Vikas Chadha
Managing Director
Finance and accounts department traditionally have been a department that have been reluctant for allowing remote working outside office environment. However, in this hyper dynamic environment, organizations are open to leveraging hybrid operating models in future which implies partnering with third party service providers.
In a report published last year, Goldman Sachs predicted that the third wave of outsourcing is expected post covid and increasing number of outsourcing roles globally will find their way to India as work from anywhere becomes the new accepted norm. Vikas believes that with the most efficient supply chains, the Indian services companies are positioned favorably to benefit from a third wave of outsourcing after previous waves in 2000 (post Y2K) and in 2008-09 (post Global Financial Crisis).
The report added that digitally skilled employees in India have grown exponentially at 37 per cent CAGR FY17-FY19, making India the largest hub and potentially the biggest beneficiary under the Work from anywhere norm. As per the report, these digitally trained employees at Indian firms are likely to drive overall revenue growth, which would be the key reason for their increasing relevance amid the requirement for digital-at-scale solutions.
Vikas adds, "Apart from WFH, there are several other factors that promote `Advantage India'" While cost effectiveness continues to play a significant role in influencing organizations to look at preferred outsourcing destination, the factors of importance are as follows:
Virtual/ Online Bookkeeping: With Certified Domain Experts, the companies can avail the benefits of remote Accounting services if they decide to outsource to India. Highly skilled professionals who are adept with the latest technology trends can oversee Accounting needs from remote locations via cloud software. Vikas suggests that organizations just need to search for the right Outsourcing Accounting service partner and let the professionals handle their accounting complexities.
Time Zone Advantage:
One of the key advantages of Outsourcing your Accounting needs to India is the Time Zone Advantage. The time difference between India and UK, US, Australia can offer businesses the opportunity to get their work done earlier. Additionally, most of the Outsourcing companies provide 24 X 7 support due to the time difference that prevents any reporting or other complexities.
India As The KPO HUB:
The Indian KPO services industry is estimated to be around USD5.7 billion currently and reportedly grew by 15-17% in the recent past. Vikas elaborates that the Indian KPO providers offer a range of solutions to diverse industry segments such as FMCG, engineering, automobile, telecom, R&D, banking and financial services, insurance, etc. Analysts put cost advantage, as one of the most significant drivers of KPO business. Another critical driver is the prevailing shortage of skilled human resources in developed countries, like the USA and EU. India is known for the availability of highly skilled Accounting professionals. "Accounting and IT skills go hand in hand in today's tech-driven world, by outsourcing to India, businesses are signing-up for a skilled workforce that can not only take care of their accounting but leverage their technical expertise to use the available financial data and assist them in making tough business decisions", says Vikas.
Data Security & Confidentiality:
When it comes to financial data, security and confidentiality are two very important aspects that concern business owners when outsourcing their accounting needs. As mentioned earlier, India has skilled and certified accountants who can handle cloud-based accounting software with ease. By using cloud software like Xero, QuickBooks Online, etc. the companies can be rest assured that their financial data is safe and secure within multi-layers of encryption.
Exponential Rise In Adoption Of Outsourcing Model
The CFOs thankfully are now realizing the incredible potential of outsourcing and as a result are increasingly open to leveraging hybrid operating model in future. Vikas also goes on to enlist the key areas where the service providers will play active role in meeting current business imperatives. Following are his inputs-
· Reducing the cost of operations
· Identifying opportunities to improve cash flow
· Assimilating actionable insights using data and analytics as prime input for processing
· Partnering strategically through a Dedicated Resource Model where the service provider will play an important role in shaping finances and accounting operations and driving process excellence and best practices
· The need for F&A is evolving and CFOs are expecting service providers for driving proactive initiatives to be future ready for any future disruptions.
Digital has a crucial role to play in future proofing finance organizations and backed by its 21+ years heritage, GI Outsourcing is uniquely positioned to address most critical business imperative of our clients through account outsoaring.
Extensive Experience In Forging Strong Client Relationships
At GI Outsourcing, a client is involved in the entire execution process. Thus, a robust client relationship is the key to the success of KPO services. In addition, a strong relationship ensures quality delivery by integrating the client's know-how throughout the process. GI was quick to realize these points and has imbibed the best practices involved in building client relationships.
Reduce The Total Cost Of F&A Ownership
Right from initial investment through the entire process, GI closely manages every expenditure to maximize efficiencies and minimize costs. The firm supports its clients by providing low-cost cutting edge compliance solutions allowing them to focus on adding additional value to their own client relationships and focus on creating breakthrough portfolio pipeline. Increasing the attractiveness of the offering put forth by GI, fees are fixed and priced carefully to ensure excellent value.
Maintains And Strengthens Its Competitive Edge By Leveraging Technology
GI constantly improvises its technology landscape to add exceptional value to clients. "Our cutting- edge solutions can help clients build distinct abilities in critical areas and improve decision making", adds Vikas.
Built on leading cloud account software, GI's solutions are scalable, flexible and cost-effective and designed to boost business productivity and profitability.
`SMART' is a unique service developed by GI. It allows a business or accountancy practice to completely outsource its finance function. This typically results in a significant improvement to a practice or business's insights by providing enhanced management reporting and up-to-date financial in-formation from which to assess key performance indicators. SMART service is offered on a white-label basis.
Shanmukh Patil, Senior Manager - Operations
GI Outsourcing essentially dovetails with its clients' software effortlessly, given its association with all the major cloud accounting software players, including Xero, Sage, QuickBooks, CCH, Caseware, Iris as well as many of the large ERP systems, such as Dynamics, SAP, Oracle and drive operational excellence.
Data Management Capabilities
Aligning to the growing needs of CFOs and help them not only provide insights but utilize those insights in further making an impact to their business metrics & right business decisions, GI has built a solid data management practice to streamline the data that resides within the organization to derive better insights and better quality.
Nilesh Upadhyay, Senior Manager - Learning & Development
Remote Working
The fact that remote working will be in place for the immediate future seems to be an increasingly convincing phenomenon today. Vikas points out that this certainty increases the value of top KPO companies like GI outsourcing that has consolidated proper information and data security obligations into its outsourcing methods. GI has implemented sensible security mechanisms such as electronic and technical access control to restrict the exfiltration of data to private systems.
GI has proper devices in order to check the performance of workforce when physical monitoring is not possible. GI has processes which are stress-tested frequently, arranging how remote operation will be performed, and how performance risk will be handled when physical surveillance isn't possible.
Pramod Rupwate, AVP - Operations
The Exuberant & Talented Workforce
GI has a strong pedigree of finance professionals both in India and UK offices. The India team of GI consists of talented members and leaders including highly experienced professionals, ACCA's, Chartered accountants and Finance MBA's. The UK team has Senior sales Directors and relationship managers with strong experience of understanding client needs, translating them into win-win solutions. Being based in London, the team is also available round the clock for the clients. The team meets the clients regularly for reviews and feedbacks. This assures the client immediate resolution in case of escalations by clients and reassures them of high-quality services in line with global standards.
From the outset, employee centricity lies at the centre of GI's growth roadmap. Vikas strongly feels that his people are his strength and at GI, a strong culture of performance and quality is being built. GI Outsourcing lays a constant focus on on-boarding the right talent that is again bundled with its unique training methodology backed by its very own GI academy. The training covers technical training as well as managerial skills including communication, soft skills, analytics and software. "GI also has employee centric HR policies including several rewards and remuneration programs and good infrastructure to enable best efficiency and employee comforts", informs Vikas.
Recently, GI Outsourcing was recognized as the dream company to work for in the Accounting & Finance KPO outsourcing and consulting sector category in India by Times Ascent and World HRD Congress. This is a testament to GI's enduring commitment to create an exceptional working environment that empowers the employees to push their boundaries and re-imagine the future for GI's customer's business.
Manifold Future Prospects
Currently, GI Outsourcing is looking at robust expansion plans and strengthening its footprint globally in various areas of finance and accounting- Management accounting, YE Accounting, Taxation, Payroll, and Dedicated Resource Model based outsourcing.
Vikas explains GI Outsourcing's two pronged growth strategy; increasing service offerings and increase in geographical expansions. Plans are to expand the service portfolio into Cloud Computing, Servicing India outbound business to geographies covered by GI, Services to India inbound business from all geographies across GI's network, Audit support, Virtual CFO, Corporate secretarial & Company Formation, Directorship services, International Entity Health checks, Common Reporting Standards and Compliance services- FATCA / KYC Compliance.
Concurrently, Vikas expresses GI's intention to develop new markets; deepen its reach in UK & Ireland, and foray into the USA, Canada, Australia, Singapore, Dubai and Hong Kong. Armed with best-in-class solutions and deep domain expertise, GI Outsourcing is uniquely positioned to provide digital transformation roadmap for accounting and global organizations.
About The Vikas Chadha, Managing Director
Vikas Chadha is a renowned business leader sought for his ability to establish successful business partnerships leading to mutual growth and profitability. In the past, Vikas has served in senior leadership roles or as Board of Directors at some major corporates like Tata Global Beverages, Mahindra and Mahindra, Bharti Airtel, Thomas Cook, Marico and Berggruen Hotels etc.
He has also authored a book "Secret of success and a Happy Heart " which is a No. 1 Amazon Best seller.
Right from initial investment through the entire process, GI closely manages every expenditure to maximize efficiencies and minimize costs. The firm supports its clients by providing low-cost cutting edge compliance solutions allowing them to focus on adding additional value to their own client relationships and focus on creating breakthrough portfolio pipeline. Increasing the attractiveness of the offering put forth by GI, fees are fixed and priced carefully to ensure excellent value.
Maintains And Strengthens Its Competitive Edge By Leveraging Technology
GI constantly improvises its technology landscape to add exceptional value to clients. "Our cutting- edge solutions can help clients build distinct abilities in critical areas and improve decision making", adds Vikas.
Built on leading cloud account software, GI's solutions are scalable, flexible and cost-effective and designed to boost business productivity and profitability.
`SMART' is a unique service developed by GI. It allows a business or accountancy practice to completely outsource its finance function. This typically results in a significant improvement to a practice or business's insights by providing enhanced management reporting and up-to-date financial in-formation from which to assess key performance indicators. SMART service is offered on a white-label basis.
Shanmukh Patil, Senior Manager - Operations
GI Outsourcing essentially dovetails with its clients' software effortlessly, given its association with all the major cloud accounting software players, including Xero, Sage, QuickBooks, CCH, Caseware, Iris as well as many of the large ERP systems, such as Dynamics, SAP, Oracle and drive operational excellence.
Data Management Capabilities
Aligning to the growing needs of CFOs and help them not only provide insights but utilize those insights in further making an impact to their business metrics & right business decisions, GI has built a solid data management practice to streamline the data that resides within the organization to derive better insights and better quality.
Nilesh Upadhyay, Senior Manager - Learning & Development
Remote Working
The fact that remote working will be in place for the immediate future seems to be an increasingly convincing phenomenon today. Vikas points out that this certainty increases the value of top KPO companies like GI outsourcing that has consolidated proper information and data security obligations into its outsourcing methods. GI has implemented sensible security mechanisms such as electronic and technical access control to restrict the exfiltration of data to private systems.
GI has proper devices in order to check the performance of workforce when physical monitoring is not possible. GI has processes which are stress-tested frequently, arranging how remote operation will be performed, and how performance risk will be handled when physical surveillance isn't possible.
Pramod Rupwate, AVP - Operations
The Exuberant & Talented Workforce
GI has a strong pedigree of finance professionals both in India and UK offices. The India team of GI consists of talented members and leaders including highly experienced professionals, ACCA's, Chartered accountants and Finance MBA's. The UK team has Senior sales Directors and relationship managers with strong experience of understanding client needs, translating them into win-win solutions. Being based in London, the team is also available round the clock for the clients. The team meets the clients regularly for reviews and feedbacks. This assures the client immediate resolution in case of escalations by clients and reassures them of high-quality services in line with global standards.
The fact that remote working will be in place for the immediate future seems to be an increasingly convincing phenomenon today
From the outset, employee centricity lies at the centre of GI's growth roadmap. Vikas strongly feels that his people are his strength and at GI, a strong culture of performance and quality is being built. GI Outsourcing lays a constant focus on on-boarding the right talent that is again bundled with its unique training methodology backed by its very own GI academy. The training covers technical training as well as managerial skills including communication, soft skills, analytics and software. "GI also has employee centric HR policies including several rewards and remuneration programs and good infrastructure to enable best efficiency and employee comforts", informs Vikas.
Recently, GI Outsourcing was recognized as the dream company to work for in the Accounting & Finance KPO outsourcing and consulting sector category in India by Times Ascent and World HRD Congress. This is a testament to GI's enduring commitment to create an exceptional working environment that empowers the employees to push their boundaries and re-imagine the future for GI's customer's business.
Manifold Future Prospects
Currently, GI Outsourcing is looking at robust expansion plans and strengthening its footprint globally in various areas of finance and accounting- Management accounting, YE Accounting, Taxation, Payroll, and Dedicated Resource Model based outsourcing.
Vikas explains GI Outsourcing's two pronged growth strategy; increasing service offerings and increase in geographical expansions. Plans are to expand the service portfolio into Cloud Computing, Servicing India outbound business to geographies covered by GI, Services to India inbound business from all geographies across GI's network, Audit support, Virtual CFO, Corporate secretarial & Company Formation, Directorship services, International Entity Health checks, Common Reporting Standards and Compliance services- FATCA / KYC Compliance.
Concurrently, Vikas expresses GI's intention to develop new markets; deepen its reach in UK & Ireland, and foray into the USA, Canada, Australia, Singapore, Dubai and Hong Kong. Armed with best-in-class solutions and deep domain expertise, GI Outsourcing is uniquely positioned to provide digital transformation roadmap for accounting and global organizations.
About The Vikas Chadha, Managing Director
Vikas Chadha is a renowned business leader sought for his ability to establish successful business partnerships leading to mutual growth and profitability. In the past, Vikas has served in senior leadership roles or as Board of Directors at some major corporates like Tata Global Beverages, Mahindra and Mahindra, Bharti Airtel, Thomas Cook, Marico and Berggruen Hotels etc.
He has also authored a book "Secret of success and a Happy Heart " which is a No. 1 Amazon Best seller.
