The COVID-19 Pandemic has affected each industry on the planet and has had numerous operational and monetary difficulties. Organizations are presently searching for approaches to address difficulties while tending to the requirements of their clients, customers, or representatives. During these financially tough times, building up a bookkeeping unit, recruiting, and preparing to account is costly for startups and small or medium-sized companies.
Organizations whose core service is accounting could profit by outsourcing accounting and bookkeeping to India. The arrangement of bookkeeping administrations in India will take out the requirement for in-house bookkeeping while giving access to proficient bookkeeping administrations at a lower expense.
Accounting services are sought after in nations like the USA, UK, Canada, and Australia. With the number of outsourcing services available across the globe, companies need to choose one that can give them the best services at an affordable rate. India is a renowned place for outsourcing many non-core business activities. The reasons being the excellent service quality and the inherent affordability.
After the global economic slowdown due to the pandemic, businesses are seeking some relief in their expenditure for accounting outsourcing services. This is why India has become a popular choice for accounting and bookkeeping outsourcing.
Benefits of accounting and bookkeeping outsourcing to India
Outsourcing accounting and bookkeeping is a great way for businesses to refocus on core business activities and increase their profit margins. When hiring accounting outsourcing services in India, specifically amid the pandemic, there are some additional benefits that companies incur. Mentioned below are some of them:
1. Saving high costs
By outsourcing to India, businesses can gain access to qualified accountants, CPAs, and CAs at very low prices, without compromising on quality. This is due to the difference in cost of living between India and the US or the UK. Indian outsourcing services can also save on infrastructure costs, rental taxes, and other high costs.
2. Best infrastructure resources
Nowadays, all successful CPAs need strong infrastructure in order to function effectively. Bookkeeping outsourcing services in India have the right infrastructure to deliver the best services to their customers. All Indian accounting companies are equipped with the latest technology. Therefore, businesses get the benefits of new technology at a lower cost.
3. High level of performance
CPA firms, especially those working on a small or medium scale, don’t have many human resources and computer programs. After the pandemic, when half the staff is working from their homes or have been relieved due to financial constraints, this situation has become serious. With Indian accounting outsourcing services, companies can experience better performance without straining their budget.
4. Government policies
The backbone of India’s GDP is the service sector. The Indian government, therefore, has several beneficial and lucrative policies backing accounting outsourcing services. Taxation, export, and compliance regulations to this end are also beneficial for international organizations. With the possibility of tax benefits, companies definitely gain more by leveraging the outsourcing-friendly environment in India.
5. Time zones
Yet another reason India is a magnet for outsourcing jobs is the time difference. Companies in the USA and Canada can get their work done 12 hours faster. This, in the challenging times of the pandemic, can make all the difference between providing excellent and subpar services to clients. This can also allow companies to get other work done closer to shore.
6. Mental health
Mental health is not the first thing to cross the minds of companies when considering outsourcing their accounting and bookkeeping services. However, with the pandemic still being a huge part of our lives, mental health and work-life harmony have come into the focus. When the accounts and books are being dealt with by a third-party company and that too 12 hours faster (in India), executives can rest assured without any pressure.
What to look for in an accounting outsourcing service?
Whenever the business chooses accounting outsourcing services, it needs to follow a thorough screening process to choose only the best service provider. Certain factors need to be considered when choosing such a service. They are as follows:
1. Business needs
The first step towards selecting the right accounting outsourcing service is to identify the needs of the business. For instance, a CPA firm may not need all of its accounting and bookkeeping services to be outsourced. Sometimes, they just want to deal with the accounts of a few fewer clients.
On the other hand, some businesses may want to outsource their own accounting as they deal with their clients. Depending on the needs of the firm, the number of individuals involved can differ. Moreover, it can also help CPA firms choose the right company for accounting to outsource jobs.
Each bookkeeping and investment funds organization has its own installment plans, some of which charge hourly, some month to month. Consequently, the business can pick an installment term that suits the necessities and make the most of the plan. However, the final choice should not be based solely on the cost.
3. Expertise in the field
Yet another thing to consider is the expertise the company has. Ensure the accounting outsourcing service employer has sufficient experience, is professional, and has the right qualifications. The reputation of the firm should also be checked before choosing it. Read reviews and approach their last client to know how the company deals with customers and its service quality.
4. Information security
Information security holds a significant part in reevaluating cloud bookkeeping services. A profoundly regarded organization treats its clients’ data with much-required protection and guarantees that every exchange is secure. This is an essential feature that CPA firms need to look for in outsourcing service providers as confidential data will be shared with them as part of their work.
5. Trial project
Lastly, CPA firms need to test the capabilities of the company they are going to choose. This is an invaluable step when choosing the best Accounting outsourcing in USA. CPA firms can do this when they have rounded their options down to a choice few. Give the final candidates a trial project to see how they perform in real-time. This remains the main test, as reviews can be bought, but the metric measured during the trial will be reliable.
Evaluate the company’s performance on the basis of their communication skills. Are they transparent about the process? How well are their staff working with the CPA firms’? The next metric is the company’s efficiency and the value they bring. Are their services up to the standard of the CPA firm? Are they able to complete tasks on time and efficiently? At the end of this project, CPA firms can determine if the chosen company is the right choice for them.
There are critical advantages in outsourcing accounting services to India. From cost efficiency and the leverage of time difference to getting access to the best resources, CPA firms can gain a lot from outsourcing bookkeeping to India. Choosing a reliable accounting outsourcing service becomes easier through the use of certain metrics. An experienced and professional team handling accounting and bookkeeping can be beneficial for a CPA firm. CapActix, with its reliable accounting outsourcing services and flexible approach, can help CPA firms scale their profits without any hassle.
If you are looking for Accounting and Bookkeeping Outsourcing Services then CapActix Business Solutions is a good option for you. Let’s discuss your business, Feel free to send your inquiry on [email protected] or give a call on +1 201-778-0509.