Outsourced Bookkeeping

Running a successful business requires a skilled accounting team that can help establish a strong financial foundation for the organization.

However, the truth is, for many businesses, resourcing an in-house accounting department can be incredibly costly and isn’t always an ideal solution for agile companies looking to pivot their organizational structure as needed.

This is where the benefits of outsourcing bookkeeping and accounting responsibilities can be a real game changer for modern organizations.

Benefits of Outsourcing

Outsourcing can be an effective way for smaller or larger organizations to scale their staffing needs while minimizing long-term investments in overly rigid organizational structures. Below are some of the benefits businesses can experience when taking this approach:

Improved Cost-Effectiveness: For most businesses, the most apparent benefit of outsourcing bookkeeping and other supporting accounting responsibilities is the cost savings it can bring. By eliminating the need to support long-term salaries, employee benefits, and payroll taxes, businesses can create a sizable buffer in their financial budgeting needs.

Access to Industry Expertise: Outsourcing your bookkeeping needs using a qualified staffing partner can provide your business with quick access to highly specialized individuals who can help the organization apply industry accounting practices while ensuring all critical financial processes are in place. These industry experts can also help the business identify potential issues with current accounting processes while unlocking new opportunities to improve financial strategies moving forward.

Time Savings and Added Efficiency: Smaller businesses, especially, often have limited resources for managing accounting-related processes. By working with a seasoned outsourced accounting professional, companies can focus their time on other critical elements of the organization, like sales and marketing. At the same time, outsourcing partners can help them create a scalable bookkeeping solution that can be managed remotely or overseas.

Better Scalability: As a business grows, balancing the budgetary requirements of supporting new development initiatives with managing the costs of supporting in-house departmental structures can be difficult. Outsourcing bookkeeping needs help to facilitate a business's need to quickly shift its priorities and staffing requirements without worrying about expensive and time-consuming hiring or layoff procedures.

Cons of Outsourcing

Putting your trust in bookkeeping outsourcing professionals can be a smart move for many businesses. However, there are some potential disadvantages of taking this approach that certain companies may want to consider closely.

For example, when you outsource your bookkeeping responsibilities, you’re essentially trusting this vital role with individuals you won’t have direct daily oversight. Not all businesses can adapt to this new format as quickly as others, and the lack of physical proximity with their outsourced talent when managing accounting-related processes could be challenging to manage.

Another consideration for companies when relying on remote-working individuals to handle their finances is security. Although many reputable staffing companies have proven their ability to carefully vet the accounting professionals they work with, other companies don’t place the same level of importance on business security.

In either of these situations, it’s critical to take the time necessary to thoroughly vet the staffing partners you choose to work with when deciding to outsource accounting and bookkeeping processes.

A Better Alternative to Outsourcing

Rather than outsource their various bookkeeping tasks, businesses can consider using a more targeted solution that ensures they’re getting both the expertise and significant cost savings they need.

At Philippines Accountant, we specialize in providing businesses with a comprehensive offshore matchmaking service. We ensure that you can work with pre-vetted and certified bookkeeping professionals relevant to your industry and business needs. This service is seamlessly provided while helping your business reduce hiring costs by up to 70% compared to traditional in-house hiring strategies.

Why Choose a Philippines-Based Bookkeeping Professional?

The financial advantages of working with an offshoring accounting service like a Philippines Accountant are substantial. In Western countries like the United States, a qualified bookkeeping professional will require a minimum of $30 per hour to employ, not including the additional costs associated with onboarding a full-time staff member.

On the other hand, the labor costs are significantly lower when hiring individuals in the Philippines. A similar individual with the same or even more qualifications hired overseas will likely only cost $7-8 per hour, while even senior accounting professionals with a master’s degree only require around $11-12 per hour.

Working with a specialized offshoring partner like Philippines Accountant also eliminates the hassle of going through a long and tedious recruitment and training process. Our experienced staffing professionals handle every aspect of the hiring process, giving your business back valuable time and resources to focus on other critical elements of the company.

Immediate Access to Industry-Specific Solutions

Although the benefits of hiring a Philippines-based account are useful for all businesses, we also recognize at Philippines Accountant that different industry sectors have unique financial needs. This is why we work with a highly specialized group of industry professionals who can provide unique value to specific business types, including:

Tax and Accounting Firms: When it comes to handling important financial requirements during peak tax seasons, our sourced professionals can help offload all tax preparation, bookkeeping, and financial statement preparation to ensure your firm is able to meet strict deadlines with clients.

Retail Businesses: Our accounting professionals are also adept at handling sales tracking and inventory management responsibilities for retail organizations. This includes maintaining accurate records of vendor accounts, handling regular pricing changes, and supporting the day-to-day needs of your supply chain

Restaurants: Outsourced accountants can help track food supplier expenses and labor and operational expenses to assist restaurant owners in ensuring profitability and optimizing pricing strategies.

Construction Offices: At Philippines Accountant, we recognize that major construction projects require careful budgeting and accurate billing processes. Our outsourced accountants can help your organization better manage and project your financials while improving cashflow with accurate invoicing procedures

Working with Philippines Accountant

At Philippines Accountant, we’re committed to providing our clients with a completely customized solution for their bookkeeping needs.

Whether you need the expertise of a bookkeepr, Certified Public Accountant (CPA), CFO, or any other accounting-related role, we’ll ensure that every team member you gain access to is equipped with the skills and certifications necessary to best support your organization.Contact us today for a free 15-minute staffing consultation, and let us show you how we can support all of your bookkeeping needs while maximizing your cost savings.