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Step-by-Step Guide to Setting Up Accounting Services in India for Your Business
India has become a top destination for global companies looking to outsource key business functions. Among them, accounting services in India stand out for their cost efficiency, technical precision, and regulatory expertise. Whether you’re a startup, SME, or an established overseas firm hiring or selling in India, having your accounting managed locally can drastically reduce compliance risk and operational burden.
At iValuePlus, we help international companies navigate the end-to-end accounting outsourcing process in India—seamlessly, securely, and strategically.
This guide walks you through each step of the process so you can launch or transition your business accounting process smoothly.
Why Choose Accounting Services in India?
Before we jump into the steps, here’s why India is ideal for outsourced accounting:
- Cost Efficiency: Save up to 60% on accounting and bookkeeping costs
- Skilled Workforce: English-speaking, globally certified accountants (CA, CPA, CMA)
- Process Excellence: Use of top tools like Tally, Zoho Books, QuickBooks, SAP
- Regulatory Expertise: Strong knowledge of Indian tax laws, GST, TDS, and company law
- Data Security: Global-grade data protection and ISO-certified processes
India has built a global reputation for providing reliable Indian finance services, including payroll accounting services, audit support, and financial reporting for international companies.
Step-by-Step Guide to Setting Up Accounting Services in India
Step 1: Define Your Accounting Needs
Start by identifying what services you need:
- Bookkeeping and ledger maintenance
- GST and TDS filings
- Payroll processing
- Financial reporting (MIS, balance sheet, P&L)
- Statutory audit support
- Vendor & receivables management
- Multi-currency accounting
Tip: iValuePlus offers customizable packages based on your business size and geography.
Step 2: Choose the Right Engagement Model
Depending on your growth stage and preference, you can choose from:
- Fully Outsourced Model
Our team handles everything from a remote delivery center in India.
- Co-managed Model
Shared responsibilities between your internal finance team and iValuePlus.
- Dedicated Resource Model
You get full-time accountants working exclusively for your business.
Step 3: Ensure Regulatory Readiness
If you’re planning to start a business in India or already operate as a foreign entity, you may need:
- PAN (Permanent Account Number)
- TAN (Tax Deduction Account Number)
- GST registration
- Import Export Code (if applicable)
- ROC compliance setup (Registrar of Companies, if incorporated)
iValuePlus simplifies accounting compliance in India by coordinating with CAs and authorities on your behalf.
Step 4: Set Up Accounting Software and Tech Stack
We support and integrate with major tools like:
- Tally ERP 9 / TallyPrime
- Zoho Books
- QuickBooks Online & Desktop
- SAP, Oracle NetSuite
- Custom cloud-based solutions
We also help you migrate legacy data, create chart of accounts, set user roles, and ensure secure cloud access for global finance teams.
Step 5: Assign a Dedicated Team
Once the infrastructure is ready, we deploy a dedicated accounting team, typically comprising:
- Accountants (Bookkeeping, AP/AR, Journals)
- Taxation experts (GST, TDS, IT)
- Payroll executives
- MIS analysts and reviewers
- Account manager (your single point of contact)
Your team works as an extension of your business, not just a vendor. We match work hours to your timezone and share weekly reporting dashboards.
Step 6: Create Standard Operating Procedures (SOPs)
This includes:
- Documentation of financial processes
- SLA-based task ownership
- Escalation matrix for queries
- Approvals workflows (e.g., invoice processing, payment release)
- Reporting calendar (weekly/monthly/quarterly reports)
All SOPs are reviewed and signed off by your internal finance team to maintain visibility and control.
Step 7: Ensure Statutory Compliance
Indian regulations can be complex, and vary by entity type (private limited, LLP, branch office, etc.).
We ensure timely compliance with:
- GST returns (GSTR-1, 3B, 9)
- TDS deduction and filing (Form 26Q, 27Q)
- ROC annual filing (AOC-4, MGT-7)
- Income tax audit (Form 3CD)
- Professional Tax, Shops & Establishment Act
Our Indian tax compliance support is proactive—iValuePlus maintains a statutory calendar so you never miss a deadline.
Step 8: Real-Time Reporting & Insights
We provide monthly financial dashboards that include:
- Cash flow statements
- Revenue vs expenses breakdown
- Department-wise budgeting
- GST and TDS summaries
- Custom reports for your HQ
This keeps your global finance team informed while local operations stay compliant.
Step 9: Security & Data Protection
We implement:
- Two-factor authentication (2FA)
- Role-based access controls
- Encrypted file storage
- NDA and IP agreements
- Daily backups and audit trails
Our team follows ISO 27001-compliant protocols, a must for global offshore accounting services India.
Step 10: Continuous Optimization
We believe accounting should evolve with your business. That’s why we offer:
- Quarterly review meetings
- Suggestions for tax optimization
- Updates on regulatory changes
- Process automation ideas using RPA, AI tools
Our goal isn’t just bookkeeping—it’s strategic financial support that powers growth.
Real Client Story
Client: US-based SaaS firm expanding into India
Challenge: No local team to manage payroll, tax, and financial compliance
Solution by iValuePlus:
- Registered the entity under GST and PF
- Managed entire payroll and accounting remotely
- Delivered tax filings, audit coordination, and financial reports
- Reduced accounting overhead by 45% in year one
FAQs
Q1: Do I need to register a company in India to hire accounting services?
Not always. If you’re paying Indian vendors or employees, you may still need accounting compliance in India. We support both entity and non-entity clients.
Q2: Can I run multi-currency accounts?
Absolutely. We support USD, EUR, AED, GBP, and more—with real-time FX conversion and reconciliation.
Q3: Is data sharing secure?
Absolutely. We use encrypted portals, VPNs, and secure FTP with role-restricted access to ensure full data protection under our iValuePlus accounting protocols.
Conclusion
Setting up accounting services in India doesn’t have to be complex. With the right partner, you can ensure compliance, accuracy, and transparency—without building a large in-house team.
At iValuePlus, we offer full-spectrum accounting support designed for overseas clients managing Indian teams, customers, or entities.
Whether you’re a UAE startup, UK e-commerce firm, or US SaaS company—we help you:
- Stay tax compliant
- Save costs
- Gain visibility
- Focus on growth
Ready to set up accounting services in India?
Contact us today for a free consultation or a customized solution today.
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iValuePlus Services
iValuePlus is a one-stop solution to address all your needs to access, build and grow your business in the Indian market which is cost-effective & has a huge talent pool. Established in 2019 as a ‘Business Solution provider', our team has delivered successful growth projects in the international market.
Our services include setting up ODC (offshore development center), Staff Augmentation, Talent Acquisition, Digital Marketing, in the IT/ITES domain.
