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Outsourcing Finance & Accounting

Exploring finance & accounting

  • Up to 70% Savings
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  • Accurate Bookkeeping
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  • Xero Experts
  • Tax Preparation Specialists
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  • Expense Tracking
  • Budget Forecasting
  • Procurement Experts
  • Invoicing Specialists
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Why Outsource finance and accounting

 

For every company, the financial stability is one of the main goals in achieving company success. As such, it is absolutely necessary to have proper and accurate financial accounting procedures in place to achieve the company’s financial health.

 

What is finance and accounting?

A lot of businesses and entrepreneurs have embraced outsourcing various business functions including finance and accounting. But, why should you consider outsourcing in your business? Would known outsourcing benefits help your business achieve its utmost potential in the industry? With the advancement of technology, the way we do business these days is far different from how things are done before especially when it comes to finance and accounting. Sometimes, it can even be hard to keep up with the changes in the technology as well as the constant changes in accounting policies.

Outsource or do it in-house?

There is a reason why businesses outsource finance and accounting services from external service providers. For one, the biggest reason is the affordability of quality accounting functions. Outsourcing accounting personnel for a specific task proves to be more cost-effective and often even cheaper compared to hiring a person in-house and building your own accounting team. Another reason why outsourcing has become famous in finance and accounting is the already available and established processes that service providers have. They don’t only offer personnel but also tried and tested accounting processes like invoicing, paying bills, and reconciling accounts that can make the entire process faster. It means that you can now avoid the regular headaches you get when organizing your business accounts.

Another reason to outsource finance and accounting is the availability of experienced people and staff from outsourcing companies. They offer services that are task-specific which require them to be trained, knowledgeable, experienced, and certified for it. It means that when you outsource, you can get an expert to do your finance and accounting tasks, better than a regular in-house employee who is not an expert for the job. Accounting involves a lot of organization from all processes and documents that come with it. Sorting everything out requires a lot of time and effort. But, when you outsource this function, you can relax and give more focus on improving your core business functions. Hiring experts for the job also gives you a guarantee that it will be accomplished with little to no errors and discrepancies. When it comes to a business’ accounting documents, a CPA would always be a great help in sorting out and reconciling every data. However, hiring one in-house can be extremely expensive. Fortunately, you can outsource an accountant for your business. Outsourcing a CPA can greatly make your accounting issues so much easier.

Outsourcing finance and accounting

One of the reasons why outsourcing finance and accounting services have become well adopted by a lot of companies is because it offers a certain level of reliability. When you hire an outsourced accounting service, you get reliable support. Unlike when your in-house employee had a sick or vacation leave, service providers often have a secondary staff to fill in whenever one of their personnel is not available. There are a lot of small yet extremely intensive tasks involved in keeping your business accounts organized and updated. Fortunately, with outsourcing, you don’t have to deal with the daily redundant and time-consuming finance and accounting tasks. You can let your outsourcing partner do the hard work for you, and you can give more attention to revenue-producing business functions.

Finance and accounting software and tools

Outsourcing suppliers utilise the best finance and accounting tools on the market. Below are some of the core accounting tools, for the leaders in the field.

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Outsourced finance and accounting jobs and roles

We outline some of the most commonly outsourced finance and accounting roles.  The Philippines now offers some of the best finance and accounting expertise and can be at a fraction of the cost to ‘Western’ equivalents.

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Accounts Payable Specialist

Accounts payable specialists are responsible for doing various tasks, including maintaining company ledgers, securing the company’s financial information, and help prepare financial reports whenever necessary.

These tasks are quite comprehensive and would require a certain level of accuracy. Outsourcing this function to the best in the industry gives you a guarantee that you have someone competent and capable to accomplish the job.

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Account Receivable Specialist

Account receivable specialists are required for daily transactions as they have to manage the business’ right to collect. Their tasks include computing, verifying, and posting all the accounts receivable data. This role is very specialized, requiring a specific set of skills. Fortunately, if you work with an outsourcing company, you can make sure that you have a competent and skilled individual to do the job for you.
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Cost of Goods Sold

Cost of goods sold is one of the data that the finance and accounting team is required to mine for various purposes. It is also used for making various financial reports. Having an organized data for the cost of goods sold is extremely necessary to give you a clear and comprehensive view of the profit margin of your business. Outsourcing this particular function can help the team get rid of redundant, laborious and time-consuming tasks.
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Bookkeeping Services

Bookkeeping includes various other tasks like looking after the company’s cash flow, compiling tons of invoices, maintaining the books, and producing the business’ basic financial reports regularly. Outsourcing bookkeeping services from a third-party service provider can significantly free up the redundant work schedule of the accounting team, giving them more time to focus on other matters with more complex requirements.
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Payroll Processing and Reporting

Payroll processing and reporting is one of the repetitive and time-consuming tasks that the accounting team often faces. It can take so much time and effort from the team that should have been used to focus on more core-important tasks. There are now accounting software systems that provide integration to a business’ payroll system which allows you to process your payroll automatically once you have input the required information.
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Inventory and Procurement

Inventory and procurement usually falls on the lap of the finance and accounting team. While some companies don’t consider this as a core function, it is still one of those things that you need to be kept up regularly. Keeping tabs on the remaining supplies and vendors in the company is quite an important task; one that also requires a certain level of accuracy and organization. It can also be laborious and time intensive at times.
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Financial Controller Roles

Financial controllers help a great deal in making sure that your business processes and operation are running to the best that they can. They are essential in improving processes, remove obstructions, and help you implement changes. This includes preparation and review of performance indicators, overseeing overhead expenses, review of products and services’ line of efficiency, and implementation of methods like cost reduction.
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Financial Administration

Financial administration is an essential role that ensure accurate financial details. They are in charge of processing both business income and expenditure as well as maintaining the financial records. Outsourcing this process can make the whole team focus more on the business’ revenue-producing tasks and can also help a business take advantage of the technology that service providers use to make the entire process faster to complete.
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Pre-Filing

Pre-filing of tax requires a high level of organization and accuracy to make sure that you have everything sorted out and to avoid penalties. Having an accountant in addition to your in-house accounting team can help you with the pre-filling of data to complete your requirements. Hiring an accountant in-house can be expensive. Fortunately, you can outsource one, and it would be more cost-effective for your business.
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Compliance Preparation

Preparing your company’s compliance requirements whenever it is necessary is a hard work for the accounting team. There are a lot of things you have to do and go through, such as tracking, reviewing and updating yourself on all the compliance requirements to avoid having to pay penalties. Fortunately, outsourcing can help you sort out the files you need and prepare the necessary documents for your business’ compliance.
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Tax Preparation

Tax preparation is one of the hardest seasons for the finance and accounting part of the business. Preparing your company’s income tax returns can be tricky and usually involves a lot of discrepancies when not done with utmost accuracy.

Fortunately, your tax preparations can now be outsourced from a third-party service provider. It makes your job easier, faster, more efficient and accurate, they take care of the rest for you.

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Financial Analyst

Financial analysts are one of the most yearned for roles in the financial services industry. They can work in different positions within a firm and it is a position that often leads to other career opportunities in the sector. They focus on research about the macroeconomic and microeconomic conditions, gathers financial information along with company fundamentals in order to make recommendations to the company.

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Widest range of outsourcing services

The Source Superstore offers the widest range of productised outsourcing services.  The Superstore offers incredible packages, supplied by some of the best companies in the industry and offer market-beating discounts.

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The Source Superstore offers four pricing tiers for easy navigation and comparison. With the Superstore, you get a precise service, delivered within a distinct timeframe, for a clear price.

$199 $599 $1,299 $5,999
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Why outsource to the Philippines?

The Philippines is considered the ‘Swiss banking of outsourcing’.  The country has been outsourcing longer than any other nation, so it has incredible expertise in the area, plus it has incredible cultural alignment with the ‘West’, a very young and well educated population, and English is a native language.

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Cheap Labor Costs

The number one reason why you should outsource to the Philippines is to save on cost. Cost of labor in the country is normally half of that in developed nations. Additionally, you get to avoid payments for office space, work equipment, human resource costs, legal costs, and some taxes. Despite all the savings, the quality of work remains high. An explanation for this is that the cost of living in the Philippines is lower than in developed countries. Save more than 70 percent of your total labor costs by outsourcing to the Philippines.
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English Language Proficiency

Along with Filipino, English is one of the most-spoken languages in the Philippines. Filipino workers naturally have high English language proficiency, whether it be through written or verbal communications. Some have even developed natural-sounding American accents, while others have neutral accents, which make it almost impossible for customers to notice that they are talking to a foreigner. It is the primary competitive edge of the country over its neighboring nations and one of the reasons why you should outsource in the Philippines.
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Excellent Education System

The Philippines has an excellent education system, giving the country a literacy rate of 95 percent. According to the ASEAN Briefing, around 450,000 Filipinos graduate from college each year. Scholarship grants provide access to higher education for less privileged Filipinos, allowing the country to produce highly skilled and knowledgeable workers. Some universities have even included BPO work preparation in their curriculum. Postgraduate education programs allow older employees who want to change careers to gain basic BPO skills.
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New Generation Workers

The average age of Filipino workers is 23 years old. It means that most of them have grown up amidst the advent of the new technology. This is a great advantage for companies that rely mostly on modern technology. There are some workers who receive BPO training while they were still students, making them well-prepared to join the industry. This new generation of workers understands that the BPO industry is one of the best employment options right now. They accept every opportunity to do so, which resulted in a massive BPO talent pool.
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Cultural Flexibility

Unlike in their competitor nations, the culture of the Philippines adapts well to Western countries. Hundreds of years of colonization by the Spaniards and Americans have made the country embrace Western culture naturally. English is one of the primary languages in the Philippines, while the political setup is very much alike with that of the West. It resulted in a government that fully supports the business process outsourcing industry. Indeed, outsourcing in the Philippines will not be too much of a trouble for any Western company.
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Familiarity with Western Lifestyle

Filipinos are quite familiar with the Western culture and lifestyle. Not only are they fluent in speaking English, but Filipinos could also talk to anyone about the latest on politics, sports, movies, TV shows, and other pop-culture topics currently happening in the West. Filipinos are also avid user of western applications such as YouTube, Google and Facebook. This type of awareness to the current events in the West has become an advantage for outsourcers to the Philippines as there is an immediate rapport with a service provider.
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Customer Service Oriented

One of the innate traits of Filipinos is being hospitable. They bring this attitude even to work, which makes them one of the most courteous and welcoming service providers in the world. They are respectful not only to customers but also to their superiors and colleagues. Filipinos are also cheerful by nature. They easily find the positive in any negative circumstance and can handle pressure situations with much poise. Filipino workers also have an excellent work ethic that makes them the ideal employees in the outsourcing industry.
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Strong Government Support

The Philippine government has always been supportive of the BPO industry. One recent law that has been passed to reinforce the outsourcing industry is the Data Privacy Act of 2012, which improved the country’s security policies up to international standards. One of the main reasons why Western businesses have hesitated about outsourcing abroad is the involvement of sharing confidential data with third party service providers. The Data Privacy law managed to fix that uncertainty, making the Philippines a reliable outsourcing destination.
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Improving Philippine Economy

Before the introduction of outsourcing in the Philippines, most Filipinos work as OFWs. At that time, the Philippine economy was highly reliant on OFW remittances. Many Filipinos still work abroad today, but the trend has slowed down because of the option the BPO industry had presented. It resulted in a huge improvement in the Philippine economy as outsourcing provides millions of jobs in the country. With more Filipinos opting to stay, the local economy has flourished, and Philippine small and medium-sized businesses reaped the benefits.
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Reduction of Potential Legal Issues

A lot of corporations and their executives in developed nations have to take care of unnecessary lawsuits or complaints from their existing in-house employees. Some of these charges were even silly in nature. By outsourcing to the Philippines, these companies will be able to reduce these potential legal issues, as this would be totally on the shoulders of the service provider. Through outsourcing, you will no longer have to worry about in-house politics between employees as the BPO firm will already take care of their own workers.
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Established Infrastructure

Because outsourcing in the Philippines came a little late, the country was able to learn from what did not work with the outsourcing models of the other nations that tried it first. This resulted in a more established and organized BPO infrastructure in the Philippines. The industry leaders had prepared topnotch BPO centers, facilities, utilities, and transportation setups for outsourcing even before the practice boomed. The Philippines has the capacity to provide better infrastructure options as compared to their global competitors.
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Access to Latest Technology

The country’s BPO industry has made huge technological advances in the last few years. Philippine telecommunication and internet service firms, along with healthcare and airline services, have upgraded their infrastructures to accommodate the growing industry in the country. Outside support from global companies has also been coming in, providing access to the latest technology. As a result, BPO firms in the country have become Omni channel service providers that can offer email, social media, live vide and chat with their clients.

Using a BPO company vs. agency vs. Freelancer vs. Upwork

 

There are several different ways to get outsourced work done, and hiring a BPO company is just one of them. Another way to do it is to employ freelancers through an agency or directly hire an individual freelancer via his personal online site. These routes can be hard because you have to do a lot of research to find the best outsourcing websites and freelancers available.

However, there are also websites that make the search easier. Websites, such as Upwork, cater these individual and agency freelancers. These websites act as a marketplace that sign up individual and group freelancers all over the world. Companies who need to outsource portions of their operations can visit them and look for third-party service providers that could accomplish their requirements. Some of the most common outsourced jobs for individual freelancers are content writing, creative writing, product description and reviews, virtual assistance, and encoding.

If you want to work with an individual freelancer, then you can choose to do that. Working with an individual lets you have direct contact with the person when it comes to project development, project timeline, and payments. Workflow is easy with straightforward communications.

You can also choose to hire someone from an agency. Going this route means that you are given a contact person from the agency, and they will provide you with the staff that you need. Payments and complaints, if any, are coursed through the agency’s point person assigned to you.

The BPO company route may be slightly expensive than the other options, but you make up for those expenses with guaranteed returns. In BPO firms, you can be sure that you are working with highly-skilled professionals in their fields of expertise. Meanwhile, you are not certain about the skill level of your service provider when you hire a freelancer directly or via an agency.

Each outsourcing route has its own pros and cons, and so choosing the best option for your business depends entirely on the risk you are willing to take. The table below shows a comparison of these different outsourcing routes and some of their features.

  BPO Company Agency Freelancer Upwork
Verified Outsourcing Partner
Pricing Structure fixed varies varies varies
Redundancy yes varies none none
Quality Control yes varies none varies
Backup and Security yes varies none minimal
Trained and Skilled Professionals guaranteed varies uncertain uncertain
Equipment Reliability high moderate low low
Reasonable ROI guaranteed varies uncertain uncertain

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Comprehensive outsourcing vs. seat leasing vs. staff leasing

 

Seat leasing and staff leasing are two other forms of outsourcing. However, they are quite different from the comprehensive outsourcing offered by BPO companies.

Seat leasing means renting a workspace or “seat” for a fixed sum each month where your employee can work on his tasks. The best seat leasing providers can offer you warm seat leasing or cold seat leasing options. Warm seat means that the space lender will also provide you with the staff that will fulfill your requirements. In cold seat, you have to find your own employee and rent the space only. Seat leasing would be ideal for startup companies that do not have that much capital to hire regular employees. It is a cost-effective way of getting some of your operational tasks done while you focus on running or promoting your business. The temporary nature of seat leasing is also an advantage since you get to further grow the business before investing in actual office space and equipment.

On the other hand, staff leasing means that the outsourcing company will provide you a set number of employees for an agreed number of days. Basically, it is almost the same as BPO outsourcing, but the length of outsourcing time or contract is quite short.

Staff leasing allows you to gain the benefits of having skilled employees anytime you need them without going through the hassle of recruitment, payroll, benefits, and other human resource concerns. The best staff leasing companies already have a talent pool where they can pluck out the specific skilled worker that you need. You only need to approach the leasing company, inform them of your requirements, and they provide you with the right staff to accomplish your goals.

Comprehensive outsourcing, also called complete outsourcing, is much more all-encompassing in nature as compared to the previous two. The BPO company is hired to manage all of the processes and activities for a certain operational task you hired them for. All aspects of that specific task will be managed on your behalf, virtually eliminating your need to allot time and resources to it.

There is only a thin line differentiating comprehensive outsourcing from staff leasing. In simple terms, staff leasing companies provide you with manpower primarily while BPO firms help with operational processes and other tasks as well.

The table below shows the difference between comprehensive outsourcing, seat leasing, and staff leasing.

  Comprehensive Outsourcing Staff Leasing Seat Leasing
Manpower Guarantee yes yes n/a
Skilled and Experienced Workers Provision yes yes n/a
Recruitment and Training yes varies n/a
Payroll and Benefits Duties none varies n/a
Hiring or Contract Duration varies varies transient
Operational Support yes none none

Business roles to outsource

Outsourcing can be integrated into almost any business, in any business sector.  Virtually any business function that can be done from in front of a computer monitor, can be outsourced.  There are some more commonly outsourced roles though, and it might be wise to start with these roles first.  We outline some of those here:

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