BPO – An Introduction       

Financial institutions worldwide are increasingly interested in sending IT work to lower cost countries. That was the key finding of a new Deloitte Research study, which surveyed 27 global financial institutions including 11 of the top 20, based on their market capitalization, in the U.S., U.K, the Netherlands, Germany, Switzerland and Japan.

"We are on the cusp of a revolution," reports Chris Gentle, global director of financial services research for Deloitte Research. The London, England-based analyst says 33 percent of the respondents told Deloitte they already have sent IT work offshore and 75 percent said they will have work offshore within the next 24 months. 

Gentle says intense cost pressures, lower share prices of these publicly traded companies and the general economic downturn are the major reasons historically staid financial institutions are looking for a new solution. "The financial services industry is becoming increasingly mature. Banks have to reduce their costs to compete in the future," the analyst explains.

How much are the financial institutions saving? The average was 39 percent, Gentle says, although some participants reported savings over 50 percent. 

The benefits of off-shoring specifically in the field of accounting are only recently being explored. Accounting professionals in other countries are ready and willing to perform the same accounting tasks that are being done in USA at a fraction of the costs. 

A large tax-outsourcing firm based in Southern California, employs the aid of more than 200 accountants permanently based in India 

The misconception is that outsourcing work immediately means low quality turnout. As a matter of fact, training consultants for long-term projects has proven to produce results that range from "good" to "brilliant"!  

Worldwide, there is a giant labor force willing and able to help on the processes that matter to your venture. Lounge back while your onshore competitors continue to work overtime on returns that could have been finished in another country...days ago!

However, harnessing the immense power of Accounting outsourcing is a whole new experience, one that comes with its own share of risks -- and therefore requires much foresight and planning. Akshay Software can help mitigate the risks, improve process efficiency and lower costs through it’s Off-shore Accounting Delivery Model.

Companies across various verticals including Manufacturing, Information Technology, Food and Beverages are adopting the off-shoring accounting model to drive down costs and improve efficiency.