How Accounting Outsourcing Services in India are Indirectly Helping Small Businesses in the UK

1. How Accounting Outsourcing Services in India are Indirectly Helping Small Businesses in the UK

3. Accounting has long been regarded as a fundamentally important profession for countries and civilizations. Without hard-working accountants, economies wouldn’t function properly, let alone thrive. However, the COVID19 pandemic has proved that even accountants aren’t immune from external risks and threats. Yet, the sheer dedication of accountants in the UK and across the world has enabled accounting firms to remain efficient during the pandemic. Accounting firms have saved countless businesses from perishing during this period. But, they weren’t alone in this endeavor. Understanding the Indian Connection Thanks to technological advancements, verifying an offshore accounting team’s credibility is now super-easy. Virtual tours, web conferencing, etc., are all tools that make it very easy for accounting firms in the UK to check whether their offshore partners have the infrastructure, human resources, and technological capabilities to meet their day-to- day accounting requirements. Hence, several accounting firms in the UK have been open to the idea of outsourcing certain accounting responsibilities to offshore experts. These offshore experts have returned the favour by providing consistent and high-quality accounting services to their partners in the UK throughout the pandemic. High-quality accounting outsourcing services in India, in particular, have been extremely popular throughout 2020.

4. Why India? Well, India is not only the IT hub of the world; it’s also a country that boasts one of the deepest accounting talent pools in the world. India is famous for highly-skilled accounting professionals. Accounting and technological competencies almost go hand in hand nowadays. For accounting firms in the UK, outsourcing to India presents several opportunities. These firms get exposed to skilled and certified accountants who are able to handle their accounting responsibilities using the latest technological tools and systems. Technological Expertise The leading accounting experts in India use cloud-based systems to communicate with their counterparts in the UK. They also use the most advanced accounting software tools such as Xero, Quickbooks Online, etc., to safeguard their clients’ sensitive financial data with multiple layers of encryption. Low Costs Cost-effectiveness is obviously a key factor that attracts accounting firms in the UK to Indian accounting teams. On average, an accountant from India (with similar credentials) charges ten times less than an accountant from the UK. An accountant from London earns £50,000 per year. An accountant from India will earn close to £4000 per year for the same quality of work.

5. Plus, most outsourcing experts charge on an hourly basis. If accounting firms in the UK aren’t pleased with the value their offshore teams are providing; they can terminate their contracts in an instant. Time-Efficient Services India leads the list of countries with the most number of ISO-certified companies. So, accounting firms in the UK don’t really have to worry about the quality of accountants they receive from the country. There are countless accounting teams to choose from, each with its own set of unique skills. Firms in the UK can easily discover accounting teams in India that are suited for analytical roles, client-dealing roles, technical accounting roles. Plus, the five-and-a- half-hour time difference between India and the UK is very convenient. Accounting firms from India can get started early as their partners in the UK wake up. How These Services are Helping Small Businesses The accounting firms in the UK that have partnered with accounting experts from India have benefited a lot during the pandemic. Indian accountants have been handling responsibilities like bookkeeping, calculating VAT Returns, generating accounts receivable reports, payroll management, and many more during the pandemic.

6. By doing so, they’ve freed up time for their partners in the UK to focus on more important tasks. The UK government has been rolling out new schemes and business aid plans ever since the COVID19 virus was first detected in the country. Accounting firms in the UK have had to take on the helmsman responsibilities of guiding business owners during the crisis. Thanks to the fact that their Indian accounting partners are handling their day-to-day accounting responsibilities, firms in the UK have been able to focus on other important tasks – Advisory Roles Several accounting firms in the UK have assumed advisory roles for their clients during the pandemic. More businesses want their accounting firms to create long-term sustainability plans and take on tasks like – • Tax simulation • Wealth management • Monitoring KPIs of their business • Company restructuring • Risk management

7. Several accountants are having to act as virtual CFOs of their clients’ companies during the pandemic. The indirect contributions from their Indian partners have certainly helped them during this process. Increased Availability A recent survey involving small business in the UK revealed that accountants have been more helpful and easily available than other key business service providers during the pandemic. 97% of the surveyed small business owners said they were successfully able to reach their accountants via phone during the pandemic. A lot of these accounting firms are in partnerships with Indian accountants. The new tech-age accountants from India leverage cloud technology and advanced accounting software tools to take care of their clients’ day-to-day accounting tasks. Their contributions in helping accounting firms in the UK become more proactive and customer-friendly during the pandemic were extremely important

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