Planning to start accounting outsourcing? The Philippines is an ideal location, whether you’re an accounting firm looking to grow your team, or a company with an in-house finance team that needs some additional accounting support.
The Philippines has more than 175,000 Certified Public Accounts (CPAs), and nearly 8,000 more join the workforce every year, after graduating from university and passing their board exams. Plus, in addition to CPAs, the Philippines is home to at least as many non-CPA accountants.
The accountant talent pool is highly-employable as both CPAs and fresh graduates have extensive experience from working with accounting firms. In other words, they are agile, and experienced in what they do.
All MicroSourcing accountants are university graduates and highly proficient in spoken and written English. Their experience varies as follows:
Junior – Junior accountants in the Philippines are typically new graduates with a relevant degree and up to 11 months of relevant working experience.
Intermediate – A typical intermediate accountant in the Philippines has 1-3 years of relevant experience.
Senior – Most senior accountants in the Philippines have 3+ years of relevant experience.
All accountants are fully qualified and experienced in:
Accounts receivable and accounts payable
Analysis of financial reports
Reviewing and processing of expenses
Maintaining accounts records, as well as customer and vendor records
Assisting end of month processes
Most intermediate and senior accountants in the Philippines have worked with accounting firms where they’re expected to work with clients from a wide range of industries all at once. So they have to be fast learners and hard workers.
You can even employ senior accountants with a specialist understanding of your local taxation laws (e.g. US or Australian tax law).
Filipino accountants stay in their role for an average of 5 years.
Accountants in the Philippines typically have extensive experience in the leading accounting tools, including:
Xero isn’t in widespread use in the accounting world outside of Australia and New Zealand, so most Filipino accountants don’t have direct experience using it. That said, it’s a very similar tool to MYOB and QuickBooks, so any good accountant will become proficient very quickly.
Save up to 70% on labor and occupancy costs
Because living costs are so low in the Philippines, labor and occupancy costs are too. We can employ and accommodate fully qualified, very experienced CPAs for your team in the Philippines for up to 70% less than you’d pay in your local employment market.
Tips for employing Filipino accountants
- It typically takes 6-8 weeks to recruit an accountant when outsourcing in the Philippines. The more experience you require, the longer it takes.
- Employ the best person for the role, not the cheapest. That may seem like obvious advice, but because talent is so inexpensive in the Philippines, some clients are tempted to seek out the lowest possible salary, in the mistaken belief that this will maximize their margin. The truth is, that just as when you employ at home, it’s a balance between cost and return, and cheapest rarely delivers the best ROI. But don’t worry; no matter what level of experience you’re after, you’ll find Filipino candidates who possess it for a fraction of the annual salary of their onshore counterparts. So you have the luxury of choosing very qualified accountants for a price that wouldn’t even get you a junior back at home.
- If you’re after someone with experience in your local tax laws, be prepared to wait a bit longer, and pay a bit more. If you need this specific expertise, you may be better off – at least initially – hiring junior and intermediate accountants in the Philippines and getting a local senior accountant to train them up.
- When employing outsourced teams of accountants, most of our clients structure the team as follows: senior team leader, one or more intermediates and one or more juniors. Their senior offshore accountant is typically supported by a senior onshore accountant.
Top 5 universities for accountants
Filipino CPAs have a Bachelor of Science in Accountancy. Non-CPAs usually have a Bachelor of Science in Financial Management, Banking and Finance or Accounting Technology.
Sample accountant profiles
- Advanced SAP knowledge and Xero knowledge
- Advanced End to end bookkeeping skills
- Advanced technical skills
- With knowledge on Taxation of Philippines and Australia
- Intermediate Accountant
- General Accounting Operations Associate
- Finance Analyst 1
- 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)
- 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 Billing Staff
Want an accountant – or team of accountants – outsourced in the Philippines?
Since our inception in 2006, MicroSourcing 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 3,000 accountants in our candidate database, and we’ve employed more than 260 accountants for our clients since 2006.
Work with a top accounting BPO in the Philippines to outsource your accounting needs. Call +61 3 7003 9283 +63 2 34371000 +44 20 3695 2586 +1 437 886 6010 +1 888-731-0023 today or send us an email to discuss your company’s accounting needs You’ll have your offshore accountant(s) up and running in as little as 6 weeks.
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