The tax service costs in US have gone up rapidly in the last
decade. In such a scenario business organizations are opting for outsource tax preparation and processing services based in India to reduce their operational
costs and optimize their profits. The Indian outsourcing firms have also earned
great acclaim by offering high quality services at competitive costs. They are
expert at using the latest taxation software like Intuit's Lacerte, Proseries Intuit, Creative
Solutions' UltraTax, ATX, TurboTax etc.
The various benefits of
outsourcing tax preparation services to Indian firms have been discussed below :
Cost
effectiveness - India is a developing nation and there is a huge difference
between the currency values of India and US. So by outsourcing its tax preparation outsourcing services ,a US preparation firm can save up to sixty
percent of the cost which they would have paid to a local firm. This will
reduce the operational costs of the organization significantly and enhance the
revenue.
Quick turnaround
time - There is a 10-12 hour difference between the time zones of India and
US. A tax preparation task assigned in the evening by a US firm will be
completed by the time the next working hours commence in US. Moreover Indian
firms are renowned for adhering to the deadlines offered by the clients. In
case of urgent requirement of tax preparation services, Indian firms are the
best option.
Opportunity
to focus on revenue oriented tasks - By outsourcing all the less
significant tasks to Indian firms, the US accounting firms can focus their time
and energy on the significant tasks with a free mind and enhance their business
potential.
Greater
chances of earning customer goodwill - By hiring the services of Indian
firms, the US accountancy organizations can easily meet the tight deadlines of
their clients and thus earn their goodwill. This will enhance chances of
attaining more business opportunities by retaining old clients and getting new
clients through referrals.
Access to
expert staff and latest software - The Indian outsourcing firms maintain a
proficient staff and use the latest taxation software for performing the tasks
assigned by clients. So without having to hire, train and retain staff, US
firms can have access to a talented team. This also helps them in saving the
finances on purchasing software. The costs of hiring infrastructure like
seating space will also be eliminated.
All these factors have been offered for the benefit of US
firms, but it is up to the higher management of these firms to decide which option
is beneficial for them.
Cogneesol is one of the leading tax preparation service providers in India. It possesses an expert team which remains updated with the latest developments in the taxation industry and offers excellent services at affordable costs.
For
more information contact us at info@cogneesol.com or call us at
+16466882821.
