Some business owners are cautious about outsourcing their accounting, and even more so when it involves countries like India, but in truth, the benefits can be vast. With the cost of labor in India being so much less (they are paid according to government guidelines, nothing illegal here!), and with such large numbers of workers constantly learning and employing the newest techniques and innovations, you really do get the best of both worlds when you outsource accounting there. It’s advisable to work with a company who also have a functioning office here in the U.S. though, to avoid any issues that may arise due to the time difference, or language barriers.
While the advantages of outsourcing your accounting needs to India are plentiful, it is important that you follow a few simple steps to ensure that your new relationship with your outsourcing partner is fruitful and smooth:
Make your expectations crystal clear:
Whether you’re an accountant, CPA or EA, you’ll need to take a good, long look at your workload and make a thorough assessment of where you most need the help. Think about what you’re trying to achieve by outsourcing, and what your goals are; whether it be an improved reporting system, the ability to better track cash and profits, or simply to shift some of your clients accounting needs.
Don’t be blinded by offers of cheap outsourcing:
While we’ve already discussed that outsourcing your accounting to India can save you a whole heap of money, there is a difference between the way in which you save money, compared to simply choosing the cheapest provider. A quality outsourcing firm will ideally be based here in the states but have offices in both countries and will have a team of highly qualified professionals whose credentials check out. If you’re looking for a long-term investment, you’ll want to outsource to a company who are available at the end of the phone whenever you need them, and who can give you good results while also saving you money. This may not always appear to be the cheapest option, but longevity and success always comes at a price, so don’t be fooled by cheap offers from companies who make promises they can’t keep.
Keep security at the top of your list of priorities:
Security concerns are paramount for most professionals, and when you outsource your accounting, it should be no different. Be sure to discuss your security concerns with your prospective provider, and familiarise yourself with the measures they will take to protect your data.
Keep the channels of communication open:
Providers of outsourced accounting are not mind readers, and if you’re experiencing an issue or have a question or concern, simply pick up the phone and talk to them. When you do this, also try to be as clear as you can about what you’re trying to convey, and touch base regularly to ensure that both parties are on the same page. When you choose a provider with an office in your home state, as well as in India, you can call them up whenever it’s convenient, with no barriers such as a time difference or language.
If you’re interested in optimizing your operations, minimizing your overheads and growing your business, then talking to a professional about outsourcing your accounting needs, might just be the way forward.