Outsourcing.

• Position: Technology Tools - ITAccounts offers financial services outsourcing in India - Brief Article

In the past couple of years, a number of huge corporations -- General Electric Co. is a prime example -- have moved many back-office and support services to India, where programming and IT functions can be handled at a fraction of U.S. costs. It's not surprising, then, that a new company has taken aim at providing those services to smaller companies that don't have a big overseas presence.

New York City-based it Accounts has set up offices in Bangalore, India, to handle financial/accounting and outsourcing services. Started last September, the company has already signed up more than 30 customers, most of them smaller and middle-market companies looking for cost savings.

It Accounts has partnered with Lawson Software, an ERP provider; OnBase, an imaging solutions company; and Verio, a provider of connectivity, Web hosting and other enhanced Internet services. It also has proposals out for integrating with Oracle, J.D. Edwards and PeopleSoft, among others.

"We originally set up as a multifunction company, doing payroll, A/R [accounts receivable], cash management and other functions, using our GL [general ledger] solution," said chief operating officer James Liggett in an interview. "We focused more on processing, workflows and certifications for middle-market companies earning $20 million to $250 million in annual revenues. Since then, we've found ourselves broadening our services to meet the needs of larger clients. Sometimes they just want transaction processing, but others want full financial reporting and accounting."

CEO Kishore Mirchandani says itAccounts is offering servicing for invoices, expense auditing, payroll processing and...