Finance & Accounting Outsourcing
Finance & Accounting Outsourcing (F&A outsourcing) represents a huge percentage of the global outsourcing revenue. The US dominates Finance & Accounting outsourcing revenue, but the UK and Australia also do a lot of F&A outsourcing. 123outsource.net has many companies in India that specialize in various types of accounting and finance. There are companies that specialize in UK accounting that can computer your VAT tax, and other types of taxes as well. These companies can put together financial statements, spreadsheets, calculate sales taxes, income taxes and much more. With the high cost of services in America, UK and Australia, outsourcing to India has become a popular way to save on expenses. Many companies in India do a great job on various types of services, and in addition, offer fast turnaround which in many industries is virtually impossible in America.
Finance & Accounting is one of the fastest growing outsourcing industries, along with Legal Process Outsourcing and Pharmaceutical Research. Future growth of Indian companies in this industry rest in their communication and marketing strengths. If they can successfully woo Western clients, and offer smooth interaction, and reliable work, companies in India will win over many Accounting and Finance contracts. Although there is a lot of global competition for any type of outsourcing work, India has their history of being colonized by the British in their favor. The educated classes generally have a good command of English in India, not to mention a long standing cultural relationship with the UK and America!
I am wondering if all of the outsourcing to India will cause a general widespread reduction in hourly fees for Accounting and Finance services. This happened in the IT industry about a decade or two ago due to mass outsourcing. We will wait and see. Let’s hope that India will save a few industries for the rest of us, otherwise we will all have to move to Bangalore!
(1) Accounting is the one task you can outsource to India and consistently get really smart people
(2) Finance & Accounting Outsourcing: who does it and what can you expect?
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I love giving outsourcers a cash tip