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shortage of accountants in the United States will prepare to tax returns from India

shortage of accountants in the U.S. leads to tax returns prepared from India

A report by Pune-based value notes, estimates that more than 360,000 had been preparing tax returns in India 2006th It expects further growth, estimating at least 1.6 million are here in 2011 to be prepared. The estimates are conservative and the potential is much greater reach 22 million per year is 2011, but actual offshoring of CPA Firms inhibitions are limited on offshoring. However, competitive pressures could force many more companies offshore.

Glen Keenan, president of Xpitax, a relief of the outfit said, "The whole outsourcing business requires quite a shift in thinking for the CPA firms, so it has feel-good factor to be really high to do that,"

Accounting and audit services are relatively new in offshoring and are gradually maturing with each passing tax season. Unlike other services that traditionally outsourced due to cost pressures, the demand for offshoring returns results from the absence of the accountant

and excessive workload of the season, "tax". The number of CPAs and other qualified accountants in the U.S. is not enough simply to meet the growing demand from increasing tax compliance, Sarbanes-Oxley related work, estate planning, advisory, etc.. The demand-supply led to severe competition for experienced accountants and salaries are skyrocketing, even at levels from. CPA firms are discovering that offshoring returns are reversed not only faster, but also 40% to 60% cheaper. CPA firms after the initial success with returns more slowly is preparing to send work offshore: bookkeeping, financial statements analysis, etc.

Adds value notes CEO, Arun Jethmalani, "the industry will quickly move beyond 1040s on. Both sellers and buyers are at a turning point in the graph maturity, and we expect to drive tax return preparation penetration into a wider range of professional accounting services offshoring is."

The Indian offshore services provider landscape consists captivesdie Big Four audit firms (KPMG, PricewaterhouseCoopers, Deloitte and Toucha © and Ernst and Young), to facilitate U.S. companies / agencies (Xpitax, SurePrep, CCH, IFR), Multi Tier 1 service BPOs (MphasiS, Datamatics, OPI), level 2 BPOs (PB Tech Impact Solutions, Cosmic Internet Technologies) and f and A BPOs owned / by Indian Chartered Accountants (GKM Management Services, Business Accounting Services, accountants everywhere, controlled Enablizer)

Pratibha K, an analyst with value notes feels "intermediaries like Xpitax and SurePrep are best service CPA firms positioned while Indian CA BPOs well are placed, as a complete back-offices for accounting firms operating "

contain Based on the analysis, the extensive primary research, value notes have three winners took out of the current crop of vendors: Xpitax, GKM Management Services and Business Accounting Services.

Opine Karthikeyan, MD, GKM Management Services, Chartered Accountants, we feel our biggest advantage is that we speak, the