05 Jan 2024

Global Excellence Through Outsourcing Accounting to India

Today, outsourcing has been established as a key means for businesses to save time and money while benefitting from high-quality labor. Among several countries around the globe, India has established itself as a leading country in the outsourcing industry. Especially in the accounting sector, Indian firms have been showing their prowess and ability to tackle even the most complex outsourcing tasks. 

Outsourcing to India

Countless businesses have been able to save time and resources while they have benefited from high-quality accounting outsourcing services in India. India is ahead in outsourcing, but you might be unsure if it’s a good idea to outsource your accounting services there. Let’s see if it’s a smart move for your business and how you could benefit by outsourcing accounting work to India: 

  1. Excellent Support: Hiring an internal accounting team can be a big and costly job. Plus, dealing with taxes and legal compliances is challenging. But if you hire an Outsourced accounting company in India, they can handle some of the most daunting accounting-related tasks. There are companies updated with the US tax laws, proficient in US accounting and US GAAP (Generally Accepted Accounting Principles). At KMK, we strive to provide the best support to our clients, making your work a lot easier than you can think.
  2. Booming IT and Software Industry: India is far ahead of its IT and software development competitors. It is now a leading outsourcing and offshoring destination in the world. Plus, most Indian accountants are familiar with the latest accounting software. They can cater to your accounting needs accurately and quickly. This makes India a great destination for outsourcing your accounting requirements.
  3. Skilled Workforce: You may be concerned that the lower costs associated with outsourcing may influence the quality of work. However, this is not true, as the facts prove otherwise. With over 1000 universities nationwide, India boasts the world’s third-largest publicly funded higher education system. Presently, India has also achieved high literacy rates. For example, New Delhi and Kerala have high literacy rates of 96.2% and 88.7% respectively. Additionally, there is an abundance of CAs and CPAs in India. These talented professionals present a considerable scope to agencies wishing to access this vast pool of knowledge. KMK has access to some of the most talented and professional CAs and CPAs in the country, thereby helping you achieve the highest levels of professionalism in your work while outsourcing accounting work to India.
  4. Lower Costs:  Since India is a developing country, it has a lower cost of living. Labor costs are lower compared to most other developed nations. India is around 71% cheaper than the UK and around 64.4% cheaper than the USA. Also, worth noting is the average monthly salary in India, which is USD 422.  This amount is much lower than what people usually earn each month in countries such as the USA, Australia, Germany, and the UK. Thus, companies stand to benefit from cost-effective labor that can help them reduce their operational costs. With KMK Ventures, you stand to make substantial savings while growing your profits manifold.
  5. High English-Speaking Skills: India was ranked 48 out of more than 100 participants worldwide in 2021 in the EF EPI (English Proficiency Index). Most software and communication tools in India utilize an English user interface. This includes the popular accounting software such as Xero. It becomes easier for Indian accountants to converse and discuss outsourcing without communication issues. Our accountants are incredibly proficient in English, making communication a breeze.
  6. Beneficial Time Zones: The natural time difference between the USA and India due to favorable time zones can mutually benefit both parties – the outsourcing agency and you. India is 4.5 hours ahead of the UK and 9.5 hours ahead of the USA. Companies can utilize these differences between the time zones to benefit their business. So, you can post a requirement to your Indian counterparts, and you’ll have your accounting work ready by morning because it’s daytime in India while it’s night in the USA.
  7. Flexible Staffing Policies: When you outsource your accounting service to another country, you hire remote teams. These teams help you adapt to your growing business needs.  You need a team that can adjust to your increasing accounting needs. Additionally, Indian accountants are used to working in shifts for their US, UK, Australian, and other counterparts worldwide. So, they can adjust to your demand for a quick turnaround time. It’s not necessary to outsource all your accounting functions. It can begin with just day to day bookkeeping or monthly reconciliations. You can gradually scale up once you are comfortable working in this model.  

Final Thoughts: 

While it can be difficult and even expensive for a small business abroad to hire an experienced accountant in-house, an alternative route is to go for outsourced accounting services in India. Thus, you stand to gain from the country’s large talent pool and labor market. Thus, why not make an informed decision to outsource your work to India to a talented, competent, and professional company like KMK Ventures? Contact us to know more! 

About KMK 

In the outsourced domain, KMK is a beacon of precision and reliability. With a robust team of over 475+ seasoned professionals, KMK ensures meticulousness and adherence to global standards in every task. This commitment to excellence allows CPA firms to navigate intricate landscapes with ease. KMK empowers firms to focus on their core functions by managing complex facets, ensuring optimal growth and efficiency. Their unwavering dedication to quality, timeliness, and accuracy positions them as a preferred partner for CPA firms, underscoring KMK’s significant presence and expertise in the industry. 

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