Consultation is providing professional services and outsourcing is providing specialised services. Accountants work as contract employees. They contribute to outsourcing jobs. Chartered accountants also work based on contracts. Outsourcing improves the domestic industries and global market. A blog is written to bring out interesting information about accountant jobs and economic development. The global market is facing fierce competition. Cost reduction and outsourcing business help for workflow management. Outsourcing business increases productivity. Outsourcing is only for supporting activities and not for core activities. HR, admin, and accountancy are the support work. The core work is handled by the expert in the office. Consulting vs outsourcing has fewer differences in the HR and marketing domains. But it has a big difference in the finance domain. SMEs consider outsourcing as a way to provide quality solutions to the process of international companies. The benefit of outsourcing consultancy is to fill the gaps in professional services.
Difference between an accountant and a chartered accountant?
Technology helps accountants to complete their job from home. Rather than employing a single person as an accountant, a group of accountants work as a team in outsourcing companies. The following points explain the differences between an accountant and a chartered accountant.
• Accountants participate in the planning, meeting and investment opportunities.
• Prepare tax returns.
• Enter data related to expenses, profits, sales taxes, payables, and other transactions.
• Chartered accountants take care of an internal audit, tax audit and GST audit.
• Chartered accountants get more opportunities than accountants.
Is contract employees and consultants are same?
As per the income tax operations, the salary of contract employees and consultants fall under ITR one and two forms. They do not get other benefits from companies like HRA, leave encashment, leave travel allowance, and pension income. The consultants who work in business or profession shall fill the income tax returns ITR form three or four.
Difference between consultants and outsourcing employees:
Consultants and outsourcing employees work for the welfare of the country. The following points elucidate the difference between the two types of employees.
• Consulting is doing strategic management and data analysis. Outsourcing is understanding the client’s requirements and working as per the client’s direction.
• Consulting is correcting the financial statements and advising the employees to do the task without mistakes. It improves accuracy. It is a qualitative task. Outsourcing is providing the work at the right time. It is a quantitative task.
• Consultations require theoretical and practical knowledge about the work process. Outsourcing a job demands theoretical knowledge about the job.
• Consultation is independent work. In some cases, chartered accountants provide teamwork. Outsourcing is teamwork. A group of people work from distance for the organisation.
• Consultation provides ideas to improve the budget and plans. Outsourcing reduces labour costs.
• Consultation requires leadership qualities. Outsourcing requires management skills.
What are the terms of the contract of employment for a chartered accountant?
Chartered accountants can work in PSUs on a contract basis. The work culture is slow in PSUs. The work culture of a Big Four firm is high. PSUs employ chartered accountants permanently and contract basis as well. The popular PSUs offering the opportunity to the chartered accountant are as follows: GAIL, IRFC, Bharat Electronics Ltd, Export import bank of India, Metro rail corporation ltd, Indian oil corporation limited, state bank of India, HPCL, Indian oil corporation limited, Bharat electronics limited, Punjab national bank, RCFL, NHPC Limited, BHEL, Coal India, NHAI and SEBI. The employment contract terms should be mutually acceptable. It helps in understanding the performance and day-to-day work. The employment contract consist of terms like reporting lines, probation period, notice period, office hours, salary, employee name, work ethic, and employment.
Benefits of outsourcing:
• Outsourcing provides services at affordable rates.
• Reduces cost and helps for managing the other costs.
• Outsourcing companies help for getting specialised services.
• Outsourcing improves core activities and productivity.
• Outsourcing improves administration and customer service.
• To manage the high competition outsourcing business is required. The changing economic conditions pose questions to business people about dynamic services. By working dynamically, it is easy to manage the competition in the global market.
Challenges with outsourcing:
• The confidential work of the company is not supposed to be outsourced to other countries.
• The deliverables are not up to the standards.
• There are possibilities for a data breach.
• If there is a change in the process or service of work, it takes more time. Outsourcing is less flexible.
• Outsourcing increases the hidden cost.
• It is difficult for outsourcing companies to manage cross-border cultures and relationships.
Economic development and accountancy:
The reason for the economic development is multi-folded. It can be in the form of industrial development, technological development, infrastructural development, and innovation. Consultants follow the best practices and learned global systems. This work helps develop the nation. To bring innovations, it is essential to have management consultants. Chartered accountants and cost accountants work as consultants to implement the best practices. Outsourcing improves the healthy relationship among countries. To establish the company name in the global market it is essential to be present in the global market. India is known for start-up IPO tech companies and outsourcing companies. Companies that grab the attention of foreign investors are the IPO companies and outsourcing companies. So, consultation services and outsourcing services open the door to foreign opportunities.
Conclusion:
Top Accounting BPO services in India are as follows: FinAccGlobal, edata India, MaxBpo, CapActix Business solutions, Sage BPM, BDS advisories private limited, Grow up technologies, K M Gatecha and Co LLP, Key carrier management service, Atheva services, Valuenode private limited, and Volansinfomatics PVT. Ltd.Commerce graduates work for these type of outsourcing companies. The management consultancy companies in India are as follows: K M Gatecha and CoLLP, strategic auditor LLP, QSCert India Ltd, and Infocratus. Consultation job is for chartered accountants and cost accountants. Finance is the base subject for both types of professions. Both professions have differences from a professional view. Both professions have no difference from the growth aspect. The contribution of these avenues to economic development and economic recovery is vast.
