As the accounting industry evolves, so does the way CPA and accounting firms manage their services.
Outsourcing has emerged as a cost-effective solution for all CPA and accounting firms, allowing them to avoid the challenges associated with employing and managing an in-house team.
There are several other benefits of outsourcing as well which makes it the best choice for CPA and accounting firms to grow their business.
Out of the many destinations to outsource bookkeeping, India stands out as the leading choice for CPA and Accounting firms.
A skilled workforce, a large number of qualified workers, and financial attractiveness make India the most desirable outsourcing destination in 2021 surveys, with ratings of 2.83 and 2.18 on financial attractiveness and staff availability, respectively.
Source: TrueList using the data provided by Statista
Here are the reasons why you should consider outsourcing your bookkeeping services to India:
1. Access to Highly Skilled Professionals
India has a large pool of highly skilled and qualified professionals with bookkeeping and accounting experience.
According to a Nasscom report, the Indian IT-BPM industry has a talent pool of over 3.9 million professionals, with a high percentage of them having accounting and finance experience.
Many of these professionals completed their studies and training in the United States or other developed countries and are well-versed in the latest accounting software and practices.
2. Cost Savings
CPA and accounting firms can significantly reduce costs by outsourcing bookkeeping services to India.
Labor costs in India are much lower than in the United States, with ﬁrms saving up to 60% of costs.
It means that firms can save a significant amount of money by outsourcing bookkeeping services to India.
3. 24/7 Support
Indian professionals can work at a faster rate and are often capable of providing services on a 24/7 basis, which can assist firms in increasing productivity and efficiency.
4. Increase Revenue and Profitability
Outsourcing bookkeeping services to India can help CPA and accounting firms to focus on their core competencies.
Firms can free up time and resources by outsourcing bookkeeping services, which can then be used to deliver other services such as tax planning and compliance, financial analysis, and strategic advising.
This allows CPA and accounting firms to focus on providing value-added services to their clients, which can help to increase revenue and profitability.
5. Data Security
India also has a powerful legal system and a government that is committed to protecting foreign companies’ intellectual property rights.
Indian businesses are also subject to stringent data privacy and security laws that ensure sensitive financial information is kept safe and secure. This makes India a reliable and secure destination for outsourcing bookkeeping services.
In conclusion, outsourcing bookkeeping services to India can help CPA and accounting firms to reduce costs, improve efficiency, and focus on core competencies.
With a large pool of highly skilled and qualified professionals, a business-friendly environment, and a commitment to data privacy and security, India is an ideal destination for outsourcing bookkeeping services.
The outsourcing sector in India is expected to reach $300 billion by 2025, solidifying India’s position as a leader in outsourcing services.
Hope this article helped you in your decision-making process of outsourcing bookkeeping services.