The Philippines has long been regarded as a top outsourcing destination in the world. In fact, the Business Processing Outsourcing industry in the country employs over 1.4M people and counting. Aside from contact center services, the Philippines is also a notable market for professional services, especially if you’re looking for top accounting talents for your business.
In addition, the Philippines has a better balance of the overall cost, English language proficiency, ease of doing business, and cultural alignment. These factors make the country even more viable to host foreign clients and international companies. If you’re looking to outsource your company’s accounting functions in the Philippines, below is an in-depth guide on how to outsource and retain accounting talents who will help your business grow and scale in many ways.
What is outsourcing?
Outsourcing is the practice of hiring a party outside of the company to perform services or produce goods that were traditionally performed by an in-house team. Usually a practice that is undertaken by companies as a form of cost-cutting, outsourcing can help companies gain a competitive advantage by giving them access to top-notch talent and expertise, and innovative technologies.
Why is outsourcing in the Philippines an effective way to boost my business?
Outsourcing your accounting functions to the Philippines is an effective way to boost business because the country offers not only a lower labor cost but a large pool of talented accounting professionals. Moreover, the Philippines has a high rating in English proficiency so communication and collaboration will not be an issue. With that, you are sure that you will get high-quality and excellent services– no matter what task or project you give your offshore accounting team.
Do the Philippines have top accounting talents that my company can hire?
Yes, the Philippines have a large pool of top accounting talents and professionals that you can hire as an outsourced accounting team. According to the Philippine Institute of Public Accountants, there are over 196,000 Certified Public Accountants in the country. These professionals are well-versed in the latest accounting and bookkeeping tools and software.
Moreover, there are many qualified Filipino certified public accountants that are well-versed in international accounting standards, procedures, regulations, and systems because accounting in the Philippines is based on US GAAP accounting standards.
Tips to keep in mind when outsourcing accounting talent in the Philippines
Thinking of outsourcing accounting talent in the Philippines? There are just a few things to keep in mind when you decide to hire your first offshore accounting team. These tips will help you decide on hiring the right accounting team for your business. Below are five tips:
Have a deep understanding of the job market and industry
Retaining outsourced accounting talents is just as important as finding the right talent in the first place. To retain outsourced accounting talent, it is essential to keep abreast of emerging technologies and new best practices.
Businesses must also ensure that they provide competitive compensation packages and development opportunities and offer a supportive work environment– an integral part of maintaining high-quality service delivery and sustainable growth.
Be transparent when it comes to workflows and expectations
Being open and honest about workflows and expectations can help build trust and foster a strong working relationship with your outsourced accounting team. This means clearly communicating project timelines, deadlines, and deliverables, as well as providing access to relevant documentation and resources.
It is also important to be upfront about any potential challenges or issues that may arise and to work collaboratively with outsourced accounting talents to develop effective solutions. When your outsourced accounting team feels that they have a clear understanding of their role and responsibilities, and are able to provide input on how to improve workflows and processes, they are more likely to feel engaged and invested in their work.
Know the language and time difference
The Philippines has two official languages: Filipino and English. English is widely spoken and is the language used in business and government. This ensures that outsourced accounting talents have strong English language skills and can effectively communicate and understand project requirements.
Additionally, the Philippines has a significant time difference from many other countries. This means that scheduling meetings and communicating effectively can be challenging. It is important to establish a clear communication protocol and schedule that takes into account the time difference to ensure that the accounting team feels supported and has the necessary resources to complete their work effectively.
Know your outsource team’s work ethic and culture
Understanding cultural differences and work ethic is key to maintaining a positive working relationship with your outsourced accounting talents. For example, Filipinos tend to place a strong emphasis on personal relationships, which can impact how they communicate and collaborate with their colleagues.
Additionally, Filipinos tend to be hardworking and committed to their work, often working long hours to ensure that meet their goals. In making an effort to understand these differences, you can build a strong team dynamic, and foster loyalty and retention, which can ultimately contribute to the success of the project.
The Philippine culture places a strong emphasis on recognition and appreciation for hard work and achievement. By acknowledging the efforts and accomplishments of outsourced accounting talent, businesses can help to foster a sense of pride and ownership in their work. Recognizing accomplishments can take many forms, such as providing bonuses or incentives, offering public recognition or praise, or simply expressing gratitude and appreciation.
Is it worth outsourcing accounting talents in the Philippines?
Yes, outsourcing accounting talents in the Philippines can be worth it for many businesses. The country has a large pool of highly skilled accounting professionals who are fluent in English and have experience working with international clients. In addition, the cost of labor in the Philippines is lower than in many other countries, which can result in significant savings for businesses.
In addition, Filipino accountants are tech-empowered and knowledgeable in the latest accounting software used in the industry. Filipinos also have a strong work ethic and culture of loyalty and hard work, which can contribute to high-quality work and a positive working relationship.
FAQs on 5 Tips To Outsource and Retain Accounting Talents in the Philippines
Are there CPAs in the Philippines?
Yes, there are Certified Public Accountants (CPAs) in the Philippines. In fact, the country consistently produces thousands of accounting graduates every year. The CPA title is highly respected in the country and is considered a prestigious profession. Many CPAs in the Philippines work in various industries such as finance, banking, government, and accounting firms.
Does CloudCfo provide in-house teams to clients?
No, CloudCfo does not provide in-house teams to clients. We offer accounting and bookkeeping services that will be performed by our team of accounting professionals.
Can the accountants still work for me even if I’m not based in the Philippines?
Yes, CloudCfo’s team of outsourced accountants works with clients in the Philippines and abroad. Our accounting teams cover multiple time zones across the globe— our working hours are based on the countries where our customers are located to ensure better collaboration and communication for all involved.
Which tasks do outsourced accountants do?
The specific tasks of outsourced accountants may vary depending on the needs of their clients and the scope of their engagements. These may include bookkeeping, preparing financial statements, and managing accounts payables, and receivables. Outsourced accountants may also provide financial advice to clients to help them improve their financial performance and make better business decisions.
CloudCfo is an accounting and finance services provider located in Manila, Philippines. We build a team of accounting professionals that handle our client’s business accounting and finance functions so business owners can focus more on scaling and growing their businesses. We tailor our services according to each of our client’s business needs and offer flexibility, full transparency, and accountability in all the systems, workflows, and processes that we implement.