With the availability of cutting-edge technology, the manner of doing business has been rapidly changing. Outsourcing of different business segments to various parts of the world is on the rise.
In the current business landscape, many businesses are facing greater financial scrutiny from the government, demands for more accounting transparency, and compliance with statutory rules and regulations.
All too often, with the concurrent pressure from the needs of business operation and expansion, the responsibilities of business owners concerning finance, accounting, audit, and governmental compliance have become more complex and time-consuming.
Sometimes, they become too much to handle, especially when one decides to do it with limited resources.
As a response, businesses are now turning towards outsourcing as their primary solution.
Accounting has now become one of the primary outsourced tasks in companies, both large and small.
Currently, many businesses in the United States, Australia, Canada, and the United Kingdom have found that outsourcing provides an opportunity for them to receive support from talented professionals from countries like the Philippines, without breaking the bank by maintaining in-house personnel.
With our experience with numerous clients, we have identified the top four advantages of outsourcing accounting services to the Philippines.
- Access to expert advice
Accounting experts live and breathe with accounting. Doing a complicated job for years allows accountants to accumulate valuable experience, which enables them to do the job correctly, quickly, and cost-effectively.
By outsourcing accounting services to firms in the Philippines, business owners can team up with the most qualified individuals handling financial matters most objectively.
Moreover, firms can scale the accounting team to tailor fit the accounting staff members’ skills and expertise, giving more flexibility based on the needs of the business.
- Business cost reduction
With outsourcing accounting services to the Philippines, business owners only have to pay for the services they need, when they need them.
Gone are the days that a business has to maintain its accounting and finance department, absorbing the cost of the department on months when the services are not needed.
Further, companies are also given the option to downsize or upsize their accounting needs without dealing with the challenges of changing personnel, i.e., offering compensation and healthcare packages to new hires or paying separation pay to retrenched workers.
- Increased productivity
Leaving accounting experts in charge of the business’ finance, business owners can now focus on issues that need more of their time, such as streamlining the production process, increasing productivity and quality of work, and expansion of business operations.
Moreover, decision making is now more compelling given the availability of financial data and accounting information, prepared and timely submitted by experts.
- Regaining valuable time
Outsourcing accounting services to the Philippines would free up valuable time of business owners, allowing for better workload and more time for family or even for other segments of the business.
By subcontracting the complexity of maintaining the company’s books of accounts and daily bookkeeping, business owners can now redirect their focus to what matters: the operations of the business and cementing its future.
If you are thinking of outsourcing accounting services to the Philippines, research for the accounting firm that fits right to your business needs, working with the right service provider can allow you to reach greater heights with your business and achieving financial security.
Davao Accountants is an agile and innovative accounting services firm in Davao City, the Philippines founded by Attorney Shelu Abapo, CPA.
With a solid business strategy, business owners can tap some of the best talents in the Philippine accounting industry for a fraction of the cost spent by hiring and maintaining their personnel. Davao Accountants can help your business save time and money.