The Whole Truth About Accounting And Its Outsourcing

Finding the top accounting firm in Delhi is not as easy as it seems at first glance. There are many proposals, but how to understand in this variety what is right for you?

An accounting services provider is usually chosen for a long time, changing it within the reporting period is rather troublesome, so it is better to approach the choice with full responsibility.

Accounting as a concept is a continuous process of collecting, registering, and summarizing information, and reporting is formed based on accounting data, that is, these are two closely related components. Thus, accounting is the collection and continuous reflection of information about the organization in special accounting documents.

People start thinking about outsourcing accounting when it comes to their understanding that their accountant is not a business partner and: 

Does not want to take responsibility for himself, is afraid to communicate with government agencies, or does not know how usually takes an advantageous position for the tax (and passive concerning a business).

Cannot provide high-quality expert support: there is not enough time, or knowledge, or experience, or resources.

Clumsy does not keep pace with business changes, sabotages new, prefers to work in the old-fashioned way.

In general, the accounting function is understood narrowly: to calculate taxes, salaries, submit reports to the state.

Quite quickly, the company's management realizes that rather than looking for a spherical horse in a vacuum (a universal specialist who is equally well versed in tax, legal, IT issues, while being proactive, entrepreneurial, and focused on a result useful for business), it is faster and easier to hire top accounting companies in India with extensive expertise and resources. 

Accounting outsourcing is often considered when a company is faced with the task of reducing current accounting costs. From the outside, it seems to many that the services of an accounting firm are always cheaper than maintaining a full-time accounting service (is this so - we will consider below). 

In addition, outsourcing of accounting makes it possible for free (or almost free) to get access to technologies, the introduction of which the business most likely will not be able to pull either in terms of money or resources. 

Well, another common case when accounting outsourcing is a good solution is when the company has several founders or hired management and it is necessary to preserve the independence of the accounting service, exclude the possibility of collusion with the accounting department, and provide all interested parties with equal access to financial information. 

If you have not dealt with outsourcing of accounting before, questions inevitably arise: 

What the service is; 

Is it possible to establish interaction with the accounting firm in such a way that the remote accountant does not differ in any way from the regular one; 

How to control the work of the accounting firm; 

What criteria (except for price) to rely on when choosing an accounting company, etc. 

To outsource accounting is to transfer the accounting function of a professional company in whole or in part. In this sense, outsourcing accounting services is no different from other types of outsourcing.

This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.

Posted by

CA Aman Aggarwal

AKGVG & Associates