India's Story of Becoming the Global Accounting Back-Office

Hi everyone,

The India Growth Story is not hidden from anyone. But as someone who has been through the thick and thin of the accounting industry for over two decades, I've had a ringside view of India’s rise as the world's accounting back-office.

I know, stereotypically, India is still seen as the global IT hub, but how the world has pivoted to India for accounting, bookkeeping, and financial services in the last decade or so is another story altogether – an even more remarkable one!

While the IT boom laid the foundation, the accounting industry's growth trajectory is a whole new ball game. Recent research reported that India’s accountancy market recorded a CAGR of 4.4% between 2018 and 2023, netting a massive total revenue of $15.9 billion in 2023!

But how has India captured this growth?

For me, the policy shifts and structural changes implemented by the Indian government are what really fueled this transformation.

Through strategic reforms, investment in education and training, and the promotion of technology adoption, the Indian government has laid the foundation for a thriving accounting ecosystem.

Numbers say India’s FDI inflow in the last 9 financial years (2014-23: USD 596 billion) has increased by 100% over the previous 9 financial years (2005-14: USD 298 billion) – helping not only attract MNCs but also empowering local firms to compete on a global scale.

Fun fact, Warren Buffet himself went Bullish on India in his latest Berkshire Shareholder Address. Now, if you’re not investing in India, our blog here is a great starting point to know exactly why you should be.

India's robust infrastructure, combined with a large pool of English-speaking professionals and cost-effective services, has made it an attractive destination for international businesses looking to outsource their accounting functions.

In fact, India's ranking in the World Bank Group's ease of doing business index jumped from 142 to 63 in just seven years.

But there’s more to it than cost savings. India’s tech infra is helping its digital economy to reach an expected $1 trillion by 2026, up from $250 billion in 2020 – potentially bringing the best that cloud has to offer closer to accounting firms.

Add to all that India's favorable time zone which allows for seamless collaboration with clients worldwide, round-the-clock support, and timely deliverables.

And that’s how India has positioned itself as a preferred and trusted – that’s the keyword in our business – destination for accounting and financial services.

Trust me, change is happening now, not in the near future. Looking ahead, I think India's role in the accounting industry is set for continued growth and influence.

At Samera, we are all in on India. Question is: Have you factored India into your firm’s growth strategy?

Contact us today to learn how Samera can help you capture the competitive edge that India offers! Visit our website here or need help with your own offshore journey? Book a call.

Until next time,

Arun

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