Why Outsource Accounting & CFO Services to India

India being the IT hub of the world, Indian IT exports amounted to US$126 billion in FY2018 & expected to grow to US$ 350 by FY2025, Out of the US$126 billion in FY2018, Business Process Outsourcing amounted to US$41 billion& expected to grow to US$ 50-55 billion out of the total revenue.

India’s outsourcing businesses control a major share of the global outsourced Business Process Sector (BPO), CFO services provider in India, controls 55% share of the US$ 185-190 billion global outsourcing businesses in FY2018. Further India’s internet sector is likely to reach 7.5% of GDP with the number of internet users in India expected to reach 730 million supported by the fast adoption of digital technology, according to a report by the National Association of Software and Services Companies (NASSCOM).

India is creating highly skilled professionals such as Chartered Accountants, Cost Accountants, Company Secretary, MBA’s& also creating foreign qualified professionals such as CPAs, ACCAs, CMA’s, etc., to meet the demand for KPO’s. With this development, it is estimated by Sagacious Research, India is set to capture 70% of the global KPO market. For global corporations looking to move their higher-end research like Accounting, IP Research, Equity Research, Market Research, Analytical Services, Tax compliances & litigation services.

Hence, has been the go-to destination for outsourcing Accounting, CFO Services In India, Compliance’s services such as Regulatory filings, Company Secretary’s services, Services related to Payroll compliance, etc., due to advanced technology, availability of skilled professionals, experience in working with global teams, favorable government policies, data security framework & policies, etc.,

Why India?

• Qualified Professionals: As per the recent survey, there are more than 2 Lakh knowledge professionals like CA’s, CS’s, Cost Accountants, Lawyers, etc, Indian finance professionals undergo rigorous training & examination process which makes them highly competent. These professionals enable the Indian firms to ensure that the global organizations comply with the various compliance requirements along with providing accounting & finance services.
• Advanced IT Technology: India being an IT hub, ensures the smooth provision of the services via using robust & advanced information technology systems.
• Confidentiality: Outsourcing of accounting & finance services to India also ensures the confidentiality of financial & business data, which is one of the most important requirements to be considered before outsourcing the services to any firm, with the availability of highly advanced & secured information systems enables the Indian firms to maintain confidentiality.
• Established Reputation: Indian firms dominate the KPO market & thus have an established reputation with consistency in services provided by the Indian firms.
• Cost-Effectiveness: Services of Indian KPO’s which contains Qualified Finance professionals, these services can be obtained at reasonable cost as compared to cost involved in setting up inhouse departments or outsourcing it to other countries.

Conclusion

COVID-19 has further accelerated the trend towards Outsourced Virtual Accounting & Finance Services, the KPO service is expected to grow @ 4.9% CAGR from 2020 till 2027, this is mainly due to the advancement of information technology & further need to reduce accounting, finance & compliance costs.

Thus, it is clear companies across the global are finding value in outsourcing the Accounting & Finance Services, CFO Services In India, since it enables the organization to keep an eye on your company’s day to day financial information & ensures it complies with legislative requirements which is time-consuming & exhausting task.

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