5 reasons why US-India Partnership opens up an unprecedented opportunity for Small, Midsize and Regional Accounting Firms
When the president of the world's oldest democracy and Prime Minister of the world's largest democracy shared the stage and shook hands and hugged in front of 50,000+ people in Houston, Texas, it was a milestone of the deepening friendship and bilateral ties between two great democracies. The foundations of which were laid in the early 1990s. Increasing speed of the internet has not only reinvigorated this relationship but more importantly brought forth cultural integration of the people. Some of the reasons playing a key role are:
Indian diaspora in the US - 2.4 Million+
Apart from Thanksgiving, Christmas and Halloween, Americans are celebrating Indian festivals like Diwali and Holi with equal gusto.
India has the 2nd largest English speaking population in the world right after the US
In India, English is the second most spoken language. When it comes to reading, writing, speaking or comprehending, Indians are good and comfortable with English. The only limitation is that they have an accent. In terms of communication and working with Indian professionals, it’s easy and smooth even if you haven’t worked with them previously.
3rd largest consumer of American products, services and content
India is contributing 18% in Apple’s revenue with iPhone being one of the most popular smartphones. Microsoft office is one of the most widely used products not just in the US but across the world including India. Netflix has found India as it’s 3rd largest market within just a few years of starting its operations.
Yet, what’s the significance of US-India partnership for CPAs, EAs and accounting firms?
Bilateral Trade between US & India expected to rise to $238 Billion by 2025
As more and more Indians are consuming American products and services, there are a large number of American companies setting up offshore offices in India to take advantage of the currency arbitrage for hiring cost effective talent.
This is where small, midsize & regional accounting firms have an opportunity. They can leverage offshore staffing for higher profitability, build capacity to take more work, reduce workload of existing staff and gain competitive advantage. Here is a list of top 5 advantages of choosing offshore staff in India:
5. Huge talent pool of accounting professionals
With over 1 Million+ accounting professionals in India having relevant qualification and experience of US accounting and tax principles. It’s easy to find the right talent for your firms no matter which position you want to fill using offshore staff.
4. Easy communication and collaboration
India has the second largest English speaking population in the world, right after the US itself. Moreover, there is a fun fact for you, India is the 3rd largest consumer of hollywood, netflix and amazon prime content in the world. As a result, the language barrier is minimal and the understanding of American culture is much higher.
3. Currency arbitrage
1 USD = 70 INR, such is the mileage of USD in India. For small, midsize & regional accounting firms hiring offshore staff can help them save up to 75% in employee cost resulting in higher per partner profit and ability to build a team of offshore staff which can multiply their profitability. 500+ CPAs, EAs, accounting firms and tax practices chose Entigrity as their trusted offshore staffing partner to hire staff starting at $9/hours.
2. Qualified, experienced and skilled professionals
Yes, there is a huge talent pool, but do they have the required skill sets and understanding of US accounting and tax? Moreover, do they have experience of working on the software that you use like Quickbooks, Ultratax, Lacerte or Drake? The answer is yes. Entigrity can help you hire the right candidate who matches your requirements to the highest extent possible.
1. No payroll taxes, no compliance
Payroll taxes, insurance, overheads, infrastructure costs and compliance makes it expensive to hire local staff stateside. With Entigrity’s offshore staff, you can hire offshore staff without having to worry about payroll taxes, compliance, overheads, benefits or any other thing.
If you look at all the benefits of offshore staffing with Entigrity, it can help you achieve:
- 30 to 60% growth in profitability
150 to 300 hours of workload reduction per owner/partner
250 to 500 hours of workload reduction per staff member
20 to 30% compounded annual growth in revenue over a period of 5 years
To learn more about how you can use offshore staffing to transform the #1 challenge of staffing into an opportunity, let’s schedule a quick 15-minute no-obligation call at your preferred day & time - https://calendly.com/entigrity-remote-staffing