businessman outsourced accounting service and discuss balance sheet with his accountant

Handle Financial Tasks Effectively with Outsourced Accounting Services

Are you just starting a business and focusing on growing it? Don’t have enough manpower skilled enough to handle your finances? Well, have you heard about outsourced accounting? This could help you in many ways, especially in ensuring that your business remains profitable and has a steady, positive cash flow. Here’s everything you need to know about outsourced accounting services.

What is Outsourced Accounting?

A company—whether a startup or an established one—needs a good accounting system to survive in the business. Thus, accountants and finance experts are important job posts to keep the business going. However, not all companies can afford to hire and train professionals who will take charge of the finance. This is where outsourcing accounting services come in.

You don’t need to spend a fortune to have in-house accountants and bookkeepers. There’s no need to allot much time to go through a tedious hiring process. You don’t need to go through the hassle of training accounting staff. This is because you can hire accounting professionals in just a click through outsourcing. Outsourced accounting provides the same service as in-house accounting such as handling accounts payables and receivables, payroll, transaction coding, and financial report. But this is cheaper and more practical. You don’t want to spend too much for a service that you can avail of for a fraction of the price, right?

The Different Types of Accounting Services

Accountant analyzing and calculating cash flow and expenses

Accounting services are important to all businesses because they keep companies afloat with the right accounting functions. Thus, it’s vital to know the best outsourced accounting services for their business. To help you identify what suits your company’s needs the most, we have prepared a list of the types and services in this industry.

Four Main Types of Accounting

There are several types of accounting specializing in different areas and answering the needs of varied industries. Here are some of them.

Forensic Accounting

This type of accounting deals with the reconstruction of financial information that was lost due to business closure. Accountants audit and investigate in cases of litigation or fraud. They also help businesses by giving advice when it comes to insurance and legal support.

Government Accounting

This field focuses on auditing the revenue and expenditures of government sectors. Accountants make sure that the finances of the public sectors stay within the allotted budget.

Management Accounting

Accountants help companies in managing their finances by monitoring and controlling costs. Also, they focus on gathering information for internal operational reporting and financial forecast. This, in turn, helps businesses to take preventive actions.

Tax Accounting

This revolves around accounting for all tax-related matters. Accountants focus on aligning the financial statements to the regulations under the tax law. They work on tax filing, tax planning, and tax return documents.

Top 5 Outsourced Accounting Services

Aside from the different types of accounting, it would be of great help to know the accounting services that you can outsource.

Bookkeeping

This is the recording of financial transactions such as daily records of sales, payments, and purchases. Bookkeepers manage daybooks containing records of credit and cash flow. Businesses need this service a lot in order to keep track of the expenses and balance sheet, as well as to make sure everything is well documented.

Account Payable

This focuses on recording debts and when payment should be made, managing financial documents, and handling overhead expenses by modifying payment systems.

Account Receivable

This plays a key role in helping business owners track loans, those who owe them, and how long they’re waiting for the payment. Accountants make sure that clients will get paid faster, doing so by improving the processes in invoicing and collection rates.

Payroll Processing

This service focuses on employees’ income, deductions, and bonuses. Accountants offering this service make sure that there won’t be a discrepancy when it comes to tax rates and payouts.

Bank Reconciliation

It zeroes in on recording and monitoring all transactions to avoid potential fraud. Accountants make sure to regulate and duly inform the clients about all the deals.

The Benefits of Outsourced Accounting Services

Outsourced accountant working with accounts payables and receivables, payroll, transaction coding, and financial report

Accounting services are important because they help growing companies achieve their business goals. This is possible because they can focus on the core tasks without neglecting all the financial transactions such as cash flow, overhead costs, and payrolls. Outsourced accounting services keep the business running efficiently by monitoring expenditures and improving the financial system. Still hesitant to offshore an accounting team? Check out some more of its benefits.

Cost-Effective

Having an in-house accounting department isn’t cheap. You have to spend on the hiring process, training, employee benefits, and such. On the other hand, if you choose to outsource, the BPO companies would worry about those things for you. Plus, you get to save extra bucks.

Time-Saving

As mentioned earlier, outsourced accounting services save you so much time you could’ve spent on the recruitment process. You can just let outsourcing companies do that for you. Another thing about time is you can have access to their services 24/7.

Work with Experts

One of the most important benefits when you outsource bookkeeping and other accounting services is that you’ll surely be working with professionals who are equipped to provide quality work. They regularly undergo training to keep abreast of the best practices in the financial industry. Thus, you can have peace of mind as you focus on your core tasks.

Things to Look for Before Outsourcing Accounting Services

Outsourcing companies can ease your stress from finance and accounting. With their team, they can provide services to help you with your financial data such as CFO services. It sure has a lot of benefits; however, before you dive into hiring offshore accountants, you have to consider some factors that make a good financial services provider. To help you, we have listed things to look for before hiring their services.

Security

The privacy of your data and other information should be their utmost priority. Having the assurance that they are safe in the vault is vital. Thus, it would be great if they have a non-disclosure agreement.

Payment Term

One of the possible reasons you chose to outsource is the cost. Hence, you have to be familiar with the payment terms of the firm before hiring them. BPO companies have different payment methods and costs. Having an option that suits your needs is indeed a plus when deciding which company to hire.

Flexibility

A good accounting firm would offer you flexible terms to meet your requirements. They make sure to meet the deadlines you set without letting the output suffer.

Outsourced Accounting Services Made Easy with Outsource-Philippines

You don’t need to burden yourself with daily logs, financial reports, bank accounts, accounts payable and receivable, payroll, and other financial transactions. This is because you can now outsource accounting services. This is more than a trend; it has become a solution for most businesses because of its benefits. Don’t be left behind; make the most out of outsourcing–worry less, save more, and focus on growing your business.

Looking for a good service provider? We at Outsource-Philippines offer the best financial services. We make sure that our expert accountants and bookkeepers will handle your books and ledgers. What are you waiting for? Take the easy route with our staffing solutions now!

three people gather around a table with papers and laptop while agreeing about the benefits of outsourcing

The Benefits of Outsourcing, Its Services, and What You Need to Know Before Hiring One

Outsourcing is creating a buzz in the business world especially now that most sectors operate either on skeleton force or under a remote work setup. Many companies across the globe opt to hire external vendors because of its benefits. Whether you’re new in the business or a veteran, being familiar with the industry is important to maximize all the benefits of outsourcing. Thus, this article aims to talk about what you need to know before diving into outsourcing.

What is Outsourcing?

Outsourcing is a business strategy where company owners hire staff from third-party service providers to perform certain tasks and responsibilities. It allows companies to maximize resources at a minimum cost and acquire innovative ideas without neglecting non-core business tasks. This also helps improve efficiency and operational performance.

Why Outsource?

Outsourcing has a lot of benefits, making it become a go-to practice in the business world. With the help of outsourcing, business owners can focus on their core functions. Here are some points about why it’s beneficial to outsource.

In-Depth Expertise

Outsourcing frees you from the burden of training your employees. Instead, it assures you that you’ll be working with a group of experts in different fields. When you outsource, you can expect that the people who’ll be handling your project are trained to deliver excellent work.

Opportunities

With outsourcing, you can seize new markets through investments and partnerships. It opens various prospects for your brands to build their presence in fields such as manufacturing or sales before your rivals do. Partnership with local groups and other firms is likewise possible as one of the outsourcing perks.

Productivity

Your employees will not be overwhelmed and stressed with the workload when third-party service providers handle some tasks and projects. They have plenty of time to focus on the tasks assigned to them. Thus, the quality and quantity of their work increase.

Innovation

Outsource firms use modern tools to provide efficient services to their clients. Because of this, you can enjoy perks such as fast turnaround time and larger scope of functions.

Convenience

There’s no need to set up a new office and buy tools because vendors got those for you. You don’t need to exert too much effort; all you need to do is to outsource.

Resources

BPO/KPO companies give you access to their resources. They’ll work on your outsourced tasks with the help of their advanced tools, facilities, and skilled professionals. With this, they guarantee to provide outstanding services.

Risk Reduction

Risks always come with these gains. It may not be possible to remove them, but you can at least reduce their effects by leaving the complex course to the experts.

What are outsourcing services?

Four professionals working on outsourcing services in the office

Large companies nowadays resort to outsourcing their non-core tasks to be able to focus on the improvement and maintenance of their core competencies. Others hire contractors to enjoy the less hassle route of growing a business.  Outsourced companies offer wide range of services to meet your business goals. Here are the top 6 outsourcing services.

Administrative Services

Companies usually outsource administrative tasks to avoid piling of work. Administrative services include data entry, data processing, secretarial, website support, project management, real estate support, human resource, and personal and executive assistance.

Contact Center Services

Contact center services focus on customer satisfaction. Thus, if you’re in sales of products and services, it would be helpful for your company to outsource competent customer service representatives to cater to the needs of your clients. This includes live chat support, telemarketing, technical support, e-commerce support, and help desk.

Creative Services

Now that digital content is on the rise, creative services are starting to get noticed. This is because services such as video production, web, graphic, and UX design boost online presence. Plus, an optimized website can get more sales. Thus, many companies hire a creative team to focus on crafting designs to increase profit.

Digital Marketing Services

Since most transactions are now online, businesses try their best to improve their websites with the help of outsourcing companies. They hire digital marketers to do search engine optimization and marketing, content marketing, social media marketing, and email marketing. With these services, getting clients online and expanding the network is now within reach.

Financial Services

Bookkeeping and accounting services are the top 2 financial functions most companies outsourced. They hire bookkeepers and accountants from external vendors for a fast turnaround time. Business owners are guaranteed that only experts will work on their accounts payable, accounts receivable, payroll accounting, and other financial matters.

Information Technology Services

With the advancement of technology, many companies make sure that they won’t be left behind. Thus, they work with developers that will make sure that their website, software, and even mobile app are working at their optimal level.

Why Should You See Outsourcing as an Investment?

two professionals working with laptop while discussing about outsourcing as investment

Outsourcing is a great help in growing a business. Many companies choose to hire services to ensure that their businesses won’t miss growth opportunities. It could be pricey but not as much as when you employ in-house staff. This makes it an investment more than an expense.

Pool of Experts

Working with professionals on the field you’re outsourcing increases the return on investment. You don’t need to waste your time learning how to do a particular task you aren’t good at because you can simply hire experts to work on it. Outsourcing gives you the benefit of working with people who have the knowledge, experience, training, and skills.

Time

Time is one of the reasons outsourcing should be considered an investment. Outsourcing gives you the time to focus on making money with the core functions of your business. The time you saved from non-core tasks can be used to do more important responsibilities. Further, the agreed turnaround time is guaranteed because external vendors will focus on your project.

Deliverables

Working with experts assures you that they will deliver first-rate outputs. Thus, not only do you save time; you also get your money’s worth with the services outsourcing companies offer. This quality assurance reduces the liability of your company. Instead, third-party service providers should hold themselves accountable when they fail to meet the outsourcing contract.

What are the Top Benefits of Outsourcing in the Philippines?

Outsourcing goes with a lot of advantages. One of its highlights is low cost while ensuring business growth. However, outsourcing isn’t simply about saving extra bucks. It has various benefits, too, and knowing where to outsource best helps you enjoy these perks.

The Philippines is one of the leading countries in providing third-party services. Many countries choose to hire BPO/KPO companies in the country because of their quality processes. Aside from that, there are many other benefits of outsourcing in the Philippines.

English Proficiency

As the third largest English-speaking country with a neutral accent, Filipinos are proficient in conversing in English. It’s the second language in the Philippines. Thus, it’s being taught as early as in grade school. This gives Filipinos the advantage since English proficiency is one of the most important skills BPO industry.

Fully Equipped Workforce

Aside from being English proficient, Filipinos are equipped with different skills needed to be effective service providers. The government prioritized the need to meet the demand for skilled workers. Thus, they have tailored call center training programs for those who want to be part of the industry.

Cultural Affinity

To increase customer satisfaction, you need friendly personnel who could address and cater to the needs of your clients. This is possible when you can connect with them, and having cultural affinity helps achieve it. That’s why hiring Filipinos is advantageous because the Philippines was immersed in Western culture.

24/7 Services

Providing 24/7 services could be difficult for you and your in-house employees. When this isn’t met, you can lose clients. Thus, offshoring can help you avoid that. Outsourcing to the Philippines is the ideal thing to do because of its location. BPO/KPO companies in the country offer all-year-round services; hence you don’t need to worry about missing leads even on holidays.

Technology/Resources

The Philippines don’t just invest in providing a high-quality labor force. It also prioritizes the continuous advancements in technology and resources. BPO vendors make sure that their equipment is up-to-date to deliver satisfactory output.

Cost-saving

Offshoring not only guarantees a pool of skilled workers, 24/7 services, and modern facilities but low-cost services. You can save more if you outsource to the Philippines because the salary range of Filipinos is 550.18 USD to 9,688.99 USD. While the salary range in the US is 24,000 USD to 423,000 USD.

Finding the Right Outsourced Company in the Philippines

a business owner and an outsource service provider partnering to gain outsourcing services benefits

There are many reasons outsourcing is better than going through all the hassle of hiring in-house employees. Plus, you can put more time and effort into the most important aspects of your business without leaving out your outsourced tasks. With all the benefits of outsourcing and the services it offers, the question now is: Where should you outsource?

Finding the best firm should be the top priority of business owners. This is because only the best service providers can better your business. Thus, if you’re an owner of a big company or a startup, you should aim to hire external vendors who offer the best services. Before farming out your tasks, keep in mind that skill is more important than the rate. You can find lower rates; however, it doesn’t guarantee skills right off the bat.

Good thing, as mentioned earlier, the Philippines is one of the leading countries in the field of offshoring. Filipinos are known to provide quality work because of the country’s continuous effort in strengthening the BPO industry. Because of this, many firms offer remarkable services at reasonable costs and one of them is Outsource-Philippines. So what are you waiting for? Let us help you skyrocket to success with our top-notch services. Get a free quote now.

view of buildings of bpo companies in the Philippines at night

Philippines Strengthens BPO Industry

The BPO industry has a tremendous impact on the economy of the Philippines for over a decade. In fact, it continues to boom even in this time of pandemic. To strengthen this industry, the government took an effort to provide and supply the increasing demand for a highly skilled labor force. Thus, Informatics Computer Institute and Technical Education and Skills Development Authority (TESDA) have tied up to provide relevant IT education to cater the growing IT-BPO industry.

The partnership mentioned above aims to further develop the skills needed by BPO vendors. It also provides training programs that target the development of students’ English macro skills. In turn, students become equipped with the English language usage and accent; thereby helping produce skilled workers that could handle business services around the globe.

The government also actively encourages foreign investors and firms to establish their businesses in the country. In the efforts to support the rapid growth of the BPO industry, they have granted 100-hour Call Center Training Course for interested individuals who wanted to enter the industry. This is in response to the call to continuously create a steady supply of talents for the industry.

Why is the Philippines Ranked Second in the BPO Industry?

The Philippines is one of the best BPO service providers. In fact, it ranks second in outsourcing services, after India. It’s considered the largest sector with 1.2 million workers across the country, and even projected to grow in the coming years. In addition, since 2010, the Philippines has earned a reputation as the BPO Capital of the World. It’s expected that it’ll either maintain its ranking or win the battle against India.

It’s no secret that the country’s history with colonialism has played a key role in impacting the culture and language of the Filipinos. This has even become beneficial in making transactions with other countries, especially the United States. As one of the largest English-speaking countries in Asia with a neutral accent, the country specializes in outsourcing customer service roles—both voice and non-voice related—such as call center and IT support.

List of BPO Companies in the Philippines

phone, headset, and keyboard as tools used in bpo industry

Since the BPO industry keeps on growing, there are 700 nearshore and offshore outsourcing companies in the Philippines. These could help you ensure that there’ll be no missed leads. Plus, with the help of BPO companies, you can increase the number of your staff without spending too much. So, if you’re in the business and want to be familiar with some BPO companies in the country, we have prepared a short list for you.

Outsource-Philippines

It’s one of the top providers of outsourcing services in the country. As a BPO industry pioneer, its primary goal is to provide offshore knowledge process outsourcing solutions while highlighting competent Filipinos in the international market. They offer virtual assistant, data entry clerk, content writing, graphic design, PPC specialist, and contact services.

Accenture

Based in Dublin, Ireland, they’re known as the leading IT solutions company. Even so, they also offer services in marketing, procurement, supply chain, human resources, finance, accounting, insurance, and healthcare.

JPMorgan Chase & Co.

This company is the frontline of financial services around the globe. It provides a wide host of services, which include investment banking, financial solutions, commercial banking, financial transaction processing, and asset management.

IBM

IBM has been operating since 1915. With its experience, they’re the best in IT services. They also expand their line of service to global process, cloud business solutions, and digital operations.

Teleperformance

Teleperformance provides BPO services to more than 170 countries, including the Philippines. They provide services like digital solutions including social media strategy, internet interactions, analytical solutions, infrastructure, and more.

Concentrix

Concentrix started operating in 2006, eventually merging with Convergys in 2019. This paved the way to the expansion of their services. They offer banking and financial services, consumer electronics, automotive, healthcare, insurance, media, communications, retail and ecommerce, technology, travel, transportation, and tourism services.

Sutherland Global Services

It’s considered as one of America’s fastest growing companies. They cater services to different fields such as banking and finance, insurance, healthcare, communications and media, consumer product goods, technology, and tourism.

Alorica

Alorica is one of the leading business process and customer satisfaction outsourcing services. It caters to more than 200 clients across the globe such as banks, healthcare, retailers, car manufacturers, utility companies, and airlines.

Genpact

They’ve been offering their services since 1997 as general electric provider. As the company continues to grow, they’ve branched out from services like customer service to finance and accounting to collections, IT managed services, application services to procurement.

SYKES

Founded by John Sykes, SYKES is one of the BPO industry leaders in the Philippines. They serve various industries such as communications, energy and utilities, financial services, healthcare, insurance services, retail, small and medium businesses, technology, and travel.

Why Hire Filipino BPO Workers?

Choosing to outsource could be crucial, especially when weighing the pros and cons of outsourcing. However, it isn’t something to worry about, because you can count on skilled Filipino BPO workers. You can expect that when you outsource from the Philippines, you’ll work with globally competent and English proficient individuals.

This became possible because leading universities in the country have begun providing training programs intended for the BPO industry. For instance, De La Salle University Graduate School of Business and Ateneo de Manila Professional School have hosted a training program for supervisors and managers of the BPO industry. There are also training programs dedicated to ensuring that Filipinos who plan to work in the BPO are English-proficient to provide services needed by the clients.

Not only that; hiring Filipino BPO workers is cost effective. BPO companies promised to provide quality services despite low cost. Further, you can reduce the cost of recruitment, in-house training, and insurance fee. Another reason is their strong cultural ties with Western countries. Also, their innate personality toward people and resiliency is a plus. These prove to be beneficial in dealing with clients, especially if you’re looking for virtual assistance services.

Despite the pandemic, the BPO industry continues to do its part in keeping the Philippine economy above water. Thus, the government tries its best to support this industry. There are many outsourcing companies across the archipelago. If you still can’t decide where to outsource, consider Outsource-Philippines. It aims to provide world-class services to help you achieve your business goals, even in this time of crisis. Additionally, they assure clients they’ll deliver quality work as they strengthen their services by equipping their BPO staff. What are you waiting for? Outsource now and avoid missed leads. Get a free quote today!

marking holidays in 2021 calendar

Holidays in the Philippines and the USA: 2021

Holidays in the Philippines are some of the most awaited dates of most Filipino workers. These workers prefer to spend the holidays as their rest days, without worrying if they’ll be paid or not. On the other hand, they can still report to work even on holidays as long as their employers will compensate them as stated in Republic Act no. 9849 (2009). The Labor Code requires employers to give an additional 100% of their employee’s daily rate when it’s a non-working holiday and 30% for special non-working holiday.

Disruption in services isn’t a problem when you outsource from the Philippines. For example, if you’re outsourcing customer service representatives from the Philippines, working on holidays isn’t a problem. Thus, your clients can access or inquire about your services 24/7.

Holidays in the Philippines for 2021

Here’s a list of regular and special non-working holidays in the Philippines for 2021, from the Office of the President signed last July 30, 2020.

Regular Holidays

  • New Year’s Day – January 1 (Friday)
  • Maundy Thursday – April 1 (Thursday)
    Holy Week starts on this date.
  • Good Friday – April 2 (Friday)
  • Day of Valor – April 9 (Friday)
    It’s a day dedicated to commemorate the bravery of the soldiers during World War II
  • Labor Day – May 1 (Saturday)
  • Eidul-Fitar – May 13 (Thursday)
    It’s the festival at the end of Ramadan. The date varies depending on the Islamic calendar. For this year, it falls on May 13th.
  • Independence Day – June 12 (Saturday)
  • Eid al-Adha – July 20 (Tuesday)
    Another important holiday for Muslims, it’s the Feast of the Sacrifice. Like Eidul-Fitar, date may vary each year depending on the Islamic calendar.
  • National Heroes’ Day – August 30 (Monday)
  • Bonifacio Day – November 30 (Tuesday)
    This is the day to remember the birth of one of the Philippine heroes – Andres Bonifacio.
  • Christmas Day – December 25 (Saturday)
  • Rizal Day – December 30 (Thursday)
    30th of December is dedicated to honor the death of another Philippine hero – Dr. Jose Rizal.

Special Non-working Holidays

  • Chinese New Year/Lunar New Year – February 12 (Friday)
    This is a festival to celebrate new year on the lunisolar Chinese calendar.
  • EDSA People Power Revolution Anniversary – February 25 (Thursday)
  • Black Saturday – April 3 (Saturday)
  • Ninoy Aquino Day – August 21 (Saturday)
  • All Saints’ Day – November 1 (Monday)
    Filipinos observe this holiday by visiting graves.
  • All Souls’ Day – November 2 (Tuesday)
    This day is dedicated to pray for our loved one who passed away. Also, this caps the longest weekend of 2021.
  • Feast of the Immaculate Conception of Mary – December 8 (Wednesday)
  • Christmas Eve – December 24 (Friday)
  • New Year’s Eve – December 31 (Friday)
list of holidays in the Philippines and the US 2021

Download this Holidays in the Philippines and the US 2021 infographic now.

USA Federal Holidays for 2021

Being familiar with the dates mentioned above is a great help in dealing business with outsource companies in the Philippines. It helps you lay out plans and schedule projects. However, you also need to take into consideration the holidays in your country. If you’re from the United States or are currently doing business with one, here’s a list of federal holidays for your reference.

  • New Year’s Day – January 1 (Friday)
  • Martin Luther King Jr. Day – January 18 (Monday)
    It’s the day to honor a civil rights leader, Dr. Martin Luther King Jr.
  • US Presidents’ Day – February 5 (Friday)
  • US Memorial Day – May 31 (Monday)
    This holiday is observed every last Monday of the month. For this year, it falls on 31st of the month.
  • US Independence Day – July 5 (Monday)
  • US Labor Day – September 6 (Monday)
  • Columbus Day – October 11 (Monday)
    This day is to remember the life of Christopher Columbus. Nowadays, October 11 is a celebration of indigenous people in some parts of the US.
  • US Veterans Day – November 11 (Thursday)
    It’s observed to honor the lives of the veterans and commemorate the end of World War I.
  • Thanksgiving Day – November 25 (Thursday)
    It’s a fixed holiday of celebration and thanks for a good harvest.
  • Christmas Eve – December 24 (Friday)
  • Christmas Day – December 25 (Saturday)
  • New Year’s Eve – December 31 (Friday)

The holidays in the Philippines and the US can serve as your reference in planning and doing business especially in the international market. When you’re in the business of trade and services, the last thing you want to happen is to miss leads. Thus, keeping your line available 24/7 is an advantage. In order to do that, you need to have the right number of staff. They should be equipped to answer inquiries and set service appointments all year round. You also need to consider other factors such as the expense, efficiency, and proficiency of your employees.

Why Outsource from the Philippines?

If that’s too much of a hassle for you, don’t worry because outsourcing is a good way to keep your business together. You don’t need to think how you would train your employees. If your aim is to grow the number of your staff to cater to your business needs, then outsourcing has got your back.

Do you wish to outsource now? If yes, make sure to consider the Philippines because it’s the best country to outsource. With the privilege of having your employees work for you even on holidays, there’ll be no missed leads. In addition, you can be sure to save labor costs and still have skilled workers. As one of the pioneers of outsourcing in the country, Outsource Philippines should be on top of your list. So what are you waiting for? Contact us and get a free quote now!