Expected to hit 735.94 billion USD, Accounting is one such market that generates a high revenue. With a targeted CAGR of 5% between 2024 to 2029, the Indian Accounting Market is set for significant growth.
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The biggest reason behind this is outsourcing even the basic accounting services like accounts payable, bookkeeping, etc. India, with its dynamic market and skilled workforce, has thus become the home to thousands of accounting companies.
Types of Companies that Provide Accounts Payable Services
If you want to meet basic accounting needs such as bookkeeping and accounts payable, you can avail the services of one of the below:
● CPA Firms
Employing Certified Public Accountants (CPAs), these companies provide specialised financial services alongside regular accounting tasks. Thus, if you want a company that takes care of your accounts payable as well as compliance needs and financial forecasting, you need to hire a CPA firm.
● Accounts payable outsourcing providers
A business, particularly a startup, might lack the budget to hire an entire accounting team to address all their business needs. To address this, accountancy firms provide even the most basic of services like accounts payable and receivable.
● SaaS solution providers
With the transformation in the digital sphere, many companies prefer getting a software tool to address their accounting and business needs. This helps centralise their operations as well as streamline their tasks. Software as a Service (SaaS) solution providers design tools that automate their daily processes such as bookkeeping, invoicing, etc., and help these companies stay ahead of their tasks.
Top Companies to Choose from for Accounts Payable Outsourcing
In India, there are many firms for accounts payable outsourcing and other tasks. These can be separated into newly established firms and market leaders with years of experience.
Let’s take a look at the top options in both categories:
Rising Firms and Startups in Accounting
Due to their client-centric and personalised approach, a number of finance and accounting companies have started to gain traction in the Indian Accounting Market. Owing to their innovative approach to accounting and associated tasks, these companies are providing stiff competition to the market leaders.
The most noteworthy of these firms are:
1. Lekhakar
A 2021 startup, Lekhakar has quickly turned into one of the most trusted names in the accounting world. MSMEs in today’s economic market need to gain an edge over other companies if they want to succeed – a fact that is well understood by the experts at Lekhakar.
Though they provide a broad list of accounting services, they do not exclude any of the basics such as bookkeeping, accounts payable, accounts receivable, and others. This makes them an excellent choice for companies that are looking to outsource their entire accounting department.
With its customer-oriented approach to accounts payable outsourcing and other services, Lekhakar is the top choice among accounting firms.
Address: A-12/13, Sector-16, Noida – 201301
Contact: Sales: +91 8800445497, Support: +91 8800445497
Mail: sales@lekhakar.in, support@lekhakar.in
2. Invensis
A global name in accounting and bookkeeping, Invensis boasts an extensive client list. With an aim to innovate the accounting industry, Invensis is the choice of top global brands. With market expertise that spans sectors like Energy, Manufacturing, Aviation, and Media, no industry is too niche for the experts at Invensis.
Whether your requirements are something simple like accounts payable or more technical like meeting compliance norms, the experts at Invensis are equipped to handle it all.
Address: Invensis Technologies (P) Ltd. #1321, Sarakki Extension 15th Cross, 100 Feet Ring Road, JP Nagar 2nd Phase, Marenahalli, Bangalore – 560 078.
Contact: +91 80 2659 5899
3. Nexia International India
Not all businesses are equipped to navigate the complexities of the Indian Financial Landscape. Nexia International bridges this gap by bringing global expertise to the Indian business community. A leading name in accounting and financial advisory services, Nexia takes an innovative approach to all accounting services.
Address: Nexia International – India Representative Office, 3rd Floor, L-41, Connaught Circus, New Delhi, 110001, India
Contact: +91-11-23353466
4. BookkeeperLive
With a function similar to their name, Bookkeeper Live provides basic accounting services such as accounts payable and receivable, bookkeeping, etc. If you want to meet your basic accounting needs by outsourcing accounts payable and other services, opting for BookkeeperLive is a sound business choice.
By choosing BookkeeperLive, know that your accounts will be handled with care.
Address: 1117 Binori B Square 3, Friends Avenue, Bodakdev, Ahmedabad, Gujarat, India 380054
Contact: +91 812 888 4024
5. Zapro
A SaaS automation solution, Zapro simplifies and streamlines the payment process. Being a Vendor Relationship Management and Procurement system, it integrates with your accounts payable system and other ERP modules for a complete solution.
By providing analytics, assessments, and tracking, Zapro is an innovative tool for businesses.
Market Leaders in the Accounting and Finance Sphere
On the other end of the spectrum, you have companies that have a market presence in the Indian market and years of expertise in finance and accounting. Some of the most notable of these companies are:
6. KPMG India
Being one of the Big 4 financial service providers, KPMG goes one step further to provide both basic accounting services as well as specialised financial services such as compliance and advisory services. With a broad client base serving conglomerates as well as smaller firms, KPMG has a solution for all.
Address your accounting challenges with expert consultants and cutting-edge technology with KPMG.
Address: KPMG India Pvt Ltd Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India
Contact: +91 22 6116 6000
7. Grant Thornton Bharat
A member of the global Grant Thornton Network, this company aims to implement innovative solutions to navigate complex financial issues. This company provides the full spectrum of financial and accounting services such as audits, advisory, accounts payable, and more.
If you want to hire a financial services firm for outsourcing accounts payable and other tasks, Grant Thornton Bharat is a sound choice.
Address: 6th Floor, Worldmark 2, Aerocity, New Delhi – 110037
Contact: +91 11 4278 7070
8. BDO India LLP
A part of the world’s biggest accounting and advisory organisation, BDO India provides tailored solutions for all accounting and financial issues. With a diverse customer base, BDO India has the expertise to take your business to the next level.
For a proficient firm providing efficient accounting solutions, BDO India is one of the companies to consider.
Address: BDO India LLP 102, Building No. 10, Wallace Heights, M. V. Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Contact: +91 22 6666 6000
9. SS Kothari Mehta & Co
A 1953 company, SS Kothari Mehta & Co has grown from a business to an institute in the financial sphere. With top-tier accounting services, SS Kothari Mehta & Co has kept up with India’s evolving finance sector.
If you are looking for expert services that help you achieve your financial goals easily, SS Kothari Mehta & Co is a good option for your business.
Address: Plot No. 68, Okhla Phase III, New Delhi – 110020
Contact: +91 1146708888
10. Luthra & Luthra LLP
A leading accounting and advisory firm, Luthra & Luthra specialises in providing financial strategy for budding businesses as well as top companies. From accounting and payroll services to taxation and compliance, the experts at Luthra & Luthra are equipped to handle it all.
Address: A‐16/9, Vasant Vihar, New Delhi – 110 057
Call: +91-011-42591800
Choosing the Right Company for Your Business
The accounting firm you hire must be exactly in sync with your business design and requirements. Hence, it is important to evaluate your needs as well as understand which services are on offer.
Comparing New Companies and Larger Finance Firm
With newer accounting companies, people usually have the following concerns:
- They might lack the expertise to address all business needs.
- Their services might not be up to the mark.
However, by enlisting the services of the smaller firms, you enjoy the below benefits:
- A customer-centric approach to accounting services.
- Personalised service delivery.
- A wide range of services.
- Affordable options to meet the budget of smaller companies.
- Innovative techniques to gain competitive advantage.
While with larger companies, you get the following advantages:
- Market expertise across various industries.
- Stay in line with industry standards in terms of accounting services.
Though, many businesses have faced the below drawbacks:
- High charges for even basic services.
- The team assigned might not be well-versed with your needs.
Selecting What’s Right for Your Business
When picking a company for accounts payable outsourcing, you need to do the following:
- Understand your scale of operations
- Evaluate the services that you need.
- Decide on the budget.
- Find companies that meet your needs
- Look through client feedback
The above will help decide on a company to meet your accounting needs.
To Conclude
Whether you are looking to enlist the help of the market leaders in accounting or one of the up-and-coming companies, outsourcing accounts payable and other activities is a wise business call. Further, by availing the services of the smaller accounting firms you can save on costs while getting a tailored service.
Evaluate your business needs and pick an accounting firm from our exhaustive list to help with your daily accounting tasks.
