The accelerated rise of information technology has given the global business community access to an extraordinary amount of information and the means to process it. Meanwhile similar developments in telecommunications technology have contributed to cost drops and fostered global development. Outsourcing companies have been able to take advantage of the untapped potential that was created by this evolution of communication and information technologies to begin offering enterprise-class financial management and accounting outsourcing services at highly competitive prices to clients around the world.
Accounting and bookkeeping can be a burden for companies because those functions do not fall within their core competencies and thus cannot be handled with optimum efficiency. Accounting outsourcing is a process by which a company contracts out the firm’s bookkeeping and accounting jobs to a third party. By outsourcing their accounting and bookkeeping processes, companies can lower costs, decrease infrastructural overhead, improve efficiency and better focus on core businesses.
Many service providers in the Philippines offer a wide range of outsourcing services in order to meet the companies’ accounting, tax, financial management and consulting needs. Some of the services frequently offered are: general ledger maintenance, financial statement preparation, controller and bookkeeper staffing, payroll and accounts payable processing, accounting software assistance, account reconciliations, and others.
The most commonly outsourced process is the maintenance of financial records and books of accounts. By utilizing accounting outsourcing, businesses can have their recordkeeping handled by professionals and can concentrate more on products and customers.
The Philippines is one of the top destinations for this type of outsourcing because the country’s accounting procedures are similar to the U.S. and Australia. In addition, there are a very large number of competent accountants. Professional accountants and bookkeepers who speak English fluently and are fully familiar with international accounting standards can be had for very reasonable compensation. Many outsourcing providers are also capable of setting up secure data exchange, which is also necessary for this type of outsourcing. Companies with experience in this area will normally have robust security procedures in place to safeguard sensitive data.
Accounting outsourcing allows companies to increase profits and grow their businesses without having to increase staff and support infrastructure. And since there is a vast pool of competent finance and accounting (F&A) professionals in the Philippines, the finance and accounting services industry in the Philippines is growing swiftly. Multinational companies have begun setting up large accounting divisions and multinational BPO providers are also increasing their capabilities.
There are indeed a lot of benefits a company can gain by outsourcing its accounting work. But care must be exercised in choosing the right company. A lot of companies are offering attractive services; but extensive due diligence is necessary before outsourcing such an important core process.
24 Hour Call Center, Indian Call Center, Service Call Center More >>
UK has a problem with giving spaces, thanks to ever-growing need for space. In the midst of this crisis, making space for files and documents can be a mind-boggling task. Document scanning services may come to the rescue amidst the space crunch. More >>
Inbound and Outbound Call Center, Telemarketing Companies, Call Center Telemarketing More >>
There are so many categories of tax that consumers need to pay and one of it is VAT which is liable to be paid on goods and services. VAT is the value added tax, which is actually a consumption tax and it is assessed on the consumption of goods. This tax unit is based on the goods value. More >>
You are seeking ahead to start your own business in India, it needs to make the company registration in India. Registering the business unit is the legal way by which you can run your business without hurdles. More >>
Accounting and bookkeeping can be a burden for companies because those functions do not fall within their core competencies and thus cannot be handled with optimum efficiency. More >>
Transferring business processes across the globe and hiring third-party providers to do the work is a strategy that has taken firm hold across the Western world. Philippine providers offer many different outsourcing services... More >>
Outsourcing firms provide specialized staff to help companies attain performance objectives. They are also called service providers or third-party providers. More >>
Companies outsource accounting in the Philippines because although it is a non-core feature of the business it is still a very important part of the company regardless of its size. More >>
Today, even with the western economy slowly recovering from the dumps, companies are still choosing to outsource. Why? There is a major shift in the economic planning perspectives of business owners. More >>