India is rising to become a glamorous player in offering services in every field. Several top-tier firms are entering the Indian markets to find Indian potential. Along with this, the history of Indian accounting has transformed itself, bridging the gaps and conquering the global market with its modern practices. Read this article to know how India is emerging as a trusted pillar on which world economies rely to outsource their accounting services.
Indians Marching Ahead in Delivering Accounting Services
The ratio of people providing accounting services has declined by 10% from 2019 to 2024. As in 2024, only 1,780,000 accountants are working in the US. The reason behind this talent pipeline issue is that many experienced accountants have already retired, and not many people are now choosing the accounting profession.
Today, in 2025, India has around 485,000 registered CAs who are filling the vacancies for auditors and accountants around the globe. As per reports of 2024, big corporate firms are relying on Indian talent to bridge the gap with a joint workforce of 140,000-160,000 in their Global Capability Centres (GCCs). Furthermore, many mid-sized firms such as BDO and EisnerAmper are also hiring Indian accounting professionals to fill the gaps.
One of the essential estimations is made by the U.S. Bureau of Labour Statistics, which confirmed the situation. It states that moving from 2023 to 2033, accountants and auditors’ jobs are likely to increase by 6%. Charanjot Singh Nanda, president of the Institute of Chartered Accountants of India (ICAI), has also made a statement on the rising demand for qualified accounting professionals. He said that by 2025, India requires around 5,000,000 new CAs and ICAI is doing its best to aid these professionals with digital initiatives and the launch of CA-GPT.
Why Global Firms Prefer Indian Accounting Services
Indians are highly appreciated for their innovation, excellence, support and advancement in every field. The foremost advantage Indian accounting services provide to global firms is timely delivery and quality work. However, there are many other reasons for global firms to prefer Indian accounting services, as listed below:
Qualified and Trusted Workforce
Indian expertise is well recognised particularly their command over English language, knowledge of international taxation, and technology. This makes Indian accountants qualified in the rising markets.
Cost-Benefit Without Compromising Quality
Indian accounting professionals provide quality services at low prices. The Indian accountants are well versed with global accounting standards like GAAP, IFRS and others. Foreign companies have superior ROI in using Indians for outsourcing accounting.
Changing Time Zone into a Competitive Advantage
The difference in the time zone of more than 4-5 hours and 9-12 hours respectively between European and American countries, with India, leads to its competitive advantage. With a follow–the–sun model, Indians who prefer to work at night benefit more from global companies that provide accounting services.
Technological Abilities in the Indian Workforce
Not only do Indian professionals lead in terms of wisdom, but also in the technical knowledge of the tools such as Xero, Tally, SAP, QuickBooks and Zoho Books that are the common platforms of financial operations. Indian professionals have increased efficiency, transparency and minimised human errors in delivering global accounting services with the use of automation tools, cloud-based platforms and real–time dashboards.
Scalability With No Limits
At times of tax season, audits or business development, global firms can utilise Indian talent to fulfil their business accounting operations. Outsourcing to India is advantageous to global companies when seasonal demand is high and only temporary support is required.
What Services are Being Outsourced to India?
India has skilled people who offer inclusive bookkeeping and real–time ledger maintenance services. Owing to the fact that India has been precise in the implementation of the ERP systems such as Zoho Books, QuickBooks and NetSuite, the idea of outsourcing the accounting services to India is a brilliant thought. Furthermore, there are other services that are outsourced to India that include processing of payrolls, preparation & filing of taxes, financial analysis and reporting, accounts payable and receivable management and others. The Indian professionals are effective in the accounting processes due to their knowledge in different tax regimes, strategic decision making, highly automated systems and compliance practices.
Nourishing the Spine of Global Firms through Change in the Accounting Sector
Indian accounting professionals are not confined to cubicles or the local customers. In today’s time, the boundaries are borderless and Indians are proving themselves best in winning every global game.
Upskilled Workforce
The Indian Workforce is currently more experienced than ever before. Also, measures are taken, such as Skill India Mission and National Skill Development Corporation (NSDC), to ensure that professionals are trained to be aligned with international standards, like the International Financial Reporting Standards (IFRS). The programs have been helpful in training over 10,000,000 people on finance, audit, accounting and compliance–related subjects.
Enhanced Foreign Investment
The government also has several reforms that permitted the Indian accounting professionals to meet the demands of accounting around the globe. The reforms include the establishment of more foreign investment ($971.52 billion from April 2000 to December 2023), Goods and Services Tax (GST), simplification of FDI controls, which resulted in the establishment of modern infrastructure, employment opportunities, and cutting-edge technologies. These results suggest that the Indian accounting market has been appealing to many MNCs that have set foot in India.
Technological Innovations
Indian accounting professionals are working with better speed, security and accuracy with the usage of Artificial Intelligence, Machine Learning and Blockchain. Also, many digital tools, such as UPI, have made financial transactions possible. This further enabled the Indian accounting professionals to provide high–quality and secure services at nominal costs to serve the accounting demands of the global firms.
Regulatory Reforms
The ease of doing business in India has ranked 63rd from 142nd in the World Bank Group. This is highly appealing to global firms, and it took only 7 years to happen. Moreover, the adoption of the Indian Accounting Standards (Ind AS), parallel to global standards (IFRS), has led global firms to accept and trust the Indian accounting market.
Scope of Growth in the Accounting Sector
Imagining India as a global talent hub is an attainable goal. The country can achieve it by adapting to an inclusive coalition including corporates, governments and educational institutions. Government initiatives such as the National Education Policy (NEP) furnish employability and skills, which will create a ready pool of employees to meet the global demands. Online learning centres and virtual internships will also assist in reducing the gap and allow Indian professionals to compete globally.
Moreover, corporates can support with certification programs and start internship programs that will allow employees to achieve the worldwide exposure in the sphere of finance. Furthermore, the educational institutions should integrate professional licences and international qualifications such as CPA, CMA and ACCA to educate students for global roles.
Closing Note
India has a long-term vision of establishing itself as a global hub in the accounting field. Also, the country has a motivated workforce to meet the rising demands. Nevertheless, there are loopholes, and to become a powerful economy in the global finance domain, India has to embrace global standards and respond rapidly to the increasing needs.
CA Vipul Gandhi