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Advantages of the BPO Accounting Companies in the Philippines
BPO accounting companies in the Philippines are increasing because of foreign demands. A lot of big firms prefer to outsource than hire an in-house team. This gives them flexible budget control over the workforce.
Besides that, the Philippines BPO also has top-notch data security. They invest a lot in solidifying their digital protection. Foreign corporations partnered with Filipino call centers can attest to this feature.
Additionally, there are a significant number of professional accountants in the Philippines. There are more than 200,000 Filipino Certified Public Accountants (CPAs). On top of that, there are an additional few thousand CPAs yearly. This shows how future-proof your company is when you outsource in this country.
These are not the only benefits of partnering with an offshore company. This article will explain why foreign companies prefer the Philippines’ BPO services.
Accounting and Tax Services Philippines: Agent’s Best Features
Being affordable is the selling point of the Philippines’ accounting and tax service. However, other things make them the best in Asia. Here are some of their accountants’ characteristics:
Diverse Knowledge
Accounting is more than just computing numbers; it is a complicated task. Therefore, having a CPA who knows everything greatly benefits your company.
For example, you already have a mainstay accountant who has no idea about checkbooks. There, you need to hire another one just for this service. It is counterproductive and, at the same time, a waste of your money.
Experienced Young Professionals
Although fresh graduates, some Filipino accountants have various experiences from different fields. This is because they usually have rigorous internship training. Aside from that, they typically do volunteer work to gain more skills.
Furthermore, schools also have programs to train them in the corporate world. Most of the top schools in the Philippines offer accountancy courses. This assures you that every CPA in the Philippines has the necessary skills to support your firm.
Flexibility in Any Industry
As stated, young professionals and fresh graduates accumulate several experiences. This training came from various industries and companies. This goes to show how adaptable Filipino accountants are in any business.
This will help those entrepreneurs who own multiple businesses. They can only hire one CPA for all of their checkbooks.
Amenable to Changes
Being flexible is one thing. But, having the ability to learn new things is an exceptional skill for them. They are always ready for a new system. Besides that, they are also eager to learn new techniques every time.
This is a bonus attribute for any CPA. It will help your company in so many ways. For example, they can try new methods to make auditing efficient. They can also introduce additional processes to improve your profit.
Versatility in the Latest Technologies
The majority of fresh graduates here are computer literate. With this in mind, they can adjust to any software update. Technologies are improving as time goes by. It would help if you had an accountant to go along with these changes.
Additionally, Filipino CPAs are also tech-savvy. They can work on different software and technologies simultaneously.
Proper Work Ethics
This is valuable in any profession. Without this, your operation will most likely topple down. This is essential in accountants. They need integrity as they will assess all the transactions in your corporation. They can manipulate and hide fraudulent businesses for their or others’ interests.
The majority of Filipinos value honesty. They are also very passionate about their work. They will not let anyone influence their work. On top of that, they practice transparency in everything that they do.
Team Player
Being a team player is a significant part of being an accountant. It means they have to coordinate with different departments to confirm transactions. This is important to ensure that every fund is well accounted for.
Filipinos are amiable people. They want to establish their relationship with everyone inside the office. This gives them a sense of comfort. Being a team player for Filipino accountants should not be an issue.
A Closer Look at Specific Accounting Services Offered in the Philippines
The Philippines’ BPO industry is well known for its comprehensive range of accounting services, tailored to meet the various intricate needs of clients across the world. Below is a closer look at their capabilities.
Bookkeeping and Financial Management
Whether working with a small business or financial services institution, Philippine BPO accounting firms deliver detailed bookkeeping services, ensuring accurate keeping of financial transactions. This is critical for effective financial management and informed decision-making.
Services include ledger maintenance, bank statement reconciliation, balance sheet, and income statement preparation. Their ability to deliver on work as meticulously as this is underpinned by the Philippines’ excellent education system, producing tens of thousands of top-notch CPAs each year, schooled in comprehensive financial management.
Tax Preparation and Compliance
Navigating the labyrinth of tax regulation becomes far easier under the expert services of Filipino accounting professionals.
They specialize in tax preparation, ensuring compliance with local and international tax laws, filing tax returns, and strategic tax planning to optimize tax liabilities. This is particularly valuable for multinational companies aligning their operations to the tax regulations of numerous jurisdictions.
Payroll Processing
Efficient payroll processing is critical to the seamless operation of any business. BPO firms in the Philippines manage payroll calculations, and tax withholdings and ensure timely disbursement of wages.
They also handle associated filings and compliance with employment laws, providing a comprehensive solution that alleviates the administrative burden of companies.
Financial Reporting and Analysis
Strategic financial reporting and analysis are critical to successful business operations. Filipino BPOs provide extensive financial reporting. This includes preparing financial statements, calculating and issuing cash flow analyses, and assessing overall financial performance.
These insights are invaluable for companies that need to make data-driven strategic decisions, identify and pursue growth opportunities, and maintain financial health.
Compliance Management
Philippine BPO firms are well equipped to guide companies through the complexity of compliance management with their deep understanding of the financial regulations business operations must adhere to, experience providing audit support, and a commitment to ensure that a business’ practices meet both the letter and the spirit of the law.
Filipino CPAs go through rigorous training and professional development that provides them with the ability to seamlessly work with both domestic and international clients who are subject to a wide array of compliance requirements.
The Cost of Bookkeeping Fees in the Philippines
As mentioned, the Philippines BPO has the most affordable prices for accounting assistance. Although inexpensive, it doesn’t compromise the quality of the service. Several big companies partner with Filipino accounting firms.
The basic in-house bookkeeping costs are $3,000-$4,000 monthly. That is a large amount of money. Especially if you are just a start-up business, meanwhile, outsourcing can cost you $500-2,500 monthly. You can get it for $200 at the lowest in some instances. The difference is enormous compared to an in-house team.
Based on these figures, you already know why many businesses choose offshore services. The saved amount for outsourcing is usable for business expansion. You can also use that to improve your product or service.
Addressing Potential Concerns with Proactive Solutions
Outsourcing may be an effective strategy for gaining access to skilled talent, increasing operational efficiency, and saving costs. When it comes to a country like the Philippines, however, companies may have concerns about cultural differences, data security, or geographic and time-zone distance.
However, BPO firms in the Philippines have thought through these potential barriers and developed robust, well-defined strategies for addressing each of them — so they can provide both seamless outsourcing experiences and the myriad benefits of ‘outsourcing to the Philippines.’
Ensuring Data Security Through Robust Protocols
One of the most pressing concerns regarding outsourcing is the security of client and company data. Fortunately, Philippine-based BPO firms are leading the way with some of the most advanced digital security infrastructures in the world. Many firms have achieved ISO 27001:2013 certification.
Recognizing the potential for costly data security breaches, firms like Magellan Solutions maintain ISO 27001:2013 certification to demonstrate their robust commitment to data security. Magellan Solutions and similar firms have adopted sophisticated data protection measures, such as encryption, secure access controls, stringent security protocols, regular security audits, and adherence to global data protection regulations.
These extensive measures provide confidence to concerned clients that their data will remain secure no matter what happens.
Bridging Cultural Differences for Seamless Integration
Cultural alignment is key to integrating outsourced services seamlessly. The Philippines boasts a unique cultural affinity with Western nations, stemming from its colonial past with Spain and the U.S., which eased its integration of Western business practices.
Filipino professionals are fluent in English, making it easier to communicate with their Western counterparts, and can adapt quickly to cultures outside of their own. They are also highly familiar with Western corporate culture, having worked for many U.S. business process outsourcing (BPO) firms.
BPO accounting companies in the Philippines expand on this cultural alignment with training programs for their accountants that delve into communication skills, cultural sensitivity, and business etiquette that match their client’s expectations.
This training means that Filipino accountants can integrate seamlessly with their clients’ teams, so they can get right to the business of doing business in a collaborative, efficient manner.
Overcoming Communication Barriers with English Proficiency
Effective communication is at the heart of any strong outsourcing partnership. The high level of English proficiency among Filipino professionals affords them this unique advantage. The nation is one of the largest English-speaking countries in the world and the largest in Southeast Asia.
Along with Filipino, English is an official language used in education, government, and business, making it the language of choice for accountants. BPO firms in the Philippines are building on this linguistic edge with intensive training in business English and the technical jargon related to the accounting and finance field.
This all but eliminates the communication barrier, ensuring that Filipino accountants can communicate easily with their international clients, prepare reports that are just as articulate as their U.K. or U.S. colleagues, and even join meetings in which no one is speaking their native tongue.
Closing Thoughts: BPO Accounting Companies in the Philippines
Knowing why the Philippines is the best accounting offshore business is not enough. There are tons of BPO accounting companies in the Philippines that offer assistance. Still, you may find yourself confused with a lot of options.
For start-up businesses and SMEs, Magellan Solutions is your best choice. We have the best system to integrate into your accounting process. On top of that, we have the best agents to handle your business. They undergo sophisticated training to ensure quality service.
Our data security is also top-of-the-line. We have an ISO 27001:2013 certification to support our high-standard safety protocol.
You also do not have to worry if you are new to outsourcing. Our Implementation Managers are here to assist you in your development. They can help you to determine how many agents you need. They can also assist you in setting key performance indicators (KPIs).
Contact us today and get a free 60-minute consultation. Please fill out the Contact Us form today.
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