Accounting Outsourcing to India
The accounting scene has much changes in store within the next year or three. India is fast-rising in the ranks of preferred destinations for accounting and accounting-related jobs.
During the 26th Regional Conference of the Institute of Internal Auditors of India, Pricewaterhouse Coopers PVt Ltd’s managing director speaks of the India promise. Roopen Roy relates,
“India had the potential of being one of the most preferred destination for companies looking for accounting job outsourcing to other countries. This could also provide tremendous employment opportunities in India.”
Roy points out the gaping shortage of accountants in the business world – with the scarcity concentrated in the developed countries.
Responsible for this trend are the demographics of European countries and that of America and Japan – a good example being the declining birth rate over the years in the cited countries. Another factors it the decrease in credibility and trust in accounting professionals in these countries for the past five years.
Migration as well has been seen from this profession to other jobs during the past years, resulting in the shortage of trained and accredited personnel in that particular service sector for the developed countries.
To illustrate his point, Roy points out,
“If one talks to any international firm one finds out that they have been recruiting people from India in their organisation.”
He goes to add that the popular IT model of outsourcing is also applicable to this segment.
The move to offshore to India promises considerable cost savings for the foreign companies, providing a better cost model wherein accountants in India are allowed to audit firms in the listed countries.
In closing, Roy adds,
“This is where India will have to snatch the opportunity and create itself a leader in the segment through IT and IteS,”
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