Phone:+61 3 9492 2871
Email:directory@acxpa.com.au
| Login
  1. Home
  2. Back Office Outsourcing
  3. India
  4. Finance & Accounting

Outsourced Accounting Companies in India

More and more Australian businesses are discovering the benefits of outsourcing their back-office finance and accounting functions to specialist BPOs and outsourcers in India to save them time and money.

Whether you're a small business or large multinational, outsourced accounting companies in India are ready to handle all elements, from basic accounts management to full accounting solutions.

One of the most important reasons Australian businesses look to shift their accounting and finance functions to India is to save money - you can expect to save a minimum of 50% compared to the same services here in Australia.

Finance & Accounting Functions to Outsource to India

Australian businesses can outsource all of their finance and accounting requirements to companies in india, including some of the more common ones listed below.

1. Bookkeeping and Accounting

  • Daily Transactions:
    • Recording daily financial transactions, including sales, receipts, payments, and expenses.
  • General Ledger Maintenance:
    • Maintaining the general ledger, reconciling accounts, and ensuring accurate financial records.
  • Accounts Payable and Receivable:
    • Managing invoices, processing payments, and tracking receivables to ensure timely collections.

2. Payroll Processing

  • Salary Calculations:
    • Calculating employee salaries, bonuses, deductions, and taxes.
  • Compliance and Reporting:
    • Ensuring compliance with local payroll laws and regulations, and generating necessary reports for tax authorities.
  • Benefits Administration:
    • Managing employee benefits, including superannuation, insurance, and other perks.

3. Tax Preparation and Compliance

  • Tax Filing:
    • Preparing and filing business tax returns, ensuring compliance with local and international tax laws.
  • Tax Planning:
    • Providing advice on tax planning strategies to optimise tax liabilities and take advantage of tax credits or deductions.
  • Regulatory Compliance:
    • Ensuring the business adheres to all relevant tax regulations and compliance requirements.

4. Financial Reporting and Analysis

  • Monthly and Annual Reports:
    • Preparing financial statements, such as balance sheets, income statements, and cash flow reports.
  • Budgeting and Forecasting:
    • Developing budgets, financial forecasts, and variance analysis to assist in strategic planning.
  • Performance Analysis:
    • Analysing financial performance to identify trends, risks, and opportunities for improvement.

5. Auditing

  • Internal Audits:
    • Conducting internal audits to ensure financial controls are in place and operating effectively.
  • Compliance Audits:
    • Performing audits to ensure compliance with industry regulations, standards, and laws.
  • Risk Assessment:
    • Identifying and assessing financial risks, and recommending measures to mitigate these risks.

6. Financial Planning and Advisory Services

  • Strategic Financial Planning:
    • Assisting in long-term financial planning, including capital allocation, investment strategies, and growth planning.
  • Mergers and Acquisitions:
    • Providing advisory services for mergers, acquisitions, and other corporate restructuring activities.
  • Debt Management:
    • Advising on debt structuring, refinancing, and managing credit lines.

7. Accounts Reconciliation

  • Bank Reconciliation:
    • Matching the company's financial records with bank statements to ensure accuracy and consistency.
  • Credit Card Reconciliation:
    • Reconciling credit card statements with internal records to ensure proper tracking of expenses.

8. Expense Management

  • Expense Tracking:
    • Monitoring and recording business expenses, ensuring they are within budget and compliant with company policies.
  • Reimbursement Processing:
    • Managing employee expense reports and processing reimbursements.

9. Treasury and Cash Management

  • Cash Flow Management:
    • Monitoring and managing the company’s cash flow to ensure liquidity and financial stability.
  • Investment Management:
    • Managing the company’s short-term and long-term investments to maximise returns while minimising risk.
  • Foreign Exchange Management:
    • Handling foreign exchange transactions and managing currency risks for businesses with international operations.

10. Risk Management

  • Financial Risk Assessment:
    • Identifying and assessing financial risks, including market, credit, and operational risks.
  • Insurance Management:
    • Managing business insurance policies, claims, and risk mitigation strategies.

Benefits of Using Finance/Accounting Outsourcers in India

Outsourcing finance functions to India instead of locally in Australia offers several benefits, making it a popular choice for many businesses.

10 Key Advantages of Outsourcing Financial Services to India

1. Cost Efficiency
  • Lower Labour Costs:
    • The cost of labour in India is significantly lower than in Australia, allowing companies to achieve substantial savings on salaries, benefits, and other employee-related expenses.
  • Reduced Operational Costs:
    • Operating expenses, such as office space, utilities, and technology infrastructure, are also more affordable in India, leading to further cost reductions.
2. Access to Skilled Talent
  • Highly Educated Workforce:
    • India is known for its large pool of highly educated finance professionals, including accountants, financial analysts, and auditors. Many of these professionals are certified in international standards like IFRS and GAAP.
  • Technical Expertise:
    • Indian outsourcing firms often employ finance professionals who are well-versed in using advanced financial software and tools, providing a high level of technical expertise.
3. Scalability and Flexibility
  • Easily Scalable Operations:
    • Outsourcing to India offers the flexibility to scale services up or down based on business needs, whether it’s handling peak periods or expanding into new markets.
  • Customised Solutions:
    • Indian outsourcing providers can tailor their services to meet specific client requirements, offering customised solutions that align with business objectives.
4. Time Zone Advantage
  • Round-the-Clock Operations:
    • The time difference between India and Australia allows for continuous operations, with financial tasks being completed during Australian off-hours and ready by the next working day.
  • Faster Turnaround Times:
    • This time zone advantage can lead to quicker turnaround times for financial processes, enhancing overall efficiency and responsiveness.
5. Focus on Core Competencies
  • Freeing Up Resources:
    • By outsourcing routine finance functions, Australian businesses can free up internal resources to focus on core competencies, strategic growth, and customer-facing activities.
  • Enhanced Efficiency:
    • Outsourcing can lead to more streamlined operations, reducing administrative burdens and allowing businesses to operate more efficiently.
6. Advanced Technology and Infrastructure
  • Access to Latest Tools:
    • Indian outsourcing firms often invest in the latest financial software, technology, and infrastructure, enabling businesses to benefit from cutting-edge tools without needing to make large capital investments.
  • Process Automation:
    • Many Indian firms are leaders in process automation, using technology to increase accuracy, reduce manual errors, and speed up financial workflows.
7. Quality Assurance and Compliance
  • Adherence to Global Standards:
    • Indian outsourcing providers are familiar with international accounting standards and regulations, ensuring compliance with global financial requirements and reducing the risk of errors.
  • Robust Quality Control:
    • Strong quality assurance practices are commonly implemented in Indian outsourcing firms, ensuring high accuracy and reliability in financial reporting and analysis.
8. Cultural Compatibility
  • Proficiency in English:
    • English is widely spoken in India, and many finance professionals have a strong command of the language, facilitating clear and effective communication.
  • Western Business Practices:
    • Indian professionals are accustomed to working with Western clients and understand the nuances of Western business practices, leading to smoother collaboration and alignment with client expectations.
9. Risk Mitigation
  • Business Continuity Planning:
    • Many Indian outsourcing companies have robust business continuity and disaster recovery plans in place, ensuring uninterrupted service even in the face of local challenges.
  • Geographic Diversification:
    • Outsourcing to India provides geographic diversification, reducing the risk of having all operations concentrated in a single location, which can be beneficial for risk management.
10. Focus on Innovation
  • Innovative Financial Solutions:
    • Indian outsourcing firms often offer innovative solutions and approaches to finance functions, leveraging technology and best practices to deliver value-added services.
  • Continuous Improvement:
    • Many providers in India are committed to continuous improvement, regularly updating their processes and methodologies to stay competitive and offer better services to clients.

Search Outsourced Accounting Companies in India

Search the finance/accounting services outsourcers in India below or use the search filters to discover other back-office outsourcing partners by function or country.