The Philippines has become a popular destination for outsourcing accounting and bookkeeping tasks. This is because of the country’s highly skilled and English-speaking workforce and low labour costs. But, if you’re like most companies, you’re probably wondering which specific accounting tasks the talented Filipino workers can help you with.
Here are just a few of the accounting functions that offshore staffing companies in the Philippines can assist you with:
Accounts payable and receivable
Basic bookkeeping has always been one of the first tasks companies outsource. This is because it’s a time-consuming and detail-oriented task that doesn’t require a lot of strategic thinking. And thanks to the internet, it’s easier than ever for companies to outsource accounting functions to another country.
It’s an uncomplicated assignment that can be taught even to employees without an accounting degree or background. So, you can set up relatively quickly with a new staff and still be able to expect high-quality work.
Payroll processing
Payroll processing is another accounting function often outsourced to Filipino workers. This includes tasks such as calculating employee salaries, issuing paychecks, and withholdings taxes.
What makes outsourcing even more accessible is that plenty of cloud-based Enterprise Resource Planning (ERP) tools are developed specifically to streamline payroll processing. This translates to easy integration with your existing workflow tools and services.
Financial planning and analysis
Financial planning is also often offloaded to offshore staffing firms in the Philippines. The country’s workforce is just brimming with talent, and they’re usually able to provide insightful analysis and observations that can help improve your company’s financial planning.
It’s also more suitable to outsource this particular task now as the technologies and infrastructure for financial data collection and analysis, such as data visualisation and investor communication tools, have taken a giant leap in recent years. Nowadays, it’s much easier to interpret, process, and present the necessary data to government regulators and investors.
Tax compliance
Preparing tax statements is another resource-consuming accounting task that can be easily outsourced to Philippine offshore staffing firms. While CPAs in the country are trained in Philippine tax laws, professionals in the BPO industries are also equipped with expertise in developed nations’ tax systems. So, they can easily handle tax return filing for companies based in the US, UK, and other Western countries. This ensures compliance with the latest tax regulations while freeing your in-house accounting staff to focus on other tasks.
Controller functions
Even critical controller functions could be offloaded to Philippine outsourcing companies. This is especially true for companies trying to scale or expand their operations.
Outsourcing controller functions can give you access to a team of professionals who can help you develop and implement the necessary policies and procedures for company expansions. They can also help establish an internal control system to safeguard assets and ensure compliance with local and international accounting standards.
Final Thoughts: Accounting Tasks You Can Outsource to Philippine Offshore Staffing Companies
So, there you have it. These are just some of the many accounting tasks that can be easily outsourced to Philippine offshore staffing firms. If you’re looking to cut down on costs and free up your in-house staff’s time, then outsourcing is definitely something you should consider.
