January 26, 2019
Why outsource finance and accounting services to the Philippines?
Over the years, the Philippines has steadily earned its place as one of the most preferred destinations for business process outsourcing. The BPO sector, in fact, has earned the moniker “sunshine industry” due to its significant contributions to the country’s economy. It leads the country in terms of generating income and creating jobs, with more than 71,000 job openings in 2017. While most of these are for customer service and other voice-related work, the industry also employs a significant number of skilled personnel and world-class talent for carrying out various activities in the fields animation, programming, and of course, finance and accounting, just to name a few.
Why is it that many SMEs, as well as large corporations, choose to work with BPO companies in the Philippines that specialize in handling sensitive financial information and accounting processes? Here are a few compelling reasons:
A global talent pool
As mentioned before, there are thousands of Filipinos who major in accounting and finance-related courses, complete their education, and pass the national exam for those who want to practice in the said field every year. This ensures that local companies can hire new talent to provide their international clients with high-quality work. In addition to receiving formal training and instructions pertaining to sound financial and accounting practices, these professionals are also fluent in English, which makes it much easier for them to communicate with their clients and understand and cater to their specific needs.
Niche knowledge and expertise
The laws governing certain financial concerns, such as computing and filing taxes, vary from one place to another and depend on various factors, such as the nature of the business. Because of this, it’s a wise decision to partner with accounting and financial companies that specialize in handling the transactions of clients based in particular locations. Many accounting firms in the Philippines have years of experience when it comes to working with clients based in different key cities and countries across the globe.
Efficiency and flexibility
A good finance and accounting BPO should be transparent and efficient at all times, not just when it comes to handling the client’s financial details, but also with the range of services they offer. BPO companies based in the Philippines typically offer their clients flexible and highly specialized services that cater to the current needs of their business. Here, it’s easy to find companies that provide agile, scalable options such as staff leasing.
Familiarity with accounting systems
To keep their competitive edge, accounting firms in the Philippines have made it a point to familiarize and train their staff to use various accounting software and tools. This way, they can easily adjust to the systems and software used by their client without any drop in the quality of service they provide.