Bookkeeping and accounting
BOOKKEEPING Outsourcing to the Philippines
Outsource your accounting and bookkeeping services to the Philippines
Ready to build your finance team by outsourcing bookkeeping to the Philippines?
Here’s what you need to know
Your finance and accounting team manages your day-to-day and long-term money operations and strategy. They look after everything from your incoming and outgoing payments, budget creation and tracking, cash-flow management, financial reporting, tax and compliance and many more tasks related to your company’s finances.
Traditionally, the function has had more of a data-entry and reporting-driven focus, which is why outsourcing accounting to the Philippines is an ideal solution. According to Deloitte’s 2016 Global Outsourcing and Insourcing Survey, finance and accounting services (including bookkeeping services in the Philippines) presented the highest future opportunities for outsourcing growth.
What are the benefits of hiring a finance team with bookkeepers outsourced to the Philippines?
The most immediate and obvious benefit will be the difference in cost. Outsourcing your bookkeeping services to the Philippines, along with other finance and accounting roles, can offer savings of up to 70% on wages and occupancy costs. But the greatest benefit to your business will be related to your improved capacity to access and interpret high-quality data and reporting.
With a qualified finance and accounting team, skilled in dynamic financial tracking and reporting tools, you can grow your company quickly and sustainably. The workforce in the Philippines is known for its tech competency and attention to detail, operating in a fiscal and financial system almost identical to conditions in the West. In fact, the Philippines is currently one of the most dynamic economies in the East Asia region, with sound economic fundamentals and a globally recognized competitive workforce.
By outsourcing the transaction monitoring and reporting tasks to your offshore team in the Philippines, you can generate accurate, real-time financial data on each business unit, giving you a sharper view of the organization. Additionally, its large and ever-developing talent pool (about 3,000 passed the CPA board exams in 2018 alone) allows you to build your own team with specialist members for each segment of your business. Just as importantly, the proven methodology and leading technology let you have complete control and full visibility to your business: industrial trends, profit margins, seasonal adjustments and more, giving you a far more nuanced evidence base for decision making.
So really, finance and accounting outsourcing in the Philippines just makes good business sense.
The most common finance and accounting positions you’ll see outsourced offshore are:
- Bookkeeper
- Accountant
- Accounts Receivable Specialist
- Accounts Payable Specialist
- Payroll Processor
- Procurement Officer
Finance and Accounting Team Supervisor
An offshore Finance Supervisor leads the finance and accounting team, overseeing the management of all monetary transactions and tax and regulatory requirements. They’ll produce regular financial reports and cash-flow statements and report to the onshore Chief Financial Officer.
Accountant
Running a business means paying taxes and complying with government regulations. Generally, it’s an accountant’s responsibility to ensure all tax payments and reporting is in compliance with the relevant government regulations. Accountants may also contribute to budgeting and forecasting, and the interpretation of financial data to improve financial systems, reporting, and business strategy. As such, they might work closely with all team members.
Outsourced accountants in the Philippines could be generalist or specialist.
AP/AR specialists
The accounts payable specialist keeps on top of all the bills, like office rent, electricity, and utilities, ensuring all company vendors are paid in full on time. They process invoices and manage relationships with creditors.
The accounts receivable specialist collects payments from customers and clients for the goods and services provided. This also requires a level of relationship management, as they are tasked with following up overdue invoices to ensure payment is made within the terms outlined.
It is best practice to separate these duties to prevent opportunities for financial fraud. However, both roles will likely work together to ensure that enough funds are being collected from customers to meet expenses/liabilities.
Payroll Processor
The payroll processor manages the administration and payment of all salaries, wages, bonuses and deductions, like tax and superannuation. Depending how your team is structured, they may have a direct relationship with HR for when new appointments, promotions, or employee departures need to be processed.
Bookkeeper
A clean, clear, and current general ledger ensures all business transactions (sales and expenses) are accurately recorded and managed. It’s important that all transactions are up to date as the general ledger is the main source for the company’s financial reports. Bookkeepers interact with the AR and AP specialists to ensure that all inputs and outputs are accounted for. You’ll soon find that your bookkeeping service in the Philippines is essential for the day-to-day running of your business and finance team.
Interested in recruiting an offshore finance team or outsourcing accounting to the Philippines?
Since our inception in 2006, Virtual Business Staffing has become one of the biggest managed operations providers in the Philippines. With over 4,000 employees, 6 delivery centers and close to 200 clients, we can help you build a dedicated team in the Philippines, regardless of the roles and level of specialization you require. We have more than 3,000 finance and accounting professionals in our candidate database, and we’ve employed more than 260 accounting and finance professionals for our clients since 2006.
Our finance and accounting specialists are educated to international standards and are trained in your local tax and compliance laws, so you don’t have to worry about unreliable data or inexperienced employees missing the boat on regulatory requirements.
Whether you need bookkeeping services in the Philippines or a whole finance and accounting team, we can help. Book a free consultation to discuss your company’s needs. You could have an offshore finance and accounting team set up in the Philippines in as little as 6 weeks or request a Job Costing & Salary Matrix of current Philippines salaries for different levels of experience (Junior, Intermediate and Senior Roles), to see what your planned team would cost.
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