Why and where to outsource accounting services?

outsource accounting services

Accounting is an important task in every business organization. Proper maintenance of accounting records helps in future planning for the organization. But business owners of small scale organizations are generally reluctant to spend their time and energy on accounting as they generally have a limited staff which is overloaded with work. They want to concentrate on revenue oriented activities like marketing and customer relationship management to enhance their business productivity. So outsourced accounting services is a logical option in this scenario.

 

India has emerged as a leading provider of outsourced accounting services to global business organizations in the last decade. Native English speaking nations like UK, US, Australia, Canada and Ireland have been utilizing the outsourced accounting services offered by Indian firms extensively. The usage of English as the official language of India and the lower value of Indian currency are considered to be the main reasons. Indian firms have also earned the goodwill of global clients with their excellent customer service and product delivery.

 

The various benefits of outsourcing accounting services to India are:

 

Opportunity to concentrate on productive activities - By outsourcing the accounting tasks, a small scale organization can concentrate on its core activities and optimize their business potential. The time spent on activities like recruitment, training and retention will also be saved.   

 

Helpful in saving costs - Hiring an in-house staff involves expenditure on payroll, training and infrastructure. All these costs will be saved by using outsourcing services. Due to difference between currencies of India and developed nations, you can save up to 60% by hiring services of Indian firms.

 

Have access to an expert team - The outsourcing firms based in India use the services of expert staff for fulfilling the requirements of clients. They are fully accomplished in using the latest accounting software and receive regular training to remain in touch with the latest developments in the accounting industry. Moreover by hiring outsourcing services, you have to pay only for the number of hours worked rather than paying a regular salary.  

 

Quick turnaround time - There is a 10-12 hours difference in the time zones of India and US. So accounting tasks allocated in the evening to the Indian firms would be completed by next morning. This quick turnaround time can prove to be extremely beneficial especially in case of urgent requirement.      

 

Simpler to handle - Hiring in-house accountants requires managing tasks like recruitment, training, overseeing and retention. Whereas managing the contractual obligations of outsourcing firms is a much simpler task.   

 

Apart from India, other developing nations like South Africa are also a good option for outsourcing accounting services. But it is up to the business owners or higher management to decide what suits them.

 

Cogneesol has emerged as among the best providers of outsourcing accounting services to business organization from around the globe. For more information contact us at info@cogneesol.com or call us at +1 (646) 688-2821.    

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Comments: 2
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