It’s important to note that the outsourcing landscape may have evolved since my last update, and additional factors might now be influencing UK accounting firms’ decisions to outsource to India. Always ensure to conduct current research and consider recent trends when making business decisions.
There are several reasons why UK accounting firms choose to outsource their work to DigiNumeric.
Here are the top 10 benefits of outsourcing to India:
- Cost savings:
One of the primary reasons accounting firms outsource to India is the cost advantage. Labour costs in India are significantly lower compared to the UK. This allows firms to reduce their operational expenses and increase their profitability. - Skilled workforce:
India has a large pool of skilled accounting professionals who are well-versed in international accounting standards and practices. These professionals often hold advanced degrees in accounting and have experience working with clients from different
countries. - Time zone advantage:
India’s time zone difference allows UK accounting firms to achieve a faster turnaround time. While the UK sleeps, the work can be completed in India, and the results can be available to the UK team the next day, leading to increased efficiency and
productivity. - Scalability:
India offers scalability options, allowing accounting firms to easily expand or reduce their outsourcing requirements based on their business needs. This flexibility helps firms manage their workload effectively without the need for hiring and training additional
in-house staff. - Technological infrastructure:
India has invested heavily in its technological infrastructure, including robust IT systems and advanced software tools. Outsourcing to India enables UK accounting firms to leverage this infrastructure without having to make significant investments themselves. - Compliance with international standards:
Indian accounting professionals are well-versed in international accounting standards such as IFRS (International Financial Reporting
Standards) and GAAP (Generally Accepted Accounting Principles). This ensures that the work produced by the outsourced team meets the required standards. - Focus on core competencies:
By outsourcing non-core accounting tasks to India, UK firms can free up their internal resources and focus on their core competencies such as client management, advisory services, and business development. This allows for more strategic decision-making and better client satisfaction. - Language proficiency:
English is widely spoken and understood in India, making communication between UK accounting firms and their outsourced teams seamless. Clear and effective communication is essential for successful outsourcing partnerships. - Quality control measures:
Indian outsourcing firms often have stringent quality control measures in place to ensure accuracy and precision in their work. These measures include regular internal audits, review processes, and adherence to established accounting practices. - Risk management:
Outsourcing accounting tasks to India can help UK firms mitigate risks associated with staff turnover, leaves of absence, or unexpected fluctuations in workload.The outsourcing provider takes responsibility for ensuring that the work is completed within the agreed-upon timelines.
It’s important to note that while there are numerous benefits to outsourcing accounting work to India, each accounting firm should assess its unique requirements and conduct thorough due diligence before deciding.
Let’s connect with an expert team of accountants and discuss your outsourcing requirements!
For more information, please send your request on sales@diginumeric.com