Outsource your Finance and Accounting to the Philippines

The finance and accounting industry heavily relies on technology to accurately provide the information required to create effective financial business strategies. Recent advancements in technology have seen a shift to cloud-based platforms, like Xero which is increasing demand² for qualified finance and accounting professionals who also possess specialized IT, business and analytical skills.

Companies need to know which financial data is critical to track in each business unit, and how to generate meaningful reports from it that can inform business strategy.

However as the capabilities in finance and accounting grow, the industry is experiencing an ongoing shortage of good quality candidates with enough suitable experience. It’s becoming more expensive and difficult to recruit locally, especially at mid-management level³, as talent with highly specialized skills are presented with lucrative opportunities elsewhere.

By choosing to outsource accounting and finance to the Philippines, your business could reap the following benefits:

• Cost savings: As the Philippines' cost of living is lower than most Western countries, your business can outsource repetitive and time-consuming accounting and finance tasks for a fraction of the price it would cost to hire specialists locally; up to 70% in some cases.
  
  
• Increase in output efficiency and quality levels: Sending routine finance and accounting tasks to an offshore team in the Philippines means your onshore team will have more time, budget and project scope to take on higher-value work.
  
  
• Business growth and scaling opportunities: When you send your time-consuming tasks to an offshore accounting and finance team in the Philippines, your local team will have more time to focus on increasing profits and business growth opportunities. Your onshore team's additional capacity gets from your offshore team's support means you can grow your business sustainably.

With a qualified finance and accounting team, skilled in dynamic financial tracking and reporting tools, you can grow your company quickly and sustainably. The labor pool in the Philippines is known for its tech competency and attention to detail, operating in a fiscal and financial system almost identical to conditions in the West. In fact, the Philippines is currently one of the most dynamic economies in the East Asia region⁴, with sound economic fundamentals and a globally recognized competitive workforce.

What roles and tasks can be outsourced in the finance and accounting industry?

Some popular roles outsourced in finance and accounting include:

• Accountants
• Accounts receivable specialists
• Accounts payable specialists
• Administrative assistants
• Bookkeepers
• Broker support officers
• Debt collection specialists
• Financial advisors
• Financial analysts
• Insurance claims processors
• Loan processors
• Payroll processors
• Procurement officers
• Tax advisors.