Today every business has access to technology and the freedom to seek assistance across the Internet.
Now, even small businesses have access to several software programs that can help them adapt to the fast-phased and competitive industry and today. These systems allowed every entrepreneur to streamline their business processes and simplify their operations.
In this kind of business landscape, your company or business should grab every chance you have to get ahead of your competitors.
As our country progresses, the Philippines became a key strategic country for owners & executives of both small and large businesses.
A recent survey and research showed that the Philippines is the leading outsourcing destination. In fact, the BPO industry currently accounts for approximately 10% of the country’s GDP.
For several years, the Philippines has been specializing in low-cost services such as data entry, voice support, and virtual administration. Later on, Filipinos also offer outsourced services for accounting and bookkeeping.
Benefits Of Outsourcing Accounting Services in the Philippines
Outsourcing accounting and bookkeeping tasks allow you to have more time to focus more on higher-level tasks that can help your business improve and grow.
Bookkeeping, finances, and accounting are important tasks that need to be updated all the time because the one you miss an update it will affect your business in the future.
Speaking of updating, having a team that is dedicated to these tasks will help you not to miss important information. One of the most essential tasks is keeping the track of your daily accounting records and data.
An outsourced team can also monitor the trends and updates within your industry concerning accounting and finance. They will after if your business is still following the rules and regulations within your area.
These professionals can help you foresee your business status in the future and can help you prevent damages. Moreover, they can assist you if your business committed some penalties that might create a big impact on your business.
Also, whenever there are audits, you can be worry-free because you know that your books and records are updated, accurate, and ready for financial market regulators.
Overall, outsourcing is very cost-effective. You can save a lot of money because you don’t have to provide bonuses, monthly salary, and paid training and seminars.
Outsource bookkeeping and accounting allows you to just pay for the things you currently need. Nothing more, nothing less.
Expertise in Accounting and Finance
Outsourcing firms will team you up with a staff who understands the process and industry inside out. You should note that it is a growing industry, and these firms only hire professionals that can assist with your needs.
Accountants and bookkeepers have the capability and expertise to provide you with higher quality accounting information. You can guarantee quality and accurate service for a lesser cost.
Access to top systems and software
Let’s be honest here, not all business owners are well-aware of the ins and outs of accounting and bookkeeping. However, with the help of your outsourcing partner, you can access the leading bookkeeping software which can be a tool to help your business operate more efficiently.
Most outsourcing firms in the Philippines have access to high-performing accounting software packages. These packages can be a bit pricey so with your outsourcing partner you don’t have to avail it and invest time to deeply understand the ins and outs of it.
CPAs and bookkeepers are already trained and experts on using these software programs so you can guarantee that the work is done correctly and on time.
Allows Business Scalability
With all these advantages, you already know that outsourcing your bookkeeping and accounting services allows your business to grow by adapting to technology and having better productivity.
How to Successfully Outsource in the Philippines?
Outsourcing companies in the Philippines create systems and strategies that can help you gain an exceptional opportunity to secure a higher ROI.
Here are simple steps you can do to successfully outsource your accounting and bookkeeping services in the Philippines.
Step 1: Assess If Your Business Should Outsource or Not
Indeed, there outsourcing has many benefits for businesses but it is not appropriate for all businesses.
As an entrepreneur, you must create a cost-benefit analysis so it can help you weigh things before you commit to outsourcing. Lower cost and efficiency are obvious advantages so consider these. If your analysis outweighs your costs, then by all means outsource.
Here are some questions to help you determine whether outsourcing is for your business or not. Where can I save more, outsourcing or hiring a new team? Can they provide the expertise that my team can’t? What is the turn-around time for a quality output?
After answering some of these questions and decided that you still want to outsource, you can now start listing down the tasks you want to outsource. You should be clear about your requirements. This helps your partner to manage expectations and avoid miscommunication.
Step 2: Understand Cultural Differences and Communicate How to Compromise
If you are from a foreign country, you should understand that there will always be cultural differences and before you commit these things should be clearly relayed by you as well as your partner.
Roles and responsibilities must be clearly defined and instructions must be given in detail.
Filipinos are by nature polite and adaptable. They work flexible hours and are generally efficient and dependable. However, they are more accustomed to and generally thrive in a more rigid structure.
Before outsourcing in the Philippines, businesses should prepare their structure and way of doing things for a smooth integration which also requires comprehensive process documentation.
Step 3: Clear Monitoring, Regular Milestone Setting, and Frequent Evaluation
One of the usual challenges of businesses that opt to outsource is the lack of control over business processes. One of the best solutions to this is to keep open communication with your outsourcing partner. You should monitor and constantly evaluate the service you receive from them.
Moreover, you should keep an eye on your milestones. These are a good way of monitoring progress in particular tasks.
After you and your partner agreed you can set measurable and attainable goals which can increase the probability of on-time completion. Also, establishing a Key Performance Index (KPI) is another way you can use to evaluate the performance effectiveness of your service provider.
If you browse the Internet right now, you will see a ton of outsourcing firms. However, if you need a more particular firm you can always seek people who are experts on accounting and bookkeeping within your area or country.
For example, your company is based in Australia, you can tap Online Officer for accounting and bookkeeping outsourcing. They have a pool of professional accountants that can help you with Australian tax regulations, cash flow management, bookkeeping, and others.