Benefits and challenges of outsourcing accounting work to India during Covid-19

Accounting and bookkeeping can be stressful job. As more businesses are coming into the scenario of work from home in the pandemic, monitoring and delivering the work to the clients becomes more challenging. Now business owners are opting for outsourcing accounting work to India so they can easily monitor business’ cash flow, prepare taxes and other financial tasks. In the accounting department, businesses mostly prefer to outsource: 

• Year-end Accounting Outsourcing
• Management Accounting Outsourcing
• Payroll Processing
• Tax Preparation Outsourcing

If you are looking for a vendor to whom you can outsource your accounting department, you must know what benefits and real-time challenges you may face.

Benefits of Xero Bookkeeping outsourcing to India

Leveraging the full potential of service can only be done only when you are aware of what you should expect from your vendor. The same applies to outsourced bookkeeping services to get maximum profit and efficiency in your workflow. Some other advantages are:

1. Streamline the work process by not only getting the managed solutions but also 2 stage reviews before the work is delivered to you.
2. It is not wrong to say that cost-effectiveness becomes the major point to choose accounting outsourcing service as Outsourcing can help businesses cut up 50% of cost without hampering the quality of work.
3. Get premium access to cloud technology at no additional cost. Softwares like Xero, Quickbooks, tax calc will help to get access to information from any device globally with secured networks in a real-time environment.

Challenges of Accounts preparation UK outsourcing

When you have decided to outsource your accounts, there are certain challenges you can face, and it's always better to be educated yourself before choosing the best vendor for your accounting firm/business by using the checklist before hiring an accounting outsourcing company.

1. Check if the company is registered or not with proper documentation. Look if the company employees are experts in accounting and bookkeeping like promised by the vendor. Take a short interview to understand the experience an employee holds and would it be a good fit for your work.
2. Your vendor must be using cloud-based technology in their process instead of taking the traditional approach. Not only integrating the cloud-based softwares like Quickbooks, Xero, TaxCalc, but your outsourcing partner must also have employees who have hands-on experience on industry-relevant softwares to provide you efficient work.
3. It is very important to check if your outsourcing company is GDPR compliant or not. Also, your vendor must offer high security to prevent any data leakage.

Read more: https://www.professionalsuk.co.uk/article/accountancy/6716/benefits-and-challenges-of-outsourced-accounting-services-during-covid-19