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Accounting firms are accustomed to Bookkeeping, Accounting and other support functions like payroll processing, accounts payable processing and Financial Statements. Outsourcing builds on that concept but does not require day-to-day management and direction from an on-site supervisor or manager. When a function is outsourced, the individual has total responsibility for the project or work and has the ability to take it from beginning to end with minimal, if any, direction.
Most of us are familiar with the typical functions which have been outsourced in the past, such as: Quarterly payroll reporting, year-end tax returns; annual financial statements and audits. Today, outsourcing functions have expanded into many other areas.
This trend will continue for several reasons:
- Client service demands that we exceed, not just meet, client expectations. How can we be an expert and 100% focused on everything?
- The annual cost of an employee today is enormous when you consider the total compensation package; the risk and the downside can be equally as great.
- Employers fear the ramifications of hiring the wrong person. How do I fire the individual if they don't work out? What happens if I get sued?
- Advertising, interviewing, hiring and training are extremely time consuming. How do I find time to do those tasks and meet my clients' needs at the same time?
- Often times we don't know all of the facets of a particular job - so how can we teach someone how to do it?
- Law practice continues to become more and more specialized - is our time better spent focused on our specialty?
Even for those Accounting firms that are large enough to have a human resources professional, the "people game" has become a tricky one. We all know employee loyalty is at an all time low. In times gone by, it was customary for a departing employee to provide an employer with two weeks notice when the employee was resigning from a position. Sometimes this happens today and sometimes it doesn't. And, even if an employee gives two weeks notice, it is not enough time to replace that individual and have them provide some training to the new employee to ensure a smooth transition. Did you know the average time to hire a new employee is one month and depending on the complexity of the position, it is generally six months before the new employee is fully functional? When you outsource, you relieve yourself of these problems because the person is not your employee.
CPA firms and Small Businesses are discovering that outsourcing bookkeeping and accounting saves payroll, overhead cost and it's a giant step in freeing up valuable time.
As a business owner your time is best spent doing what you do well - working with customers. Time spent on bookkeeping problems add little or no value to your customer relationship. To remain competitive, it is imperative that a company rethinks its strategies, take a hard look at where they are creating value for their customers, and then focus on those processes.
It's a win–win situation for your business as well as the company you're outsourcing to. The company you outsource to, will always be sure to reach your targets, deliver on time, ensure stringent security and maintain a level of productivity which won't tempt you into taking your business elsewhere.
WHY OUTSOURCE TO INDIA
Process time for introducing services and products has shortened with the increasing competitive nature of global businesses. Organizations in the developing economies are coming to the conclusion that if they can't be a world-class provider of a service, then the best option is to partner with someone who can provide that level of service. In this scenario global organizations are forced to adopt systems and business models that provide operational efficiency and add strategic value to their products and services.
Developed economies are facing huge shortage of highly trained and specialized professionals in various knowledge-intensive sectors. In the new knowledge economy, India with its hoard of chartered accountants, doctors, engineers, lawyers and research analysts is the most preferred destination for outsourcing.
India is a talent-rich country that exports software to more than 95 countries around the world. India has a mature outsourcing industry with world-class systems and quality. Not only does India offer technological edge, flexibility, time-to-market and a competitive advantage, it also offers world-class infrastructure.
Besides the huge talent pool, other advantages of outsourcing to India are the favorable government regulations, considerable savings in expenditure and strong research infrastructure.
India is fast becoming a major outsourcing center of the world. With the rapid growth of the industry there has been a distinct increase in the opportunities in outsourcing jobs in India
According to McKinsey, India has the potential to process 30% of US transactions by 2010. Currently Indian BPOs are handling 8% of all US transactions. With growth rates of 30 to 35%.Outsourcing your financial and banking needs to India is a great option since most companies do not have the resources to perform these activities in-house. Indian service providers provide cost effective quality solutions.
Mission : Our mission is to become outsourcing company of choice for small & medium Accounting practices And Small Businesses in North America.
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