The Global Advantage: Indian accountants a strategic partner for US CPA firms

Did you know?

The demand for offshore talent in accounting and finance is booming, with a recent study showing that at least 37% of US businesses leverage this resource.

This trend shows no signs of slowing down, with the global accounting outsourcing market projected to reach a staggering $110 billion by 2030!

But with numerous options available, here is why should US accounting firms should consider Indian accountants as strategic partners.

Here's Why Indian Accountants Stand Out

1. A Deep Well of Expertise

India boasts a robust educational system, churning out highly qualified accounting professionals. Many Indian accountants hold certifications like the Chartered Accountant (CA) designation, recognized globally for its rigor.

As of April 1, 2022, the Institute of Chartered Accountants of India (ICAI) reported over 3.5 lakh (350,000) members. This signifies a substantial pool of highly qualified accounting professionals.

Also, the Indian education system is increasingly emphasizing international accounting standards like US GAAP.

This strong foundation, coupled with a growing emphasis on international accounting standards like US GAAP, makes Indian accountants well-equipped to handle the complexities of US tax regulations.

2. Cost-Effectiveness:

Let's face it, talent acquisition and retention can be a challenge in the US accounting market.

The average salary for a qualified accountant in India can be significantly lower compared to the US, offering substantial cost savings for your firm.

According to the US Bureau of Labor Statistics (BLS), the median annual wage for accountants and auditors in the US was $77,260 in May 2022.

In contrast, salary data aggregators like Payscale report that the average annual salary for a qualified Chartered Accountant (CA) in India with average pay between $20,000- $30,000 annually.

Partnering with an Indian accounting solutions firm allows you to tap into a vast pool of skilled professionals at a competitive cost. This frees up your resources to focus on core business activities and client service.

3. Time Zone Advantage:

The significant time difference between the US and India offers a distinct advantage. Your Indian team can seamlessly handle tasks outside of regular US business hours, ensuring uninterrupted workflow and faster turnaround times.

4. Cultural Synergy:

India has a strong emphasis on work ethic and professional excellence. Indian accountants are known for their dedication, meticulous attention to detail, and commitment to meeting deadlines.

Additionally, the strong English language proficiency in India facilitates clear and efficient communication with your US team.

5. Technological Prowess:

India is a hub for technological innovation. Indian accounting professionals are adept at using the latest accounting software and cloud-based solutions, streamlining processes and enhancing overall efficiency.

Yes, US boasts a strong IT sector, but the cost advantage often lies with India.

This combination of a skilled workforce and cost advantage positions Indian accounting professionals as strong partners for US tax firms seeking to leverage technology for streamlining processes and enhancing efficiency.

6. Beyond the Numbers:

While technical expertise is crucial, a successful partnership hinges on a deeper understanding. Indian accountants often possess a strong grasp of US business practices and tax laws, allowing them to provide valuable insights and strategic advice beyond just crunching numbers.

Building a Winning Partnership

Finding the right Indian accounting partner is key to maximizing the benefits.

By leveraging the expertise, cost-effectiveness, and cultural synergy offered by Indian accountants, US tax firms can gain a significant competitive edge.

Ready to explore this strategic partnership? We can help!

Industry Spotlight??

1. Foreign trust transactions and large gifts addressed in proposed regs

The proposed regulations implement Secs. 643(i), 679, 6039F, 6048, and 6677, which were added or modified to prevent efforts by U.S. taxpayers to use foreign trusts and offshore arrangements to avoid U.S. taxes.

2. C-Suite is Optimistic About GenAI Use Within Finance and Accounting

Despite low adoption rates, 43% of executives say they're either discussing use cases or have future plans to adopt the technology.

Tips of the Week

For small, contemporary accounting firms:

You can invest your efforts in one of these two options:

1. Convert each prospect that requires your services.
2. Establish a pipeline that generates clients who benefit your firm

Did you know?

India boasts some of the world's oldest accounting records, dating back 5,000 years to the Indus Valley Civilization! These 5,000-year-old clay tablets depict pictographs that some scholars believe represent a sophisticated system of record-keeping for grain, livestock, and taxes.

About Ace GLOBAL

Ace Global provides highly skilled CPAs and accountants from all across the world to CPA firms across USA.

• Find best-in-class accounting talent.
• Increase your capacity while also saving time and money.
• A global talent solutions provider with over a decade of workplace management experience exclusively serving the accounting industry.

There’s a whole world out there. Why not hire anywhere?

Get in touch with one of our specialists today.

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