The National Outsourcing Association, the trade body for the industry, said it had been approached ‘by a number’ of accountants based in India who want to break into the UK market by offering basic accounting services.
Martyn Hart, chairman of the NOA, said that Indian companies were already working for some larger UK businesses, but that it may now filter down to smaller firms and companies directly.
‘The outsourcing of accounting will grow to a certain point, and then it will flatten off,’ said Hart. But he said the British economy would not lose out because of Indian money being invested in the UK as a result. ‘There is a circular course for the money,’ he said.
Stuart Dey, a former tax accountant and business development director at AGN Shipleys, said it was a ‘very real issue’. He described a scenario where a central London accountancy firm might charge out a part-qualified accountant at £60 an hour, where in India a fully-qualified accountant would be charged out at £10 per hour.
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