For achieving success in business, it is extremely important to understand one's priorities which invariably is linked to higher profits. For higher profits, the focus has to be on expanding the business as well as lowering the costs.  Costs can be lowered when a company chooses to outsource accounting and bookkeeping services in India.

outsource accounting and bookkeeping Services in India

Why Should Accounting and Bookkeeping Services Be Outsourced in India?

Accounting and bookkeeping services, like any other function, would involve a lot of costs as well as shifting of focus from the primary goal of improving business revenues. The multiple benefits of outsourcing this function are discussed below.

# Better Focus

If one has to allocate their scarce resources to ensure that the records are compliant with the present regulatory standards, then this would shift the focus from the primary goal of business development.  Timely audit of accounts and submission to the authorities also have to be checked. When the accounting and bookkeeping services are outsourced, the most important advantage that accrues to the business is greater focus on business growth and not to mention greater accountability.

# Expertise

Outsourcing companies that specialize in providing accounting and bookkeeping services have a dedicated pool of subject matter experts in their team.  These trained professionals constantly keep themselves abreast of the latest amendments in accounting standards. The chances of any accounting errors or compliance errors are the least since any possible deviations from the norm will be cross-checked by the other members of the team. The client won't have to worry about the penalties payable in case of errors in computation or issues of noncompliance. 

# Lower Overheads

When a company has a separate accounting and bookkeeping department, there will be huge fixed overheads to deal with.  The salaries of the staff would be a huge component of these overheads and would include the non-financial incentives as well as the statutory dues which would accrue to them. Terminating the services of the staff would also be an additional headache with a sizable one-time cash outflow.  When the staff reach superannuation age, replacing them would require fresh recruitments which entail another expenditure.  A part of the office space would have to be earmarked for this department which can't be below a minimum size considering that there will be furniture as well as computer hardware required. The latest accounting software will have to be installed which will have an initial cost as well as recurring annual maintenance of contract cost.  When the accounting and bookkeeping services are outsourced, the companies are spared of this expenditure comprising employee salaries, computer hardware and software as well as electricity. In addition, the extra space available could be used for revenue generation. 

# Scalability 

As the environment in which today's businesses operate is volatile, it is difficult to predict whether the present volume of business can be sustained in the future or not.  During an economic downtrend when the revenues are hit, then cost-cutting measures become extremely difficult since it will entail reducing the employee strength. There will be resistance, not to mention the costs involved. The reverse is also true when business is on the upswing and new recruitment would be necessary. There would be huge costs involved for selecting the right candidate. Outsourcing accounting and bookkeeping services eliminates this hassle. The fee the company pays for outsourcing would be directly proportional to the range of services availed of. It would be easier to shift to a less expensive option during times of lower business revenues. And when revenues pick up, it would be possible to shift to a premium service required to keep up with the higher volumes of business.

# Better Technology

Incorporating or upgrading technology is an expensive proposition.  The company that the accounting and bookkeeping services are outsourced to would have the latest technology since this is their core business.

Get the Winning Edge with Outsourcing

It is clearly evident that there are numerous benefits for a company that chooses to outsource the accounting and bookkeeping services in India. However, it is important to choose the right company which has sufficient experience in the accounting and bookkeeping profession.  Paysquare is a Pune-based outsourcing company with extensive experience in accounting and bookkeeping which could be approached for their varied professional services.

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CA. Vipul Gandhi

Associate Director

Khandhar Mehta & Shah - Chartered Accountants

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on time! We

Parameshwer Matla

Human Resources

Columbus India

‘Paysquare’ a perfect match for us as a consultant to deliver the best to our client. It extends User friendly portal for Employees and seamless processing of Payroll including statutory compliance on The most valuable service that we get from you is "peace of mind." I know that once I submit our payroll information, everything will happen on time, payroll, pay slips, statutory reports, full and final settlement, returns and I know that we are and will be always in compliance with statutory laws regarding payroll.

Ramakrishna Dabbara

Sr. Manager – Finance

Sumtotal Systems

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Abhijeet Shete

SENIOR MANAGER- HUMAN RESOURCE

Altra Industrial Motion India

We would like to take this opportunity to thank you for your continual support till date! Your support especially during this pandemic has been awesome! Be it the TAT (turnaround time) you people are processing our requests, being accommodative in accepting the II, III payroll revisions, working late/ weekends, delivering the reports in time and minimal to zero errors are some of the examples of your commitment towards work & deliverables.

Sukesh Baban Dhage

Manager Accounts

Hi Tech BioSciences India Private Limited

On behalf of Hitech Bio Sciences India Pvt. Ltd., Hi Tech Bio Laboratories, Hi Tech Analytical Works & Hi Tech Biosynth Pvt. Ltd., we appreciate your dedication to provide Payroll services to our companies from the approximately last 4 years. We acknowledge the fact that due to COVID-19, situation has become really tough across the globe. We all are forced to stay at our homes and take extra care of ourselves along with family members. It is a privilege to acknowledge you and your consultancy’s efforts and recognize the valuable service that you have provided to us. 

It is always gratifying to work with such great people with extraordinary abilities to provide good and quality service. The kind of response from your side get is fabulous and most memorable with professional culture. Specifically we would like to mention that, your approach towards the client is fantastic, for e.g. response to email is very prompt, continuous touch with client, on time response to queries or questioners’, on time and accurate report sharing. Flexibility to client requirement, Client / customer centric approach etc. Timely payment of salary gives a lot of confidence to all employees and it is due to our partners like Paysquare that Hi tech has never defaulted on its commitment of timely payment of salaries.

Ratnakar Dhakad

Senior Operation Manager

Tecknack Technologies Private Limited

We are very impressed with Paysquare team due to their ability to process payroll very efficiently. We found the implementation team very knowledgeable, supportive and very systematic.

Paysquare is a very matured payroll processing solution and they have well paid down processes to manage first time as well as every month's processing.

Monica Shah

HR Business Partner India

Victaulic Piping Products India Private Limited

Honestly , It has been an amazing experience working with Payroll team as on date . Deepika and Uma has been a strong support to us. They have always been very helpful and co-operative. I congratulate them to run payroll with zero error every month. And I expect the same level of support in future. I am happy to be associated with Payroll team.

Seagate India

Manager

I have been a client of Paysquare for 7 years and their services are fantastic. Migration from the old consultant to Paysquare was seamless. Soon after the migration, Paysquare team was up the learning curve. They never missed the deadlines provided by us. The team is always reachable, and they keep us informed about changes in taxes or government policies which impact payroll. I have complete confidence and trust in their payroll solutions, and we will always recommend them. Any company looking to ease their payroll burden with friendly service and a flexible, secure system should partner with Paysquare.