In the modern era, whether it is time of economic recession or in a good- going financial stability, almost all companies have resorted to cost cutting. In the context of cost cutting, outsourcing plays a pivotal role in the management strategy.Generally the services outsourced are those that are general or supportive in the parent company. Finance and accounting is a service that is outsourced more nowadays. Small as well medium companies prefer doing these tasks themselves as they have a separate department for all these supportive functions. But various companies have started opting for accounting and finance outsourcing just as a measure of saving on the in-house account management costs. Today, more and more companies are outsourcing even accounting activities so they can shift time, money and other resources to strategic business activities, instead of focusing on administrative functions. Outsourcing is a smart and viable option to optimize business processes and ultimately improve the bottom line. My concern is that how India can become a perfect destination for finance and accounting outsourcing services.
Dear Sanjeev Bansal
Greetings,
Please find the attached file about your topic may be useful for you
Best Regards
Mr Bansal,
I am unsure what you mean by a “perfect” location. When is a location “perfect” you’re your viewpoint? Perhaps you might want to clarify the thrust of your question?
Having co-led with a colleague some 25 students from a Dutch university to study outsourcing (of R&D, often considered a core activity) to/in India, I know that outsourcing of accounting and finance to Indian outsourcee firms has been going on for several years. There is also the outsourcing of legal services. That said, you might want to approach overseas firms who are already outsourcing, to get a better view of the problems, difficulties they encounter.
Greetings.
I am attaching a link to understand the challenges in FAO.
In my opinion Indian Accounting and Finance education is another major challenge that we need to address to make India a perfect destination. We need professional approach to FAO.
Regards