Home / Accounts Outsourcing In India

Updated on 21 Jan 2021  9.00 AM IST | 4 min read

Accounts Outsourcing In India – The Cost Effective Way

Many small or medium sized businesses now a days outsourcing their accounting divisions to other companies so that they can focus more on other important works of the company.

Some businesses outsource their accounting divisions just to cut their cost as hiring and training accounting professionals and buying accounting software is a costly affair. Companies easily get outsourcing services at just 40-50% of the total cost invested by the company in purchasing the software and hiring the accounting professionals.

Many companies provide outsourcing services to other companies at less cost as per client needs & requirements. Companies providing outsourcing services gives a big boost to the businesses which are unable to manage their work load and looking for outsourcing companies to outsource their modules.

The outsourcing activity is growing at a fast pace and India is considered as the best option. It is done by companies in order to manage other activities of the business in more efficient, productive and profitable way.


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Why accounting division outsourced by the companies?

Accounting division is outsourced by the companies because of the following reasons –

  1. In order to focus and manage other business activities.
  2. It makes your work easier as there is no need to hire or train accountants and to buy new accounting software.
  3. Complete confidentiality and data security to the outsourcing company
  4. To boost your bottom line with less staff
  5. To save cost up to 70%
  6. To enhance productivity and efficiency up to 50%.
  7. To save cost up to 70%
  8. Continuity in finance and accounting functions

What types of accounting services are outsourced in India?

Accounting services which are outsourced in India are as follows –

General accounting & bookkeeping services

General accounting & bookkeeping services include maintenance of day to day bookkeeping, monthly accounts, quarterly accounts etc.

Preparation of financial statements

Preparation of annual accounts for annual statutory audit. Our services include –

  • Invoice/order processing
  • Fixed assets management
  • Financial write-up services
  • Financial budgeting
  • Cash forecasting
  • Accounts reconciliation
  • Sales order management
  • Financial statement preparation
  • Financial reports

Preparations of tax returns

Tax returns are also outsourced by the companies which include preparation of GST, income tax returns, other returns etc. Everything is outsourced from planning, tax processing to filing of taxes to the income tax department.

Payroll services

Payroll assistance given by the companies comprises of preparation of salary of employees, bonus & commission calculations and payments, tax deduction from salary and submission of the same to the income tax department before the deadline.

Cash forecasting services

Analyzing of cash requirements of the business and providing assistance to the companies in cash forecasting.

Debt collection services

Outsourcing is done by companies for debt collection too. Many companies provide assistance for debt recovery and taking necessary legal action.

Cash handling services

Many companies provide assistance in operation and monitoring of high interest deposits and current accounts.

Payment to creditors

Payment to creditors is also one of the most important elements of a business and many companies provide assistance in relation to payment to creditors and their management

E-accounting services

Assistance provided in relation to e-accounting functions of the business.

Accounting set up services

Any business can achieve their business objectives by taking assistance from the companies providing accounting set up services. These companies help & assist them in setting up their accounting modules.

List of accounting outsourcing companies

Genpact

KPMG

TCS

WNS global services

OHI

What are the benefits of opting outsourcing & how Finacbooks can help?

There are many benefits of opting outsourcing software and they are as follows –

  1. Less cost
  2. Business can concentrate on other divisions of the business also
  3. Access to world class technology
  4. It helps in enhancing your productivity and efficiency
  5. It helps in reducing the work of the company
  6. Continuous updation of books of accounts is also one of the benefits of opting outsourcing as company is not able to work on the same due to less time.
  7. It keeps your data secure 24X7 as it is the responsibility of the company to whom you have outsourced your operations.

Finacbooks is a searching platform having more than 10 years of experience in assisting other companies in accounting & finance modules. We provide you each and every service in case you want to outsource us any of your process or module. Our experienced accounting professionals are focused, fast and responsive to clients 24x7.

Come and join our team of dedicated accounting professionals who are ready to serve you 24x7.

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Due Dates

  • Deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21)

    Jan 10th ,2021
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for December 2020

    Jan 10th ,2021
  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for December 2020

    Jan 10th ,2021
  • Due date for Payment of TDS/ TCS for Oct 20- IT

    Jan 10th ,2021
  • GSTR 1 for December 2020 (turnover more than INR. 1.50 Crore)

    Jan 11th ,2021
  • Monthly GSTR 6 for December 2020

    Jan 13th ,2021