Why outsourcing to India works so well for accountancy services
Outsourcing is a well-established practice in our economy, helping businesses to access people, specific skills or services more cost-effectively than hiring in-house. It gives flexibility and scalability that encourages growth.
From cleaners to marketers and even the accounting services which people buy from you, many such outsourced services tend to be located in the local town, or at least within the UK.
But the accountancy services you offer are suited brilliantly to be outsourced to countries with cheaper labour – particularly India. Just because the labour is cheaper, though, it doesn’t mean the service is inferior.
By expanding your firm this way, you can improve your profitability and growth – even when you are struggling to find staff in the UK.
Here’s a look at the benefits of outsourcing to India.
Just like in the UK, accounting is a respected profession in India and attracts the brightest and best from its huge population. They take a serious, studious approach to their work and have amazing technical knowledge.
Our historic connection with India yields more benefits – not least a shared language and better cultural understanding compared to other overseas outsourcing destinations.
Seamless service, enabled by technology
Before physical distance would have made outsourcing to India an impossibility but now cloud accounting software makes it simple. It doesn’t matter whether the person doing bookkeeping or preparing a tax return is in Manchester or Mumbai, they have exactly the same access to the required information.
Established security protocols
A business’s financial details are sensitive and as you will know software like Xero or QuickBooks already has many security features built-in. But India has been a destination for outsourcing in many other data-sensitive sectors like financial services, IT and call centres for over two decades, and there are established security protocols in place for working with UK firms.
We have touched on cost earlier, but as it’s normally the main driver for outsourcing it’s worth emphasising. Outsourcing certain services to India lets you deliver them more cost-effectively, allowing you to be more competitive in the UK marketplace, improve your own profitability or both.
Of course, it’s not just the margins on billable time that are improved. With an outsourced service like this, you don’t have to pay the extras like employee benefits, sick pay and larger office space, leading to even greater savings.
Easing recruitment and retention
It’s well known that there is a challenging recruitment landscape in the UK right now. You can save hassle in both recruitment and retention by outsourcing some of what you do to India.
With a relationship established with us, you’re not as vulnerable to staff handing in their notice or to struggles finding the right candidate. The workload can simply be picked up in India.
Better still, by outsourcing some of the more repetitive tasks, you can reserve more interesting work for your in-house team. This will both engage them more, resulting in more satisfied staff, and lead to the opportunity for you to bill for higher-value work.
Find out more
We specialise in helping accountants grow their firms by outsourcing some of their services to India – securely, efficiently and cost-effectively. If you would like to find out more about how you can benefit, please get in touch.