Accounting firms are increasingly under pressure to get more done with limited resources at their disposal. Rising labor costs, talent shortages, and an ever-increasing compliance mandate imposed by the government are some challenges to name a few. Bookkeeping in one such task that has been under scrutiny among major accounting firms. While the task itself is not cause for sleepless nights, there are issues that are emerging that need a closer look. <\/p>\n\n\n\n
\nA 2024 study by Thomson Reuters found that hiring and retaining top talent is the number challenge [at 26%] for accounting firms; followed by timeliness mandates and government compliance (13% and 11% in that order). So, what\u2019s the solution? Firms are increasingly outsourcing bookkeeping to India as a viable solution.<\/p>\n<\/blockquote>\n\n\n\n
But haven\u2019t we heard this all before? Outsourcing is not a new phenomenon. What has changed since the decades old Business Process Outsourcing (BPO) revolution and more importantly, why is India emerging as a hub of outsourced bookkeeping?<\/p>\n\n\n\n
In this blog, we explore the key drivers behind the trend to outsource bookkeeping to India<\/strong>. We will also cover why moving base is both strategic and will fare long-term consequences for accounting firms.<\/p>\n\n\n\n