10 Reasons Why Accounting Firms in Australia Should Outsource to India

Whenever businesses conduct operations, they need a way to keep track of how well they are doing in the market. Accounting helps the company to know where they are headed and how well they are doing financially. It allows companies to create accurate financial reports which can be compared with other businesses in the market and their competitors.

This helps business owners to check the efficiency of their operations and analyze where they can improve to make it better. It is good to have an in-house accounting team but this can be resource intensive and expensive for a company. Therefore, it is better to outsource accounting needs to a professional third party service provider. When it comes to outsourcing, India has been a preferred choice.

10 Reasons Why Accounting Firms in Australia Need to Outsource to India

Outsourcing is not new and the main reason why this trend began was the quality of service at reduced costs. Outsourcing allowed companies to get quick and efficient services at extremely affordable rates. But the price is no longer the primary factor which drives businesses to outsource accounting services to India. Some of the major reasons why accounting firms in Australia outsource to India include -

1. Lower Costs

   This is one of the most obvious factors which drive people to outsource accounting services to India. Indian skilled labor price is much lesser compared to other countries, particularly when compared to those in major cities of Australia, such as Sydney, Melbourne, Canberra, etc.

2. Improved Performance

   By outsourcing accounting services to India, businesses can get rid of staffing issues, old tools, and technologies, irregular processes, etc., which results in overall improved performance. Therefore, outsourcing can lead to improved performance, as the outsourcing companies in India have access to good infrastructure, latest tools, skilled workforce, etc.

3. Skilled Pool of Resources

   India is known to have some of the most talented and skilled resources in the world. This trend continues to grow and is true in the field of accounts and finance as well. India has a huge pool of skilled accountants and financial experts who can help businesses with all their accounting service needs in the best possible manner.

4. Uncompromised Security

   Accounting service providers in India sign confidentiality agreements and have the required data security policies in place, which ensure that all the important company data and the client information are kept completely safe with them.

5. Easy Scalability

   Service providers in India have the required skills, resources, and bandwidth to easily scale up or down the accounting processes. Companies may go through several ups and downs with time and service providers are there to support any kind of changes that the organization goes through.

6. Expertise Across Different Services

   Indian accountants, bookkeepers, and financial experts are trained and experienced to provide clients with a series of accounting services. The expertise varies from bookkeeping, accounts payable, accounts receivable, financial reporting, accounts reconciliation, payroll processing, etc.

7. The Time Zone Advantage

   The time difference between India and the major cities of Australia has made India the most favored location to outsource accounting services. When you send in the work by day-end, you can be assured that you will receive the completed work by the time you resume your services on the very next day.

8. Use of the Latest Accounting Tools

   Most of the accounting tools and technologies being used in the industry are most probably being made in India itself. With access to the latest accounting and financial tools and technologies, you can be assured that you will get the best-quality services from service providers in India.

9. State-of-the-art Infrastructure

   India is one of the fastest growing nations in the world. Indian accounting service providers have state-of-the-art infrastructure in place. This empowers them to provide their clients with the best-quality services, within a quick turnaround time.

10. IFRS Compliance

    International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB), which are followed across the globe. Service providers in India are well-versed with these standards and ensure that all the services provided by them are compliant with these standards.

Choose O2I While Outsourcing Accounting Services to India

Outsource2india is a leading outsourcing firm offering accounting services to Australian clients and a plethora of other financial services to global clients for over 25 years. We have worked with several global clients from different backgrounds, cultures, and domains. This rich multi-domain industry experience enables us to understand different accounting requirements of global businesses and precisely cater to it. Our professionals provide quick, efficient, and affordable accounting services such as accounts reconciliation, forensic audit services, financial reporting, cash flow management services, accounts payable, accounts receivable, financial analysis, payroll services, bookkeeping services, etc.

Therefore, if accounting services outsourcing to India is on your mind then look no further. Just get in touch with us today.