January 27, 2019
Typical cost of outsourcing finance and accounting services
Price comes into play when making the decision to outsource finance and accounting services. That said, as no business has exactly the same needs, there is no blanket scheme with regard to how much you will pay for the services.
You will typically be able to choose a pricing plan along these lines:
As indicated, this payment scheme can be followed if you will only hire an outsourced professional for an average of 80 hours per month.
This payment scheme assumes that you will hire a professional for about 160 hours a month, which is considered full-time.
If your company is just starting out, and it is not reasonable to shell out a large payment for work that is not of too great a scale, some providers give the option of paying by the hour.
Related to this, if some of your company’s operations necessitate more focus than others, you can also opt to pay per commission for individual projects.
Paying exclusively for tax returns
On the subject of a specialized service, you can employ an outsourced provider and pay for tax return services.
You can go about this by asking for a quote from your potential provider, and they will assess how much to charge based on the level of skill required, the nature of the project, and the time period and scale of the services required. Some providers offer unique small-sized or medium-sized business packages, and some will ask for fixed costs per month, with all-inclusive services.
For some reference, according to PayScale, the average pay for a bookkeeper in the Philippines is about PHP 167,325 annually. The market worth for a financial professional increases with time and experience.
To put things in perspective, however, here are some of the things you’d be paying for if you chose to outsource with a reputable Filipino BPO:
- education from higher institutions;
- high English proficiency;
- high levels of training in fields such as finance, IT, commerce, and engineering, to name a few;
- high levels of employment in the BPO industries;
- high levels of proficiency in telecommunications;
- wide network of international clients, business partners, and investors.
And this is not to mention a unique and world-class Filipino brand of work ethic: hospitality, friendliness, thoughtfulness, adaptability, boundless ambition, willingness to work with many cultures, and willingness to go the extra mile, above and beyond profit. How does that sound for your money’s worth?