Are you tired of drowning in financial paperwork and watching your profits disappear into accounting costs?
Companies that outsource to the Philippines can cut labor costs by up to 60%. Moreover, this trend isn’t just about cutting costs. It also highlights tapping on the wealth of skilled talent and advanced technology to stay competitive in a rapidly evolving market.
This article will delve into the benefits of outsourcing accounting in the Philippines to your business.
The Global Boom in Outsourcing Accounting Services
Offshoring tasks to overseas talent is already regular practice. This is confirmed by Deloitte’s 2023 Global Shared Services and Outsourcing Survey. In this report, 91% of the polled Global Business Services organizations (which include outsourcing companies) confirmed they performed finance and accounting services to their customers. Among these key functions, accounts payable tops the most performed processes at 95%, This is followed by accounts receivable (88%) and fixed asset accounting (81%).
Filipino Power: Advantages of Offshore Staffing in this Country
But why seek Filipino offshore talents for these services? Here are the key advantages of hiring Filipino remote staff.
1. Powerhouse of Potential: Filipino Skilled Professionals
The Philippines offers a rich pool of skilled accounting professionals, ready to become the backbone of your financial operations. These are their impressive qualifications:
Education and Training
Many colleges and universities offer specialized programs that produce graduates who are well-versed in both theoretical and practical aspects of accounting and finance.
Certified Accountants
The Philippines has plenty of certified public accountants (CPAs) and other qualified finance professionals. These professionals are not only highly skilled; they also possess a deep knowledge of international accounting standards.
Specialized Skills
Filipino accountants are trained to use various accounting software. They are also familiar with financial regulations. Their specialized skills ensure that your financial management is handled with the highest level of competence.
2. Reduces Your Costs While Maximizing Efficiency
Filipino outsourcing companies offer a transformative proposition: maximize efficiency while minimizing costs. Here’s how they can improve your bottom line:
Lower Labor Costs
The Philippines offers a cost-effective solution for small businesses looking to manage their accounting needs. Accounting labor costs in the Philippines are considerably lower compared to countries like the United States or Australia. This significant difference in wage structures allows businesses to save money while still employing top-notch talent.
Operational Savings
Beyond labor costs, outsourcing accounting functions to the Philippines reduces overhead expenses. These include office space, equipment, and utilities. By tapping into a remote workforce, businesses can operate more leanly and redirect those savings into growth and development.
Affordable Expertise
Access to high-quality accounting services doesn’t have to come with a hefty price tag. In the Philippines, businesses can find seasoned accountants who deliver exceptional service at a fraction of the cost. With this, you can get more value for your investment.
3. Safeguards Your Business with Enhanced Accounting Accuracy and Compliance
Philippine outsourcing firms offer a robust solution for safeguarding your business from non-compliance to accounting standards and regulations.
Regulatory Knowledge
Filipino accountants are well-versed in local and international accounting standards and regulations. Their expertise ensures that your business complies with all required financial laws. Compliance lowers the risk of legal issues that can damage your company’s reputation.
Accuracy in Financial Reporting
Filipino accountants are keen on numbers and detail. They ensure that your financial statements and reports are precise, giving you a clear and accurate picture of your business’s financial health.
Timely Compliance
Outsourcing your accounting functions to the Philippines ensures that your taxes are filed on time and that you comply with all financial regulations, avoiding penalties and fines.
4. Empowers You to Focus on Your Business Strengths
Imagine a world where you can delegate accounting tasks and reclaim valuable time and mental space. This is one of the transformative powers of outsourced accounting.
Time Management
Outsourcing accounting tasks frees up valuable time for business owners and their teams. This allows them to focus on core business activities that drive growth and profitability.
Strategic Planning
With the administrative burden of accounting lifted, business owners can concentrate on strategic planning and business development, leading to more informed decision-making and long-term success.
Reduced Administrative Burden
By outsourcing accounting functions, small businesses can minimize the administrative workload associated with managing in-house accounting teams, leading to greater efficiency and productivity.
5. Growth Without Limits: Forges Scalability and Flexibility
Scalability and flexibility translate to dynamic solutions that seamlessly adapt to your evolving business needs.
Scalable Services
One of the major advantages of outsourcing accounting to the Philippines is the ability to scale services up or down based on your business needs. This flexibility ensures that you only pay for what you need when you need it.
Flexible Solutions
Outsourced accounting services can be tailored to meet the specific requirements of your business. Whether you need help with payroll, tax preparation, or financial analysis, you can find a solution that fits your needs perfectly.
Adaptability
Filipino accounting firms are known for their quick adaptation to changing business requirements and market conditions. This adaptability ensures that your business can pivot and adjust its strategies as needed without missing a beat.
6. Upgrades Your Business with Advanced Technology and Security
Future-proofing your accounting tasks and processes using advanced tech is a solution Filipino offshore staffing companies offer.
State-of-the-Art Tech Proficiency
The Philippines is home to accounting firms that use the latest accounting software and technologies. This ensures that your financial data is managed efficiently and accurately.
Data Security
Robust data security measures are in place to protect sensitive financial information. These measures ensure that your business’s financial data is secure from breaches and cyber threats.
Efficient Processes
The integration of technology in accounting processes leads to streamlined and efficient operations. This not only improves accuracy but also reduces the time needed to complete accounting tasks.
In summary, outsourcing accounting services to the Philippines offers many benefits to small businesses. Aside from significant cost savings, you will also gain access to skilled professionals who enhance the accuracy and compliance of your accounting tasks.
You can also leverage an outsourcing company’s ability to scale up or down its services to match your needs. Finally, you can utilize their advanced technology and security for your financial records.
With these advantages, you can now focus on your core business activities without worrying about the quality of your accounting deliverables.
Shore Up Competency with Big Outsource’s Accounting Services
As Clutch.co’s #1 outsourcing company for small and medium businesses, Big Outsource offers a suite of services:
- Bookkeeping: Data entry, bank reconciliation, accounts payable/receivable management.
- Payroll processing: Calculating salaries, deductions, and taxes.
- Tax preparation and filing: Federal, state, and local tax returns.
- Financial statement preparation: Balance sheets, income statements, cash flow statements.
- Management accounting: Budgeting, forecasting, variance analysis.
- Auditing services: Reviewing financial statements for accuracy and compliance.
Non-core accounting tasks should not be tedious and burdensome.
Schedule an appointment with Big Outsource today to allow us to find solutions to your nagging accounting and finance problems. With over a decade of experience and a strong track record of successful client partnerships, we’re dedicated to helping your business thrive.
