India Report: Legal Outsourcing and Accounting Outsourcing to India

Summary

This report focuses on the outsourcing of Accounting and Legal work to India. India is well placed to provide BPO services given its numbers of highly educated, skilled, English speaking workers. Indian companies also have the technology and software expertise to provide outsourcing services. Besides, the fact that India is a stable democracy with established legal and judicial systems also provides a measure of confidence to its overseas customers.

A.T. Kearney Inc. predicted in 2003 that 500,000 financial-services jobs would go offshore by 2008. Some other studies show that the global market for outsourcing finance and accounting operations alone is expected to grow at a 9.6% compounded annual growth rate and exceed $47.6 billion in 2008.

Similarly, there are obvious benefits of outsourcing the legal function. The legal and compliance functions of a company are its very backbone. At the same time, recruiting and retaining in-house lawyers with the necessary skills is difficult besides being very expensive.

Some service providers get involved from before the incorporation of a company – right from making financial projections for financing. In addition to the standard services, they provide consultancy in the accounting software to be used, policies and procedures to be set up, accounting policies, establishing a month-end closing schedule, compensation strategies, establishing a filing system for the new business, and so on.

Some long-term benefits to outsourcing are:

• Greater ability to budget for the outsourced function over the period of the outsourcing agreement
• Greater creativity in problem solving
• Results flowing from better management of core business operations
• Better management, contracting and outsourcing integration skills

Buy this report to find out more about the various aspects of Legal and Accounting functions that can be effectively outsourced.