India is the leading country for offshore outsourcing

India is the leading country for offshore outsourcing. The offshore outsourcing industry started in India and it has been able to grow the IT and BPO export sector to $47 billion and capture more than half the offshore outsourcing industry. That is not to say that India does not have challenges or is the best location for every offshore outsourcing effort, but it has an unparalleled history and size.

The Americas and Europe are the largest customers for the Indian outsourcing industry and account for 60 percent and 31 percent respectively of IT and BPO exports. The largest vertical sectors are financial services (41 percent), high-tech/ telecom (20 percent), manufacturing (17 percent) and retail (8 percent).  In 2011 the IT-BPO industry currently employs 25lakh people out of which 835,000 are employed by BPO exports industry.

IT and BPO services outsourcing first started in India in the mid 1980s. The large, English speaking, low-cost workforce was the main attraction. The industry grew rapidly through the 1990s aided by the dot com boom and IT upgrades to prepare for potential Y2K bugs. The 2000s saw similar growth with work moving to India in down cycles to help companies cut costs and in boom times to capitalize on the readily available talent.

The 2008-2009 global recessions has had a negative impact on outsourcing growth in India, but the sector is experiencing a turn-around in 2010. Many US and European companies are still cautions about the speed or staying power of the 2010 economic recovery and thus are looking to maintain a low cost base in locations such as India. We expect IT and BPO outsourcing in India to bounce back to double digit growth rates in 2012.

India has been the preferred outsourcing destination for most IT companies in UK and USA, mostly because of its affordable labour, English speaking workforce and stable infrastructure. 

The services sector in India contributes as much as 52% to the GDP growth and includes BPOs, KPOs, IT companies, ITeS etc. Due to the economical crises in America and European nations, the Indian outsourcing industry has evolved. This is because global IT companies are cutting down on costs and are seeking more cost effective solutions by seeking cheap resources. These include several changes in corporate behaviours such as staff reductions, bringing in new decision makers, better payment management and simpler value propositions.

Of course, changes in pricing trends see American and European companies deflating pricing for globalization services. Large companies, especially those that work on long term engagements such as TCS, Satyam, Wipro, etc. are not adversely affected. In fact, Indian IT services companies will prove beneficial to recession hit countries due to their ability to compete better. Business relations between India and these nations will improve, as a result.

Currently, the Indian economy is one of the largest emerging economies in the world. It is commonly grouped with Brazil, Russia and China as part of the BRIC countries that are having an increasingly important impact on the global economy.  The gross domestic product, measured by current exchange rates, hit $1.2 billion in 2008.  However when calculated using purchasing power parity, the economy is estimated to be about $3.4 billion, second of all top outsourcing countries.

Outsource your tax service instead of increasing your hassles level and risking your health

CEOs have one of the most stressful jobs as they are the company’s owner. Being the company leader, you should oversee the entire operations of your company. With the many responsibilities and grand expectations that come along with your job, a worry-free day may be rare for you. However, do not let this be the case! While your job may require a lot from you, you have to keep in mind that your health is as precious as your company. Running your business properly wouldn't be possible when you are unhealthy.

So, instead of increasing your hassles level and risking your health, search for a company offering tax service. Currently, other enterprises are doing the same thing because this option is deemed more beneficial for businesses.

Entrusting the preparation and filing of your taxes to a professional tax service provider is a good way of ensuring that your taxes are properly and accurately computed. This is because a professional company specialising in tax services is staffed with qualified and trained tax specialists. Furthermore, by working with a tax service provider, you don’t have to worry about filing your taxes as the firm’s going to do it for you. They ensure you that your tax returns are filed on time and you don’t have to worry for the last moment searching CPAs to file your return.

Basically, the greatest benefit of outsourcing the preparation of your corporate taxes is that you spare your company from having unnecessary expenditures because of government fines and sanctions arising erroneous tax computations or delayed payment. What’s more is that you get expert service at a lower price as compared to forming your in-house accounting team. Outsourcing your tax return preparation services is helpful for companies as they don’t have to appoint seasonal employees and they can save their overhead expenses.

With the relatively affordable cost and the several benefits of outsourcing tax service, there is no reason for you to not prefer this. More and more CPAs and accounting firms are opting to outsource tax return to India to help minimize operating cost and maximize efficiency and gain competitive advantage. As a business owner your time is best spent doing what you do well - working with customers. Time spent on preparing tax returns add little or no value to your customer relationship. Remember that with this option, you don’t just safeguard your health but also your company’s welfare.

Timely tax return ensures a proper business valuation

Tax Return is a seasonal work. It requires a lot of information and details and it is very much time consuming. Time is always premium for everyone whether it’s a big or small business organization. Since an in-house staff is inadequate in dealing with the complexities of the tax return procedure, outsourcing shows the way. This becomes all the more important when the issues of security are involved which can be properly managed with the help of tax return outsourcing services. Also, due to the lack of time on the part of companies prompts hasty decisions by the management and results in a tax report which is replete with errors. Outsourcing personnel who take pains to understand the situation of an organization, thus, is a perfect step towards mandatory tax file return. This ensures a turnover, which is commendable and helps a company in carving a niche for itself.

Tax return outsourcing requires expertise in dealing with a number of aspects like keeping a track of work flow management, staff management and other issues of strategic importance. The professionals in the tax return outsourcing firms have it in them, to provide efficient services by means of their years of expertise gained, while dealing with important projects of their erstwhile clients. The tax data software utilized for this purpose provides relevant printouts which greatly aid the process of timely tax return. In turn, this results in efficiency and concentration towards the core areas of importance which further help to garner rich profits for an organization.

Often, companies wait until the last moment to save their precious money resulting in an enormous wastage of time. It is only at the last moment that the companies rush to search for a CPA who can deliver. However, this requirement is fulfilled with the help of brilliant public accountants, who are quite capable to decipher the tax laws and thus help their clients in easing their complex problems. Timely tax return ensures a proper business valuation and in the development of efficient management systems for organizations. Tax return outsourcing firms assist organizations thus, in preparation of tax reports which speak of nothing else but sophistication.

A glaring reason why the businesses everywhere opt for the services of the tax return firms is that the cost factor which is duly in their favor. This is the main motivation factor behind outsourcing the personnel to carry out complex tax return projects for them. Tax return outsourcing services are timely and the immense benefits which follow on the completion of projects are quite visible for everybody. With the help of outsourcing services, companies are able to direct their efforts and energy towards other areas of concern which might have been overlooked. A good amount, which otherwise goes towards catering the whims and fancies of in-house accounting staff is utilized for the purpose of improving the core business areas. The outsourcing firms come with an attribute of confidentiality with an active assistance from e-filing system. This results in the organizations managing to have a tight control over the data facilities, private networks, data encryption and firewall security system.