Is Outsourcing Tax Return Preparation Work to India Beneficial for UK Accounting Firms?


January 06, 2021

For a company to be stable & financially sound, it needs to grow and be profitable, irrespective of it being a small company or large multinational. By having a team of skilled accountants improves the business processes, which is an important function of the company to maintain steady growth. 

Many accounting firms in the UK are opting for outsourcing Tax returns preparation work offered by KPO firms in India for reducing their costs and focusing more on productive activities. By outsourcing accounting work to India, UK accountants not only lower their cost but also add value to their clients as qualified and experienced accountants working for them and take care of all important aspects of self assessment tax return

The Outsourcing of Tax Returns Preparation Work to India is among the most explored after outsourcing services. There are some of the key reasons why UK accounting firms need to outsource to India include:

Cost Savings:

This is one of the most apparent reasons why UK accounting firms outsource accounting & tax to India. Cost of a skilled workforce is lower compared to the United Kingdom because of the exchange rate difference. Even though the prices are low, there is no shortage of quality and skills resources. Even the resources are highly competent and qualified to deliver the best quality services.

Time Zone Benefit:

In this fast-moving world, we value time so much and often say that time is money. The time zone of India is unique so that the service providers in India can easily provide you with the services at all times of the day. This is a great benefit for the UK accounting firms who can get access to highly skilled resources 24X7 and offer their clients the best of services within a swift turnaround time.

Skilled, Experienced & Qualified Staff:

As far as outsourcing is concerned, India tops the list of the most preferred and most trusted outsourcing destinations in the world. It has one of the largest pools of brilliant and skilled accountants and bookkeepers. Outsourcing accounting services to India can give you access to this large group of talent and get your work done within a quick turnaround time.

Data Security Protection:

When a business grows, one of the major concerns for the company is to maintain the security of the important documents and its accounts. By outsourcing to India, you can be fully assured that all your details, your client information, your precious documents, and other confidential data are kept safe and in secure databases.

High Level of Accuracy:

Accuracy is one of the aspects that cannot be compromised as accuracy builds credibility and credibility builds your business and turnover. Outsourcing accounting services to India can be a very advantageous step for any UK accounting firm as it assures highly accurate outputs. This level of accuracy will help to efficiently manage other back-office operations smoothly.

Access to Latest Technologies:

As the market is quickly changing with new and innovative technology and accounting tools it is very important to update with the time. Nowadays India is getting an edge in the field of technology and most of the software and technologies are developed in India and by outsourcing to India; you can easily get the access to the updated and latest accounting and other financial tools and technologies. 

Hence, by outsourcing accounting to India can free up your valuable resources and time. Back-office operations can be a repetitive function which can be a distraction for you. Outsourcing gives ample time to focus on your core competencies and provide your clients with the best customer experience.