Most businesses today face fierce competition in the industries they support. However, while having a solid marketing and sales team at your disposal can be critical to helping an organization grow, this growth won’t be sustainable without a great accounting team standing by your side.
The challenge for many businesses, however, is properly balancing their resources when hiring a dedicated accounting team. Luckily, outsourcing can be a great way to give your business the accounting support it needs without needing to hire a dedicated in-house accounting department.
And there are even better options like matchmaking with specific Philippines based accountants who are sourced and worked directly for you, instead of being outsourced.
We’ll walk through all the different options below.
When a business decides to outsource its accounting and bookkeeping responsibilities, it often looks for a wide range of financial services that can be handled without having to have an internal term member responsible for them.
Outsourced accounting teams handle daily tasks, including general bookkeeping, accounts payables and receivables, payroll processing, financial reporting, and tax preparations. While some organizations may want all their accounting processes handled by outsourced employees, others may just want to supplement their current accounting department’s workload, allowing their other accounting staff to focus on higher-priority tasks.
There are different formats organizations can use when looking for staff members who will work outside of the organization. Outsourcing is a relatively broad category of this type of format, which involves hiring a third-party staffing firm or a contractor that works within their own country.
On the other hand, offshoring focuses on hiring individuals outside the business’s country to lower labor costs while opening up new opportunities to engage with a wider talent pool. Both options are beneficial. However, offshoring often presents a more attractive option for businesses willing to find a suitable solution for handling the communication barriers and potential cultural differences that offshoring can bring.
When you decide to outsource your accounting procedures, there are a number of benefits it can bring to your business. This includes:
Although outsourcing your accounting needs can be highly beneficial, there are some considerations businesses should make before deciding to move forward.
One primary concern some organizations may have is the need to lose a certain level of control or oversight over their employees when they’re outsourced. This is particularly the case when working with overseas employees operating in different time zones.
Another concern that should be considered when outsourcing any business procedures is security. While there are various reputable outsourcing companies you can work with to make sure you only hire trustworthy individuals, other organizations don’t place as much importance on carefully vetting their accounting professionals. This can lead to potential security issues that could cause significant compliance issues for the business.
While these are important considerations all businesses should make before outsourcing their workforce, many of these concerns can be circumvented by ensuring you only partner with reputable outsourcing and offshoring companies
At Philippines Accountant, we offer a much more effective alternative to traditional outsourcing techniques. Using a specialized matchmaking service, we successfully connect businesses with only highly relevant and equally qualified accounting professionals at nearly 70% less than the cost of a typical US hire. This includes specialized CPAs and executive-level accounting professionals with experience working in various business settings and sizes.
The financial benefits of working with Philippines Accountant for your next offshore hire are significant. In the US currently, the cost to hire a qualified US-based accountant is a minimum of $30 an hour. However, a comparable professional with equal or more experience can be employed by your organization for as little as $7-8 an hour. Even a senior-level accountant who possesses a master’s degree in accounting fields and a CPA license would only cost, on average, around $11 per hour when located in the Philippines.
The great thing about working with our pre-vetted accounting professionals is that you won’t need to stress about the typical onboarding phase required when hiring an in-house team. Our team of staffing professionals will take care of all of the training and integration necessary to get your new hire up to speed and provide value to your organization as soon as possible.
At Philippines Accountant, we specialize in servicing multiple industries, including e-commerce, professional services, and technology-based businesses. Our accounting professionals have specific experience in each of these industries and can provide immediate value to both growing startups and expanding enterprises.
Our unique approach to offshore matchmaking supports any number of accounting activities for businesses, including:
We’re a full service recruitment firm that matches you with experienced and talented Philippines based accountants. Our custom-made KPIs either ensure your accountant’s success within the first 90 days of the job or we’ll do another search free of charge. Because Philippines Accountant takes the guesswork out of performance. Trust us – when the values of your team align, the sky’s the limit.
Let the professionals at Philippines Accountant provide your business with a cost-effective solution for building a strong financial foundation for your organization. Contact us today for a free 15-minute consultation regarding your organization’s staffing needs.