For companies thinking of outsourcing their accounting processes, a service provider for accounting in the Philippines is certainly worth considering.
Accounting service providers in the Philippines have a considerable wealth of well trained and highly skilled accountants that can handle tasks that include general accounting, payroll processing, bookkeeping, invoice processing, accounting and bookkeeping for specific industries, and accounts payable.
Service providers in the country – which has been called the “call center capital of the world” in a New York Times article on outsourced voice services and is in fact second only to India when it comes to non-voice services – are also preferred by clients because of the cultural fit. Filipino employees have more affinity to Western culture, are familiar with Western culture, language, popular culture, and even landmark laws. And with a considerable number of English speaking Filipinos, employees that work as virtual staff in the Philippines are also at an advantage because they are less likely to have major communication issues with the client.
There are also a good number of service providers for accounting in the Philippines that have a wide range of service offerings. Service providers that have related services aside from standard accounting or bookkeeping are more likely to be the kind of firm that can handle complex accounting or accounting-related tasks such as financial analysis.
Once you’ve narrowed down your list of service providers, you can narrow it down some more by asking yourself these questions:
1. How does the service provider maintain the level of quality of the service it provides? The consultancy or service provider should have a specific way to manage processes and to create value that can truly help your company gain a competitive edge.
2. Does the service provider have a good track record? Check to make sure that the service provider has been in business for a good number of years and has built a reputation for quality. This kind of service provider can give your company expertise and experience. If you find out that the service provider is relatively new, assess the quality of management.
3. Does the service provider have adequate security? Can the consultancy guarantee that your organization’s files and other vital company information will remain confidential and secure? There should be reliable and secure information technology systems in place. Check if these security management systems are within recognized standards. The service provider should be using up-to-date technology to keep your data secure. Ask your service provider to explain to you how the security management system keeps your company information secure.
Before you Decide
Before you make the final decision on hiring a service provider on accounting in the Philippines, or any other country for that matter, you should have a clear idea of exactly how cost effective outsourcing this specific task would be for your company. Compute the cost of creating an in house accounting team and compare it with the cost of hiring a service provider.