Accounting is one of a business’s core functions. It provides crucial insights that help the business analyze and foresee trends. As the business grows, additional staff might be needed to perform other duties. However, adding more staff means more overhead costs, which might be risky for startups. Fret no more—complete your tasks with less time and cost. Outsource offshore and achieve your business goals fast. Planning to outsource accounting to the Philippines? Check out our helpful tips for you and your business!
Accounting Outsourcing in the Philippines
The financial market in the Philippines has improved over the past years. Financial reform efforts have improved the state’s efficiency, depth, and access to the local financial markets. Hence, many large foreign financial service companies have established themselves in the country.
These efforts opened many doors and enhanced the skills of accounting experts in the Philippines. A 2018 Business Mirror report found that an average of 7,250 new CPAs are hired in the Philippines annually. Thus, the pool of experts in the field becomes better each year. As a result, hiring offshore accountants offers companies access to highly skilled professionals at competitive rates. Through continuous progress, the Philippines has become one of the best countries to outsource finance and accounting staff.
Why Outsource Your Accounting Services to the Philippines?
Listed here are the reasons to hire accountants in the Philippines:
1. English-Fluent Team
English has always been one of the country’s top languages. According to reports, around 14 million Filipinos speak English, making the country one of the largest English-speaking countries worldwide. Hence, working and talking with outsourced service staff will be more seamless since there are minimal language barriers—if any.
2. Tech-Savvy Staff
Filipinos are known as among the most tech-savvy people. Since Western culture has greatly influenced the nation, Filipinos can quickly adapt to new business and IT tools. Nonetheless, many younger accounting experts are adept at using new digital tools and apps.
3. Skilled and Adaptable Experts
With the improved courses and training, many foreign businesses know and hire Filipino accountants. Aside from the acquired knowledge, Filipinos are also known for their adaptability. Get access to a pool of skilled accounting service experts without spending much time when you hire outsourced staff.
4. Cost-Efficient Service
When businesses outsource accounting to the Philippines, they are guaranteed to receive top-notch service without much overhead cost. The skills of outsourcing accounting services staff in the Philippines are at par with hiring on-shore and near-shore staff.
When to Outsource Accounting Tasks?
Usually, finance staff and accounting are the key job posts in a business. However, there are times when outsourced staff is needed to improve accounting processes and efficiency. Here are the best times to outsource these accounting processes:
1. Growing Your Business
When you’re a startup trying to explore and grow your business, accounting functions follow suit. However, since many startups venture into expansion on a tight budget, hiring outsourced staff is the best choice. With this, you can manage your budget and save costs on the hiring process while getting the same amount of skills for the job post.
2. Large Enterprise Needing Added Staff
Hiring staff onshore or nearshore might require a hefty budget, depending on the workers’ basic wage in the area. However, with the help of advanced technology, managing a team offshore has become easier. An offshore service is the best option for big teams needing added staff for short-term projects. Outsourcing services can provide skilled staff without hiring efforts.
3. Staff Needs to Focus on Core Functions
There are also times when the company workforce needs to focus on core functions. This especially happens when they are re-branding or adopting new systems. During this phase, outsourced staff can provide help for other tasks.
4. Nearing the Start and End of Fiscal Years
During the start of the fiscal year, businesses usually start to include changes to their systems. Meanwhile, the end of the fiscal year urges them to analyze the past system. Hence, workload increases, and staff is needed to keep track and verify finances. Although they could hire an added staff, having an offshore team as an option would greatly help.
How to Outsource Accounting Tasks to the Philippines?
We’ve listed four important details that will help you immediately and in the long run.
1. Assess the type of outsourcing services you need.
First, list the tasks within the area you need to outsource. Through this, you can assess the number of staff you need to hire. Second, compute the time you might need to complete the project. These steps can help you assess the type of outsourced service and cost you need. Also, this would help the outsourcing team deliver good results.
2. Know the language and time differences.
Since you’re hiring an offshore team, there might be time and language barriers to ponder. Read the service details before signing the project. Also, talk with your team and plan before hiring an outsourced team. Real-time accounting tasks may not be needed. This issue may apply to other services you might need for your business, such as BPO.
3. Agree on tools and apps to use.
There are many accounting tools and apps today. Therefore, before signing the project contract, check first if their team uses the same tools as you. This also applies to the mode of communication you wish to use since most of the tasks will be sent online.
4. Check the outsource team’s identity.
In addition to prepping the tasks and tools you might need for the service, you must also check the outsource team’s background. To avoid online scams and other issues, you may want to visit their website for reviews and resources or their social media page for added details.
Outsource Accounting to the Philippines Today
Looking for a trusted team to outsource accounting to the Philippines? Outsource Philippines is here to help you! Our team of experts offers bookkeeping and accounting services for your business. We offer an array of business solutions you can rely on to let you focus on your core duties. These include handling the general ledger, balance sheet, cash flow statement, order entry, and sales processing. Entrust this daunting duty to us today! Contact us for more details.
