

We all know India is World’s second-largest country having a population of 1.3 billion. India has maintained its TOP rank in the arena of Outsourcing World with it's professional and skilled labor. As per the latest survey, 80% of the United States and European firms ranked India as their number one outsourcing destination. Let’s crackdown why outsource accounting services to India is the best option for UK accountants? 

1. Sound Quality Service:
When it comes outsourcing of accounts; what comes first?? Low cost, Quality or Timeliness. Well, quality is the main factor on which outsourced accounts works. Every year around 10-12 million students graduates and also having the world’s second most English speakers adds weight to their services. 

2. Cost Saving:
Most business runs on the Profit Maximisation. All we know that money saved is money earned. But when it comes to saving of cost up to 50%! It’s worth! As per the survey, accounting firms can save up to 50% of their total cost by outsourcing their work.

3. All under one roof:

Most Indian Accounting outsourcing firms provide services as follows:
· Bookkeeping Service
· Finalisation of Accounts
· Preparation of Individual’s Tax Returns
· Preparation of Company’s Tax Return
· Payroll
· Management Account
· Account Receivable/Account Payable

Getting various services from one source shall ease up in communication and reduce the time. Thus UK companies get all statutory work done under one roof.

4. Customer Satisfaction:
A report from the says, The Indian IT Outsourcing industry is expected to grow to $350 billion by 2025, from the present $191 billion, riding on increased growth in digital initiatives and higher spends by global Fortune 500 clients. Just shows the level of customer satisfaction that Indian Outsourcing Companies have maintained over the period.

5. Favourable Time Zone:
“Time waits for none” is the famous quote that we all know. In the outsourcing world, time zone has its advantage as India is ahead of 5.5 hours of GMT. This works in favour of most business as they can go for expansion for the business while their works processed smoothly in India. Moreover, most outsourcing firms in India have flexible hours of working to satisfy customer needs.

6. Government Support:
Indian Government and regulations have always supported Outsourcing businesses in India. Since Outsourcing firms generate ample employment and it is one of the highest-paid career options for the younger generation.

7. Usage of User-friendly Software:
Indian firm uses the latest software which is running successfully in the UK. Most Indian firms are familiar with the UK’s reliable accounting software such as XERO, Sage, QuickBooks, TaxCalc. IRIS, CCH etc. It’s always advantageous to have experienced personnel.

8. Data Security:
In the era of growing technologies, Data Security is the biggest challenge for all business. This problem disappears when you outsourced your work to India as it uses the latest cyber securities, security contacts and procedure giving best assurance to business that data outsourced are safe and secured. 

9. Inflated Business & Personal Growth:
While work is outsourced to India let’s explore other strategic business option. The owner can invest their valuable time to other Managerial and strategic aspects, family time, no more stresses of any statutory deduction and meeting deadline. All in all, it just gives a healthy life!

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