Hyderabad: Growing demand seen for tax & audit professionals

Hyderabad: Demand for professionals in the tax and audit sector is increasing in the country as it is witnessing a rise in outsource recruitments from the US in this domain. One of the main reasons is the Covid-relief package by Congress in the USA, end-December, providing tax-relief in the form of employer retention credit (ERC) to small businesses.

The ERC under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50 per cent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by Covid-19.

"We are seeing a rise in hiring for US tax-related roles in India. And the relief package has certainly boosted this sector which was in some way affected due to Covid times. Recruitments are happening across all levels, leadership, mid-management and junior staff,'' said Ravi Kumar Aleti, CEO, People Prime Worldwide Pvt. Ltd, Hyderabad, a staffing company specialised in contract and full-time hiring in IT and investment banking.Throwing more light on the topic, he said, "The other reasons for seeking candidates from India are the talent, cost arbitrage and the time-zone advantage."

US President Joe Biden's $US 1.9 trillion Covid stimulus plan had a domino effect leading to massive hiring in tax and audit (outsourced) jobs in India. Tax and audit advising plays a key role in any organisation's financial growth and it is the essential component while achieving the company's goals. The competence and expertise available in India make it one of the most sought-after in offshore recruitments.

The comparatively lower cost of living paves way for huge savings for American companies when they hire from India. Being a cosmopolitan culture makes it easier for India's foreign counterparts in dealing with their India-based teams. The obvious time-zone advantage translates into faster deliveries before the start of business for the Americans.