Feeling overwhelmed by the complexity and time demands of managing your small business’s accounting needs? What if there was a way to handle your accounting more efficiently and cost-effectively? Outsourcing accounting to the Philippines offers a strategic way for businesses looking to optimize their financial operations while keeping their costs down.
The Growing Trend of Outsourcing Accounting
In today’s global economy for US small businesses, more and more business owners are turning towards outsourcing their accounting needs. The Philippines, in particular, has emerged as a leading destination for these services. Recent statistics show a significant increase in companies choosing Filipino accounting professionals for their expertise and reliability.
Why the Philippines?
The Philippines is the #1 market for outsourced talent due to a combination of factors including the following:
Skilled Workforce: The Philippines boasts a highly educated workforce with excellent English proficiency and specialized accounting skills. Filipino accountants are well-versed in international accounting standards and practices.
Cost-Effectiveness: Outsourcing to the Philippines can lead to substantial cost savings compared to maintaining an in-house accounting department. These savings come from lower labor costs without compromising on quality.
Cultural Compatibility: The work ethic and cultural compatibility of Filipino professionals align well with Western business practices, making communication and collaboration smooth and effective.
However, there are many other countries to consider when hiring outsourced talent. At Global Hola, we mainly source accounting talents from the Philippines as we’ve found very strong skills in the talent pool.
How Outsourcing Accounting Can Benefit Your Business
Accounting is one of the best functions to outsource for small businesses because the skillset can be found in a lot of different cost-effective markets. Also, unless your main business for clients is accounting services, accounting and bookkeeping is one of those things that isn’t always necessary for day-to-day operations for a business. In this case, outsourcing your accounting needs can help you free up time and grow your business in the following ways:
Focus on Core Business Activities: By outsourcing your accounting, you free up valuable time and resources that can be redirected towards growing your core business activities.
Scalability and Flexibility: Outsourcing offers the flexibility to scale your accounting needs up or down as your business evolves, providing a custom fit for your requirements at any stage.
Access to Advanced Technologies: Many outsourcing firms in the Philippines utilize the latest accounting software and technologies, offering small and medium-sized businesses access to top-tier accounting tools.
How to Add a Professional Filipino Accountant to Your Team
Finding the right accountant for your needs depends on a lot of factors. What tools do you use? Is there a strict schedule for outputs? Will your accountant need to interact with external clients? When you work with Global Hola, we make sure we ask all the right questions to make a perfect match between you and candidates for your role.
Find the Right Partner: It’s crucial to select an outsourcing partner that aligns with your business values and needs. Look for firms with a strong track record, transparent communication policies, and robust security measures.
Integrate & Outlay Your Business Processes Around Accounting: Integrating an outsourced accounting team involves clear communication of your business processes, expectations, and goals. It’s a collaborative process designed to ensure seamless operations.
Establish Clear Lines of Communication and Management: Establishing effective communication channels and regular check-ins are key to managing your outsourced team efficiently.
Our Accounting Success @ Global Hola
At Global Hola, we’ve placed a lot of accountants with small businesses in the United States. Take for example Lion Bookkeeping LLC and MSV Financial Services.
MSV Financial Services,
Lion Bookkeeping LLC,
Ethical and Practical Considerations
Ethical Outsourcing: It’s important to partner with firms that adhere to ethical labor practices and provide fair working conditions. This not only ensures a sustainable relationship but also reflects positively on your business values.
Addressing Common Concerns: Concerns like data security and control over processes are valid. Reputable outsourcing firms in the Philippines prioritize data protection and work transparently to keep you in control of your financial information.
Should I Hire an Outsourcing Agency to find my outsourced accountant?
In short, yes, unless you have significant experience navigating foreign talent markets outside the US. Maximizing your benefits with outsourcing requires a strategic and proactive approach and a deep knowledge of how to find talent from around the globe. By picking an outsourcing agency, you can reduce your hiring risk and find great talent quickly to start realizing the cost benefits of outsourcing your accounting needs.
Embrace a mindset of outsourcing as more than a cost-cutting tactic, and recognize its potential to enhance the overall performance of your business. With thoughtful planning, collaboration, and the right outsourcing partner, businesses can harness the full cost savings of outsourcing.
Let's find your perfect accountant
Contact us at Global Hola to see how outsourcing your accounting to the Philippines with an expert accountant can be a great opportunity for your business.