Accounting is an essential part of any business as it deals with the management and reporting of financial data which can be used in making important business decisions.
Finance and accounting expertise plays a vital and complex role in any successful business requiring specific knowledge possessed by accountants and relevant support staff. The appointment of an account within your business or firm will help with the grunt work associated with the daily transactions and reporting requirements of a business and help to reduce the risk of potential errors occurring in company finances that could lead to a decrease in business and in a worst-case scenario bankruptcy.
Naturally, businesses wanted to minimize costs without compromising the quality of work just for the purpose of saving. This is where outsourcing accounting comes in.
WHY OUTSOURCE?
Outsourcing the Finance & Accounting function for businesses has become common practice with over 94% of businesses using shared services centers according to the recent Deloitte’s survey.
The success in outsourcing this business function largely relies on its ability to implement standardization and efficiency of processes being the number one reason why businesses choose to outsource closely followed by cost savings.
HOW DOES ENGAGING A FULL-TIME ACCOUNTANT HELP YOUR BUSINESS?
- Provide financial visibility of your Business
- Financial Planning and Analysis (Budgeting)
- Preparation of Financial Reports
- Reporting to Authorities and Management
- Processing financial transactions
- Accounts Receivable (Debtor’s follow up)
- Accounts Payable (payment creation)
- Bookkeeping
- Cash flows
- Order Processing
- Month-end and Year-end close tasks
- Payroll
- Regulatory compliance tasks
- Taxation compliance
BENEFITS OF OUTSOURCING FILIPINO ACCOUNTANTS
High level of English Proficiency
Having graded 85% which is among the best in Asia English has been regarded as the primary medium of instruction.
High Literacy Rate
The Philippines has a literacy rate of 97%; among the highest in the world. It is also regarded as an educational and professional powerhouse. As of 2018, there are 188,203 CPAs in the country. This means you can hire an accountant with local accreditation or engage an accountant who has undergone further training to be recognized internationally for their qualifications.
Perfect Cultural Fit and Professional Parallels
The Philippines has had a history of colonization. The country was colonized by the Dutch, Spain, the United States, and Japan. It has become a cultural melting pot with the innate ability to conform to social nuances from different countries.
Cost-Saving Accounting Services
You can save up to 70% on the cost of local wages.
Time zones
Candidates will work to your time zone wherever you are located in the world and are adept in servicing the UK and USA markets.
Australian companies are two hours ahead of the Philippines.
GO REMOTE STAFF: WE’RE HERE TO HELP!
There are significant advantages for clients who decide to outsource their accounting tasks starting with cost-efficiency, and ending with flexibility in terms of contracts or scaling the number of functions.
Go Remote Staff is a reliable accounting staff provider. We hire educated, skilled, and highly qualified accountants with promising work experience and pay their salaries. This means you do not have to worry about payroll taxes and benefits because it is handled by us.
We charge a standard month-to-month rate helping you to budget, that provides our clients with the peace of mind knowing they have full financial visibility of their business making budgeting and decision making for the upcoming year that much easier.
