Hmm…India comes handy for all the purposes. Here, I am reading this news where the accounting firm overburdened with inflow of extra accounting work like preparing client tax returns sends much of the seasonal work to an accounting firm which has more than 700 experienced accountants on its board, out of them 140 are certified public accountants (CPAs) and certified accountants (Cas). Pretty impressive! What they are replacing is broadly lower level of work.
Welcome to the growing world of finance and accounting outsourcing. What started out with billing, invoicing, general bookkeeping, accounts payable and receivables is now including tax preparation, even audit services.
According to NASSCOM, an Indian trade body representing the outsourcing business, high-end accounting work now accounts for 30% to 40% of the market.
According to the Institute of Chartered Accountants of India, there are about 140,000 practising CAs in the country, and another 350,000 are pursuing their CA designation. That talent pool is attractive to North American firms.
I remember reading a report by the Federal Deposit Insurance Corp. sometime back, where; it says U.S. banks and financial institutions have heighte
ned their liability and political risks by outsourcing functions overseas. As per Deloitte research statistics 80% of the world's largest banks have moved financial work offshore, and much as 15%-or $356 billion-of the financial services industry's cost base will migrate within the next five to 10 years.
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