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Outsourcing is the business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company’s own employees and staff. Outsourcing is a practice usually undertaken by companies as a cost-cutting measure. As such, it can affect a wide range of jobs, ranging from customer support to manufacturing to the back office.
Outsourcing was first recognized as a business strategy in 1989 and became an integral part of business economics throughout the 1990s. The practice of outsourcing is subject to considerable controversy in many countries. Those opposed argue that it has caused the loss of domestic jobs, particularly in the manufacturing sector. Supporters say it creates an incentive for businesses and companies to allocate resources where they are most effective, and that outsourcing helps maintain the nature of free-market economies on a global scale.
Outsourcing can help businesses reduce labor costs significantly. When a company uses outsourcing, it enlists the help of outside organizations not affiliated with the company to complete certain tasks. The outside organizations typically set up different compensation structures with their employees than the outsourcing company, enabling them to complete the work for less money. This ultimately enables the company that chose to outsource to lower its labor costs.
Business process outsourcing is becoming increasingly popular all over the world, including in India. One aspect of outsourcing is the transfer of all or some accounting and financial department functions to an external service provider. Today the number of companies which prefer to outsource accounting and tax compliance functions in India is growing steadily.
We believe that the success of our outsourcing services is mainly based on our ability to establish effective and long-lasting client relationships, discuss complex issues and provide quick responses to client needs and requests.
We understand that our client wants to work with experts with extensive experience and knowledge of their industry. We create our engagement teams based on the industry in which the client operates and also on the knowledge and experience of the team members. We place great emphasis on the quality of our services; our internal control and audit system covers every aspect of our services.