Accounting is one of the core functions of a business. It presents crucial insights that will 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 lesser time and cost. Outsource offshore and gain your business goals fast. Planning to outsource accounting to the Philippines? Check 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. The financial reform efforts improved the state, efficiency, depth, and access to the local financial markets. Hence, many large foreign financial service companies established their business in the country.
These efforts opened many doors and enhanced the skills accounting experts in the Philippines. In a 2018 Business Mirror report, it was found that there’s an average of 7,250 new CPAs in the Philippines yearly. Thus, the pool of experts in the field becomes better each year. 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:
English has always been one of the country’s top languages. Based on reports, around 14 million Filipinos speak English, making them 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 at all.
Filipinos are known as one of the most tech-savvy people. Since the Western culture has highly influenced the nation, they can easily adapt to fresh tools in business and IT. Nonetheless, many younger accounting experts are adept at using new digital tools and apps for the job.
Skilled and Adaptable Experts
With the improved courses and training, Filipino accountants are known and hired by many foreign businesses. Aside from the acquired knowledge, Filipinos are also known for their adaptability. Get access to pool of skilled accounting service experts without spending much time when you hire outsource staff.
All in all, when businesses outsource accounting to the Philippines, they are guaranteed to receive top-notch service without much overhead cost. The skills of outsource 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 wherein an outsourced staff is needed to improve the process. Here are the best times to outsource these tasks:
Growing Your Business
When you’re a startup trying to explore and grow your business, accounting functions follow suit. But 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.
Large Enterprise Needing Added Staff
Hiring staff on-shore or near-shore might require a hefty budget, depending on the basic wage of workers in the said area. But with the help of advanced technology, managing a team off-shore has become easier. For big teams needing added staff for short-term projects, an offshore service is the best option. Outsource service can provide skilled staff without hiring efforts.
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.
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 added staff to keep track and verify finances is greatly needed. Although they could hire an added staff, having offshore team as an option would greatly help.
How to Outsource Accounting Tasks to the Philippines?
We’ve run down four important details that will help you both immediately and in the long run.
1. Assess the type of outsourcing services you need.
First, list down the tasks within the area that 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 outsource service and cost you need. Also, this would help the outsource 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.
Aside from prepping the tasks and tools that you might need for the service, you must also check the outsource team’s background. You may want to visit their website for reviews and resources or their social media page for added details. This is to avoid online scams and other issues.
Outsource Accounting to the Philippines Today
Looking for a trusted team for 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 simply rely on to let you focus on your core duties. These include handling general ledger, balance sheet, cash flow statement, and order entry and sales processing. Entrust this daunting duty to us today! Contact us for more details.