An increasing number of businesses now realize the important role that UK accounting outsourcing services in India can play in their business processes. Accounting companies, ranging from proprietorships to large accounting enterprises, have been increasingly outsourcing their transaction processing services. This includes services like preparation of accounts, bookkeeping, monthly management, filing VAT returns and taxes, and payroll processing among others.
Whatever the size of your firm, you can also benefit from this trend. However, it is crucial that you choose the right outsourcing company to manage your accounts processes. Since there are so many outsourced accounting companies in India, it is recommended to follow the tips mentioned in this guide when choosing the best service provider.
Top accounting firms in India
Accounting outsourcing firms in India play an essential role in refining the financial framework of various industries worldwide. By ensuring compliance and deploying premium accounting solutions, they try to perfect the soil for businesses to grow further and increase their scalability. That being said, we have a comprehensive list of accounting firms in India that support you with varieties of services. We have carefully chosen all these companies to assist you with unsurpassed financial solutions. Keep reading to find the best accounting firms in India.
List of Accounting Firms in India
1. Initor Global UK– UK Accounting Outsourcing Firm
Guiding the business world with efficiency and catering for the aid of CPA professionals across countries, Initor Global UK is one of the best accounting firms in India that is pacing towards integrating modernised accounting solutions. The company is a prime destination of many entrepreneurs, particularly when considering the accounting outsourcing firms in India.
It offers accounting and bookkeeping, as well as provides top-notch remote staffing solutions. They extend their helping hands to small businesses, limited companies, contract-based companies and sole traders by ensuring compliance with Indian laws and policies.
By taking your time-consuming financial tasks into accounts, Initor Global UK strives to amplify your proficiency and precision in handling the various accounting needs of a company. They exemplify professionalism and support your company with the offsite accounts department, GDPR compliant, dedicated bookkeepers and bring unparalleled scalable solutions to your venture. In the short term, Initor Global UK is a blend of optimised flexibility and cost-efficiency.
2. Genpact– Accounting Outsourcing Company
Genpact is one of the top accounting firms in India that provide a wide array of solutions such as core business services, procurement and supply chain, risk and compliance, and ultimately finance and accounting services. Responding to current problems and initiating actionable solutions, Genpact is altering the accounting world with next-generation innovative solutions.
They support leading companies and bring significant impact to Fortune 500 companies. With the aid of leading technologies and tech-embracing solutions, Genpact has been pioneering accounting outsourcing solutions for more than a decade. They connect clients and industries worldwide and help companies rebuild their financial structures.
By integrating the latest risk management and accounting trends, Genpact is creating a new innovative world with optimised efficiency. Bringing digital capabilities and lacing them with their client companies is the key element driving their success forward. They partner with clients to keep the supply chain intact and support tomorrow’s investors.
3. KPMG– Accounting and Tax Advisory Firm
KPMG offers audit, tax, advisory, strategic alliance and on-demand services to improve business performance. The company is often regarded as a marketing leader when leveraging leading software and prioritising the latest trends.
It offers professional assistance to bring sustainable changes to your business and combine a deep analysis, risk, and tax management process to develop a focused agenda. KPMG harnesses technologies to smoothen your tax preparation process and guarantee an error-free solution to all parts of your financial framework. By employing industry experience and insights from partnering with many companies, this accounting outsourcing firm in India enhances the quality of your internal operations.
Flexibility and resilience are critical to their actions. At the same time, KPMG also facilitates a less disruptive integration and applies tech-savvy solutions to your business. Quality of services is at the core of their strategy and focuses on creating value for their client’s businesses.
4. OHI– UK Accounting Firm
Directing on core business, OHI reduces the cost of accounting and finance management up to 40% – 60%. The company offers flexible staff solutions, delivers accounting services for developers, company owners, property management, asset management, and investors.
By devising a number of accounting services such as residential property accounting, commercial property accounting, HOA/Condo accounting, construction accounting and so on, they are paving the path for the effortless functioning of their clients. The company is 15 years old and is associated with 50+ companies all over the world.
OHI is a fully integrated real estate firm with 100+ team members and has already assisted small to mid-sized companies with expert solutions. The company’s primary goal is to grow client business without increasing its headcount and bring measurable outcomes.
They also assist you with consultations, reports, projections and so on to augment your financial structure. OHI optimises vendor coordination and query resolution with the aid of its professionals.
5. TCS (TATA Consultancy Services)– Best Accounting Consulting Firm
Being among the best accounting firms in India, TATA consultancy services BPO is offering tech-oriented advanced accounting and bookkeeping services. Their offerings have brought novel changes to the Indian financial market.
TCS provides boutique financial offerings such as cloud consulting, analytics and insights, Artificial intelligence and automation, support for banking and financial industries and so on. By creating a diverse talent pool, TATA consultancy endeavours to amplify your business with enhanced fiscal solutions.
They are stretching the capabilities of industries with technology excellence and leveraging best-in-class professionals and practices according to the current business market. They offer staff solutions and have one of the finest HR propositions, which are furnished to increase the outcome of their clients and stakeholders.
TCS possesses a unique ability to deliver value-creating accounting solutions and accelerate business transformation. By identifying new revenue streams and employing steering methods, they bring innovation models into the business fabric. Apart from this, they have also devised platform BPO services to support automation companies and upgrade their existing services.
6. TOPSOURCE Worldwide– Accounting and Employer Services
TOPSOURCE worldwide is a complete suite that specialises in employer services and manages payroll processes and cash-flows intact and efficiently. Supporting both the private and public sectors, the company is one of India’s chief accounting outsourcing firms.
This business entity seamlessly facilitates prompt and cost-efficient accounting strategies by seamlessly managing the recruitment, HR functions, and legal procedures. They have UK payroll, India payroll and global payroll services that standardise the year-end accounting practices. The company commenced its Indian payroll services in 2007, and since then, it has backed companies with comprehensive account management facilities.
In addition, they also provide HR services, employee self-service, statutory filing service, payroll certifications and accounting services. TOPSOURCE worldwide have a 24/hour client supporting system and manage from attendance to payment of their employees. To increase customer experience, they also have local support systems that provide up-to-date information to your staff. The company also has a flair for tracking the performance and expenses of its clients.
7. Paysquare– Top Accounting and Payroll Firm
Paysquare is an emerging company that holds the potential to top the list of accounting firms in India. This venture is a one-stop solution for all accounting and management needs of business entities. It is a world-class firm with vast accumulated experience and offers technical solutions with high returns.
Their robust solutions and accelerated project management execution have been supporting eminent as well as small-medium sized companies all over the world. They help you with consultancy and strategy, payroll outsourcing, accounting outsourcing, and tax return preparation requirements. The firm has marked its presence in more than 15 countries globally.
Their enhanced problem-solving skills and synergy to apply tech-savvy infrastructure into the financial structures of companies make them one of the best accounting firms in India. Paysquare’s clientele comprises renowned brands such as Volkswagen, Schindler, and Kirloskar. By employing high-tech solutions and agile approaches, they have served 1000 plus clients. Paysquare is transcending client expectations in providing premium payroll and accounting outsourcing services.
8. Savage & Plamer– UK Accounting and Tax Firm
Savage & Plamer dedicate their expertise in digital marketing, accounting and tax, debtor collection, recruitment, and payroll management. They are transforming businesses in India by increasing sales and reducing expenses.
Savage & Plamer helps them by streamlining a qualified and dynamic team to foster an intricate relationship with their clients by complementing each stepping stone of their business clients. Creating a familiar groove in which clients and the company can complement each other’s functions, the company takes complete accountability in its deliverables.
This firm operates with an ownership mindset and ensures transparency, and nurtures an environment for constant learning. Company financials will be fully managed by their competitive team and spend time analysing and studying the reports to provide comprehensive reviews and tax filing reports. They offer the right candidate to handle your accounting practices and are considered one of India’s stellar accounting outsourcing firms. Started in 2013, they soar your experience by drawing onboard experts to address your fiscal needs.
9. BCL India– Accounting Firm in Bangalore
BCL India is an accounting firm in Bangalore that connects clients with accounting experts from various parts of the country. The company helps in ideation & incorporation, accounting & HR management, advisory and virtual SFO services.
Their essential highlights are directed towards integrating new-age technologies and cloud-based systems to facilitate a seamless workflow. BCL India holds regard as a multidisciplinary accounting firm that expedites business solutions in India, Singapore, UK, the USA and many more.
Apart from this, they also support companies with accounting services, CA services, auditing services, financial auditing services, payroll and bookkeeping, income tax, management accounting, corporate accounting, taxation, GST filing and REX registration, etc. They strive to achieve timely compliance and assure a smooth business transition during GST. Depending upon the nature of your company’s operations, they tailor solutions that fit your financial and accounting needs. With on-time delivery and unrivalled quality, BCL has been serving business entities since 2013.
10. Mindspace– Accounting and Bookkeeping Firm in India
Mindspace is an avenue for premium accounting and bookkeeping services. With high standards and a resilient approach, the company aims to improve your payroll and cash flow management with the support of its skilful team.
Mindspace is notable among the list of accounting firms in India, mainly because of its wide array of services and accumulated experience. They assist you with bookkeeping, payroll processing, tax return processing, Xero and Freshbooks migration, accounts payables, accounts receivables, reconciliations, and management reporting.
Founded in 2007, Mindscape is bettering IT industries, small-mid sized companies and retail businesses with unwavering financial solutions. They bring time-tested accounting solutions and are reviewed by Quickbooks and Xero certified professionals. Catering for more than 150+ companies worldwide and investing 60,000+ hours in managing accounts, Mindscape is ready to take an extra mile for its clients. Moreover, hyper-automation and high-tech solutions consistently deliver measurable outcomes at an affordable cost.
To conclude, this list of accounting firms in India will help you in your future financial planning endeavours. Especially if you are in the pursuit of seeking the best accounting firms in India, you can rely on these companies to find exceptional accounting services at the most cost-effective prices. Keep this in mind to get standardised accounting and bookkeeping services at a low cost. Also, if you want to evaluate accounting outsourcing firms from this you need to continue reading this guide.
Evaluate Your Need for UK Accounting Outsourcing Services
One of the most important benefits of this outsourcing strategy is that it frees your accountants from time-consuming number crunching. This will allow your staff to work on core tasks that add more value to your organization such as providing advisory or strategic consulting to your clients – activities that can help your organization grow.
Firstly, you should consider the following key points to determine how beneficial it can be to choose accounting outsourcing companies in India for your company.
1. Motivation for Outsourcing
Consider the motivation of outsourcing your transactional processes to a company in an offshore destination like India. You may find a big incentive in the cost cutting aspect of this process. When you are able to operate at a lower cost, it will become possible to gain greater competitive edge in your market.
There is another important motivation for outsourcing. As your transactional work is outsourced, you can provide premium services to your clients. As already mentioned, this can include services like:
- Strategic consulting
- Business Strategy
- Strategic Advisory
- Data analytics
2. Measure the Technical KPIs
Once the above-mentioned point has been addressed, you should be able to find the reasons for outsourcing your accounting processes. Next, you should measure the technical KPIs of your potential UK outsourced accounting companies in India. This covers parameters like:
- TAT
- Quality
- Communication Skills
Once you are satisfied on these parameters, you should evaluate a number of factors before choosing the best outsourcing company.
Factors to Consider While Selecting Outsourcing Accounting Services
There are many benefits of outsourcing your company’s bookkeeping and accounting services. Examples can include around-the-clock access to your accounts, no more need to hire and train new staff, real-time online bookkeeping, and high level of data confidentiality and security. Such a service can provide total financial management services – from bookkeeping to helping file your tax returns.
You should expect the following range of services from such a vendor:
- Management accounts
- Cash flow forecasts
- Annual budget & variance analysis
- Statement of income
- General ledger report
- Bank reconciliation report
- Operations analysis report
- Key performance element report
The right accounting outsourcing companies in India like Initor Global can also provide additional bookkeeping services.
It is recommended to consider the following factors when choosing the best UK accounting outsourcing companies in India.
1. How They Provide their Services?
The company should be able to handle all aspects of the outsourced accounting services needed by your business. It may seem reasonable to outsource some of your accounting processes and keeping the rest of it in-house. Such a modus operandi is going to develop complications when consolidating and finalizing your company’s balance sheets.
So you should choose an outsourcing company that can handle all your accounting and bookkeeping requirements. This includes all accounting heads such as:
- Accounts payable & receivables
- Sales tax computation
- Filing returns
- Card reconciliations
- Records maintenance
- Calculating business & personal taxes
A comprehensive approach to accounts management will help maintain consistency. This not only affects how your balance sheet requirements are addressed, but also in simplifying and speeding up all the processes, including reporting.
2. Market Reputation & Experience
Look for accounting outsourcing companies in India that have proven experience and specialization in UK accounting practices. Accounting is a vast and multi-faceted undertaking that should be assigned only to organizations having years of experience and impeccable reputation in this field. But how can you check and ensure this? The following steps should help you:
- Research the different services provided by the vender and look for reliable credentials
- Look for any history of poor client experiences
- Check reviews and feedbacks to get an idea of what they are capable of
It is important to know that your company’s accounts will be at stake. You should check each agency thoroughly before entering into an agreement with any one.
3. Use of Accounting Program & Information Safety Standards
Next, check the accounting program and information safety standards used by the company.
- Make sure the company uses the latest accounting programs used in your market
- The use of the right software technology can ensure faster information handling and higher level of precision
- Preferably, the technology used should be compatible with the one used by your business
- This can help in maintaining consistency in transfer/exchange of information, reports, and solicitations between your organization and your outsourcing company
As a well-managed company, you must have developed a work culture that includes a variety of practices that are unique to your business. Check the work culture of the potential vendors to identify any potential similarities and gaps. This can also guide you in choosing the right company.
The service provider should also make all reports, including revisions, accessible on your connected systems. This should allow you to keep a tap on your financials when taking key business decisions.
The cheapest outsourcing firms are not the best accounting outsourcing companies in India. A lower price doesn’t translate into the best deal you can find. Even when outsourcing can help you cut costs and increase your savings, this doesn’t mean you should select the most affordable vendor available.
Address GDPR Concerns
While addressing all these factors, data security should be your top priority. You should consider only those outsourced accounting companies in India that can demonstrate the implementation of multiple layers of security measures to protect the confidentiality of your accounts and all the data involved. Initor Global is an excellent example of a company that complies fully with the regulations of the General Data Protection Regulation (GDPR).
You should evaluate the outsourcing agency based on the following parameters:
GDPR Compliance
Make sure that the outsourcing company complies with the regulations laid down under the General Data Protection Regulation (EU) 2016/679 (GDPR). The agency should have:
- Conducted internal data protection impact assessments to meet the Article 35 requirements
- Implemented essential security standards under Article 32
- Entered into a data processing agreement under Article 28
They should also comply with the provisions surrounding international data transfers.
Data Storage & Security
The vendor should also demonstrate they have adequate security and safeguard procedures for data storage that comply with the GDPR. When you enter into an agreement with accounting outsourcing companies in India, your data will be stored outside the EU. The agency should have security systems that anonymise, encrypt, archive, and delete the data after the data lifecycle ends as per the GDPR guidelines.
Conclusion – UK Accounting Outsourcing Companies in India
Before you outsource, it is important to find the right motivation. Next, you should shortlist the list of accounting outsourcing companies in India that ideally match all the above-mentioned requirements. Once these conditions are met, your business will be able to enjoy the benefits of outsourcing accounting management without the potential risks. Even if it takes a little time to research and find the perfect service provider like Initor Global, it is always worth freeing up your employees for core processes and business growth.
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