The recent years have seen India grow exponentially in the arenas of outsourcing and offshoring services. A Booming economy combined with Technological and Regulatory advancements by the government have made India the go-to destination for companies across the world like Australia, UK and USA. Indian Companies have gained tremendous experience in providing Offshore support, which is not just limited to sectors like IT, but also extensively in Foreign Accounting, Taxation, and financial services. With abundant talent across the country coupled with a competitive advantage on delivery cost and a manageable Time Zone difference, Indian firms are currently leading from front when it comes to providing offshore services.
The Indian business environment offers several advantages that contribute to Outsourcing and Offshoring over and above other competitors in the market. For one thing, there is the presence of cutting-edge technology with features such as cloud computing and analytical capabilities which have had a significant impact on cost efficiency compared with more traditional solution providers available elsewhere in the world. In addition, English proficiency among Indian accountants makes communication easier without need of third-party services or software constantly translating emails/calls across languages – something that was common place when doing business overseas just a few years back! This also allows companies to easily Outsource their accounting and taxation functions by gaining access to some excellent talent at very affordable prices too; perfect mix if you’re aiming towards “Bang for your Buck” outsourcing strategy.
An Accounting activity to be performed locally by a local person typically will require Investing time and resources in the much needed infrastructure locally in addition to IT Infrastructure, Training, Payroll etc. whereas same Accounting, Taxation or Bookkeeping tasks outsourced remotely can be done with a lot less effort, even with a Higher Accuracy & Timeliness. These Factors already give outsourcing a big push.
Yet most important thing that requires special attention but generally overlooked by the companies Outsourcing are the “Contractual agreements”. They should legally ensure protection of the rights and confidential information of all the parties involved, along with commitments and transparency adhering to Local Laws of both countries “The Country from where the company is Outsourcing” and “The country Outsourced to”. Lack of experience of the Outsourcing Partner, problems in their internal structuring, Issues understanding the company’s requirements can all contribute to a bad outsourcing experience. Embrace the Offshoring by assessing wisely and choosing the right Outsourcing partner, it will mitigate the probability of problems surfacing and will ensure a smooth functioning, while both the Offshore and Onshore team enjoys a Multicultural exposure.
Are you an Australian Accounting/CPA/Bookkeeping firm looking to Outsource your work.? Let us support you with your own “Bang for your Buck” Strategy. Contact us Now.!
Nice & informative. Please share your information over email.