In 2020, more organizations than ever before have embraced outsourcing, with many accountants and CPA’s reaping the rewards of having their work completed by tech savvy teams in countries like India, where not only is the cost of labor significantly lower, but the levels of competency and knowledge far exceed what can be found back at home in the US. Enabling many companies large and small to gain a competitive edge over other businesses, outsourcing to India has become a sustainable and successful solution.
With the current health crisis having a knock-on effect upon global economies, accounting firms the world over are trying to find new ways to survive during the downturn, and with America being one of the countries hardest hit by Covid-19, businesses there are desperate to overcome the weak economic conditions. Fortunately, outsourcing to India is one way that accountants and CPA’s can confidently step forward into a brighter, more lucrative future, safe in the knowledge that their customers will remain their priority, and that they themselves will make savings in both
time and money.
Outsourcing work to a country like India is nothing new, but the fact that so many accountancy firms are still doing so, more than a decade later, is testament to the fact that this is more than a passing trend or gimmick. But why has this not only continued, but grown in popularity?
While there may be several factors at play here, perhaps the most pertinent is that it clearly works. While some companies may naturally experience teething issues as they first enter a relationship with an outsourcing firm, if the disadvantages and problems were so great, then there is no way that business after business would continue to send their accountancy work to India. One thing that has enabled this form of outsourcing to continue to work, is an
improvement in the relationship between the outsource service provider and their client. Instead of simply sending work to India and giving their clients no point of contact locally, some firms have set up offices in both countries. This means that accountants and CPA’s can reap the rewards of work being completed overseas using the latest technology and often ahead of schedule due to the time difference, while still being able to contact their service provider within working hours when they need them.
If you’re an accountant or CPA and want to discover if outsourcing your accounting needs to India could help you stay one step ahead of your competitors, be sure to look for a local firm who have an office both at home and overseas.
With so many businesses taking advantage of the savings in cost and efficiency when they outsource their accounting needs, how can they be wrong, and why should you miss out?