Top Outsourcing Companies for Accounting Firms in 2023
The accounting industry is undergoing a profound shift in the last few decades as firms increasingly outsource their activities to improve efficiency. With the rising complexity of financial regulations and the demand for specialized expertise, it has become crucial for accounting firms to identify the top outsourcing partners that can cater to their specific needs and provide relevant solutions.
India and the Philippines are among the advanced countries where outsourcing is flourishing rapidly. When it comes to accounting offshoring India has multiple advantages over the Philippines such as an established ecosystem, talent availability and time zone difference. To know more about which is the best offshoring destination for accounting firms India or the Philippines follow the link.
There have been numerous outsourcing partners in India and the Philippines in the last few decades. But which companies have successfully grabbed a position on the list of top outsourcing firms in the accounting industry?
This article will help you to explore top accounting outsourcing companies and why India is a leading destination for offshore accounting services.
Why is India the number 1 Outsourcing/Offshoring hub for accounting firms?
- The country boasts a large pool of highly skilled accounting professionals who deeply understand global accounting standards and regulations.
- Indian outsourcing firms are known for their commitment to quality, timely delivery, and adherence to data security protocols, making them a preferred choice for providing the best offshore accounting services.
Also, readers can refer to the AAFTOC, the Alliance of Accounting and Finance Tax Outsourcing Companies, for a comprehensive country-wise comparison of outsourcing and offshoring accounting services. The comparison highlights important factors such as cost, language, time zone, etc. Popular outsourcing destinations include India, Philippines, South Africa, Pakistan, Bangladesh, and Mexico, offering cost-effective solutions with fluent English speakers and compatible time zones.
Advantages of Offshore Outsourcing for Accounting Firms:
- Access to skilled talent with expertise in international accounting standards and various accounting software.
- Strong IT infrastructure to support and leverage advanced technology and software tools for efficient accounting processes.
- Cost savings through lower labor costs and operational expenses in offshore locations like India.
- Scalability and flexibility to easily adjust operations based on demand, optimizing resources.
- Time zone advantage for round-the-clock productivity and completion of tasks during non-business hours.
- Focus on core competencies such as client management, strategic advisory, and business development by delegating non-core accounting functions.
According to the AAFTOC report, the benefits and impact of offshoring accounting-related work are so huge that, despite increased competition, the demand for offshoring EA and CPA services continues to rise.