From startups to the Big 4 in Finance, India is home to hundreds of financial companies and accounting firms. Though most associate only the market leaders Deloitte, PwC, EY, and KPMG with financial services, there are a number of companies that have a more customer-centric approach.
This has led to multiple accounting firms gaining traction to rise to the top as accounting service providers. Further, these smaller companies provide smarter, more innovative solutions for accounting firm services.
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The Rise of Accounting Firms in India
The Indian Accounting Industry has shown significant growth with the demand for Chartered Accountants growing 20% between 2010 and 2020. Expected to show a 5% CAGR between 2024 and 2029, the demand for accounting services is evident.
This can be mainly attributed to:
- The highly qualified workforce
- Cost effective services offered by the companies
- Advancements in the fintech sector
- Financial Regulatory Needs that call for audits
Further, this has led to companies outsourcing their tasks to accounting firms to:
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- Access the expertise of trained professionals
- Improve their accounting efficiency
- Establish internal controls to reduce fraud
- Save time and expenses
Surveys have found that outsourcing accounting firm services can save 40-60% when compared to an in-house team.
Accounting Firms we have our eye on
We all know the big names in the accounting business. However, often we find that firms provide only a certain set of services reducing scope. Firms that are smaller in size are not necessarily so in scope, and should be your go-to for custom solutions and a more one-on-one approach.
1. Lekhakar
Established in 2021, Lekhakar has quickly grown into a trusted accounting firm for many Indian businesses. A Certified Accounting Firm, Lekhakar provides services to meet all your accounting needs. As an MSME, the experts at Lekhakar understand the parameters that every small business needs to meet to grow and succeed.
From bookkeeping to tax filing to compliance, Lekhakar is equipped to handle all accounting tasks, no matter the size of your business. Tailor-made services and a customer-oriented approach have made this company stand apart from its peers.
Address: A-12/13, Sector-16, Noida – 201301
Contact: Sales: +91 8800445497, Support: +91 8800445497
Mail: [email protected], [email protected]
2. Invensis Technologies
A leading accounting and bookkeeping service provider, Invensis has a global presence and an extensive client list. From Logistics Support to Energy, Manufacturing, and Utilities, Invensis Technologies has the expertise to address the needs of businesses from every sector.
Providing a host of services from audits and financial forecasting to cash flow management, Invensis aims to stay one step ahead by bringing innovation to accounting.
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
Providing Tax Advisory, Mergers and acquisitions, and Risk Advisory, alongside regular accounting firm services, Nexia International is a top accounting and advisory company. Supported by Nexia’s team of experts, get ready to navigate the complex financial landscape with ease.
With innovative solutions and a global presence, you get responsive personalized accounting firm services with Nexia.
Address: Nexia International – India Representative Office, 3rd Floor, L-41, Connaught Circus, New Delhi, 110001, India
Contact: +91-11-23353466
4. Finly
Finly is not an accounting firm per se. Rather, it’s a Software as a Service (SaaS) product that automates your entire accounting process. With software tools designed by market experts like Financial Consultants, CFOs, and ex-Bankers, Finly aims to make your finance department and tasks simple and scalable.
Because of their aim to innovate and automate, Finly ranks fairly high on our list.
5. BookkeeperLive
As their name suggests, BookkeeperLive is a bookkeeping and accounting firm catering to businesses of all sizes. They aim to simplify and streamline basic financial processes such as accounts payable and receivable, bookkeeping, and tax preparation so that your business can meet its financial goals.
With a team of dedicated experts, rest assured that your finances will be done with care and accuracy.
Address: 1117 Binori B Square 3, Friends Avenue, Bodakdev, Ahmedabad, Gujarat, India 380054
Contact: +91 812 888 4024
6. Pazy
A platform for live accounting, Pazy provides AI-powered automation for accuracy in accounting and aims to reduce the manual effort you spend on each accounting task. With Pazy, you get real-time dashboards, integration with software tools, and a custom approach to accounting and compliance.
Address: Pazy (DecentGrad Technologies), WeWork Prestige Atlanta, Bengaluru, Karnataka 560034
7. Whiz Consulting
Whiz Consulting is enjoying a meteoric rise with its accounting firm services such as payroll and tax services, designed to streamline your bookkeeping and accounting needs. Being proficient in multiple accounting software tools, the experts at Whiz Consulting are trained to handle all our accounting needs with ease.
Address: Highway Towers- Tower 1, Ground Floor A13/2,3,4 Sec 62 Noida 201301
Contact: +91-925-825-6391
8. Recordent
A software platform for accounting firm services, Recordent provides comprehensive services. This includes credit risk management, payment recovery, cash flow management, ERP services, and more. Targeted towards small businesses and MSMEs, Recordent aims to address accounting challenges and streamline the solutions for easier service delivery.
Address: 3rd Floor, Sri Nilayam, Plot No.1, Image Hospital Rd, Vittal Rao Nagar, Madhapur, Hyderabad, Telangana 500081
Call: +918886634105
9. GIROPie by Peppertree.ai
A fintech company focused on impactful solutions, Peppertree.ai is targeted primarily towards MSMEs. GIROPie is an automated tool, designed to organise the payment system between the company and the clients.
This makes it a useful tool that manages account receivables and payables, a necessity for every business.
Address: No 1139, Maruthi Complex, 3rd Floor, BEML Layout,3rd Stage, Raja Rajeshwari Nagar, Bangalore – 560098, Karnataka, India
Contact: +91 93802 30262
10. Enalo Technologies Private Limited
A Neobank focused on Small and Medium Businesses, Enalo provides accounting firm services along with billing, payment, and inventory management. In partnership with leading Indian private banks, Enalo integrates accounting with tools and automates processes for a seamless operation.
Contact: +91-8297-090-090
Market Leaders or Rising Firms: what to choose?
Whether you should select a startup as an accounting firm, a smaller business, or one of the top names in the accounting and finance industry, a few checks are necessary to evaluate which business is right for you.
Let’s take a deep dive to understand what sort of accounting firm is right for your business.
Why do People go for the Big 4 in Finance?
Firms like Deloitte, KPMG, EY, or PwC, have a brand value attached to their name. This, in turn, plays a huge role when companies opt to hire them to meet their accounting and compliance needs.
Some of the prime reasons that businesses have shared for hiring the Big4 are:
- Their experience and expertise across sectors.
- Assured standards behind the quality of service delivery.
- They retain the top talent so you are more likely to gain a more competent financial advisor.
- The range of services provided by these companies.
However, these points are not always met. Instead, you may face the following:
- The fees charged for services may be fairly high.
- Basic accounting services such as bookkeeping and accounts payable, etc are not always provided.
- The team assigned to your company may not have the necessary experience.
Advantages that a Smaller Accounting Firm offers
To counteract the issues stated above, you can go for a small accounting firm. By hiring a smaller accounting firm, you get the below advantages:
- The services offered are more centered on clients.
- Most smaller accounting firms take a one-on-one approach to service delivery.
- They provide both basic accounting services such as bookkeeping, as well as premium ones like compliance and assurance.
- The charges requested are usually more affordable.
- Most smaller companies try to implement innovative accounting measures to gain an edge over competitors.
- The chances of a positive client-company relationship are higher when using smaller accounting firms.
For startups and businesses like MSMEs that are aiming to grow on a restricted budget, outsourcing accounting activities to smaller firms is a sound business strategy.
An Accounting Firm to suit your Business model
As a company, you need to first identify your accounting needs. Then, you need to decide if you want to take up any accounting activities in-house or outsource the tasks of the entire department.
Based on this you will be able to list the tasks for which you need to hire accounting firm services. These can be anything including accounts payable and receivable, ledger maintenance, audits, and tax filing and compliance.
Now that you know which services you have to outsource, look for firms that provide those particular services. Then browse through the professionals they retain, their charges, and client feedback, and pick one that meets your needs. Further, you can also make considerations for the scale of your business, and budgetary restrictions.
To conclude
The main reason smaller accounting firms are gaining a foothold is their customer-centric approach. While the Big 4 finance companies are always there to offer their services, you cannot go wrong by choosing one of the rising accounting firms.
Evaluate your accounting needs carefully and pick a firm best suited to your business. Since most offer a free initial consult, reach out to learn more about the accounting firm services offered.