It is expensive to set up an accounting department, hire and educate bookkeeping staff, and purchase bookkeeping software. Companies whose core competency is not bookkeeping can get benefits by outsourcing to India.
You can enjoy a number of benefits by choosing India as your bookkeeping outsourcing partner, including:
Professional services and Timeliness
Indian companies provide expert bookkeeping services and adhere to deadlines for completion of projects. Numerous Indian institutions provide professional courses in accounting. As a result, the accounting industry gains more personnel and can provide higher-quality services to clients. Additionally, Indian businesses are generally accommodating of their clients' deadlines and preferred times.
Flexibility
Businesses that outsource their bookkeeping to India benefit from 24-hour accessibility. Indian businesses are accessible throughout client convenience or business hours.
Increase in Productivity
It takes a lot of effort and a crew dedicated to bookkeeping. The cost of doing business will, however, go up because the wages are greater than in India. Second, because they must take time away from their regular work to work on bookkeeping, it will lower employee productivity. Therefore, if a client outsources its bookkeeping to India, the staff will have more time to concentrate on their primary tasks. Consequently, there will be an increase in output.
Government’s Friendly approach
When other nations like the US, UK, Australia, canada, England etc. outsource their bookkeeping company to India, it benefits from India's warm and positive attitude toward the outsourcing industry.
significant cost savings
A business can save a tonne of money by outsourcing bookkeeping work to India because the cost of services that is very low. If you outsource your bookkeeping services, you won't even need to rent infrastructure, which will ultimately save you a lot of money and allow you to put that money into improving your main line of business.
What are the bookkeeping services that can be outsourced to India?
The following bookkeeping services can be outsourced to India:
Bookkeeping Outsourcing by Function:
· Order To Cash (OTC)/ Accounts Receivables
· Procurement To Pay (PTP)/ Accounts Payable
· Reconciliations
· Fixed Asset Management
· Treasury
· General Ledger
· Financial Reporting
· Audit Support
· Financial Modelling
Bookkeeping Outsourcing by Industry:
· Hedge Funds
· Private Equity Firms
· Broker-Dealers
· Placement Agents
· Fund Admins
· CPA/CA and Accounting Firms
In addition, you can outsource any bookkeeping services to Indian outsourcing companies because they are knowledgeable in all areas of bookkeeping.
What is the bookkeeping software that is used in India?
Indian outsourcing companies are experts at employing all of the most recent bookkeeping programmes on the market. The bookkeeping software used in India are listed below.
· QuickBooks
· Peachtree
· Quicken
· Intuit's ProSeries
· Net Suite
· Intuit's Lacerte
· MYOB and many more
Some other benefits:
Boost your bottom line with less staff
Get access to complete financial management from bookkeeping to tax returns
Hire a dedicated online bookkeeper with complete loyalty
Save up to 50% on bookkeeping expenses
Round-the-clock access to accounts
No need to hire/train accountants
Focus more on your business
Realtime online bookkeeping
Complete confidentiality and data security with the latest encryption technologies, remote servers, and physical security systems