Outsource Financial Functions to the Philippines
Work with the Philippines top finance and accounting outsourcing experts
Looking at outsourcing financial roles?
Here’s what you need to know.
It’s been over a decade since the global financial crisis, and the financial services industry has undergone some upheaval in that time. Regulatory frameworks have strengthened, receded and, in recent times, come under scrutiny again.
Meanwhile, technological advances have dramatically changed the way the sector interacts with customers and performs day-to-day functions.
Financial services providers must continue to navigate changing regulatory frameworks, increase capacity to handle cybersecurity threats, and embrace the technology required to meet customer expectations. And, above all, they must minimize their risk of exposure to the local and global factors that have spelled the end of less savvy competitors.
Parts of the sector are having an easier time of it than others. The insurance industry, for instance, is going from strength to strength, according to the Deloitte Center for Financial Services, with 2019 “shaping up to be banner year”. But it also warns that “a rising tide won’t necessarily lift all boats equally. There are still plenty of challenges to overcome in the year ahead, as well as opportunities to improve a carrier’s competitive position and bottom line.”
Some global investment management firms, meanwhile, are taking a cautious approach, fearing market volatility and a possible correction. Large firms have maintained profit margins by offering lower cost products, but small to medium-sized firms, unable to take advantage of scale, have had to look to other solutions.
And, of course, all financial services operators have to remain alert to both local and global political situations, such as Brexit, and the effect these will have on consumer sentiment and operating climate.
Finance and accounting outsourcing to the Philippines can enable organizations to continue to grow and remain viable in an environment of constant change. This is particularly true for companies who operate strategically, have identified a hierarchy of core and non-core processes, have a strong culture of performance management, and have developed reliable metrics for measuring outcomes.
Why is the financial service and insurance industry
suited to offshoring?
Business accelerator service Aurik suggests companies create value by prioritizing their time and outsourcing tasks which are neither core business nor strategic in nature.
Fortunately for financial service and insurance businesses, it’s an industry that’s particularly well suited to offshoring, because:
- Businesses that have survived the rigors of recent years tend to be well organized and have a strong sense of what their core and non-core functions are, so they’re well placed to know which functions can be offshored to their advantage.
- The expertise required for the advanced technological innovation demanded by customers already exists offshore, with experienced teams specializing in application and software development and management, as well as IT.
- Most business processes involved in day-to-day operations are performed using cloud-based software, which is available via any browser. So the team’s physical location is irrelevant.
- A lot of the work can be done at any time – not just in business hours (although a good offshoring provider will give you access to people who can work your hours if you want).
Frequently offshored financial services and insurance roles
Some of the more frequently outsourced financial services and insurance roles include:
- Accounts Receivable Specialist
- Accounts Payable Specialist
- Accounting Supervisor/ Manager
- Payroll Specialist/ Supervisor/ Manager
- Payroll Specialist/ Supervisor/ Manager
- Financial Analyst
- Claims Analyst
- Financial Advisor/ Insurance Agent
- Loans/ Mortgage Specialist
- Collections Specialist
- Billing Specialist
Sample professional services employee profiles
At Virtual Business Staffing, we have more than 8,300 professional services specialists in our candidate database, and access to an additional 11,000+ outsourcing administrative service providers across the Philippines. Here are a few examples of real candidate profiles:
- Advanced knowledge in preparing Financial Reports: Statement of Financial Position, Statement of Comprehensive
- Income, Statement of Cash Flow, Financial Analysis, Management Reports, Budget Reports and Tax Reports.
- Competent in using QuickBooks, MS-DOS/FOXPRO, Envoy V5, SAP, Al-Ameen, Oracle
- EBS (12.0.4) and Xero Certified.
- Proficient skills in using MS Office Applications like Word, Excel, PowerPoint, and Outlook.
- Senior Officer – Accounting & Finance
- CFO Assistant / Accounting Supervisor
- Accounting Supervisor (AR PowerUser)
- Competent in using various software such as Microsoft Office (Word, Excel, PowerPoint, Access, InfoPath, Outlook, Groove and Visio) ArcGIS, Adobe Photoshop, AutoCAD, Open Jump and MapInfo Professional, MYOB, PATHS and SAP
- GIS Software implementation in Local Government Units
- Payroll Associate
- Accounting Clerk
- GIS Operator
- Knowledge in Microsoft Word, PowerPoint, Microsoft Excel
- Familiarity in internet application
- Familiarity in SAP application
- WDS Compass Contract Application
- JD Edwards
- AP Workflow
- Online Document Management (ODM)
- Senior Accountant
- Senior Accountant
- Senior Billing Staff
Interested in outsourcing your financial services
and insurance job roles 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 4800 financial services and insurance professionals in our candidate database, and we’ve employed more than 550 financial services and insurance professionals for our clients since 2006.
Ready to take the first step with finance and accounting outsourcing to the Philippines? Call +63 2 34371000 today or send us an email to discuss your company’s financial services and insurance needs. You could have an offshore team set up in the Philippines in as little as 6 weeks.