Why Philippine Finance and Accounting Outsourcing Services Are So Popular
The Philippines is the top choice when it comes to outsourcing finance and accounting due to its high number of finance and accounting professionals, its cost-effectiveness, excellent communication, and excellent track record for providing excellent finance and accounting outsourcing services.
Did you know that there are over 200,000 certified accountants in the Philippines? Not including the finance professionals, the total number of professionals in the industry is huge. This has led to a lot of multinationals outsourcing their finance and accounting functions like bookkeeping, accounts receivable, and accounts payable to the Philippines.
Not only that, the average hourly rate of an accountant in the United States in 2024 costs $37 while it only costs $6. Meanwhile, the average hourly cost of hiring a financial analyst in the United States costs $39.19 per hour, whereas the same costs around $5 on average in the Philippines.
Another reason outsourcing finance and accounting to the Philippines works so well is because of how easy it is to communicate with Filipinos. This is not surprising, considering that the Philippines is just next to Singapore as the best English speaking country in Asia.
But possibly the biggest reason companies are looking at the Philippines when it comes to finance and accounting outsourcing has to do with its reputation. Following in the footsteps of multinationals like Accenture, IBM, and Deloitte, more and more companies are open to outsourcing finance and accounting to Philippines BPO companies.
Top 10 Finance and Accounting Outsourcing Services You Can Outsource To The Philippines
Ready to outsource your finance and accounting but not quite sure where to start? Below are the most common finance and outsourcing services in the Philippines!
Bookkeeping
This involves the systematic recording of a company's financial transactions, including sales, purchases, receipts, and payments. It ensures that financial records are accurate and up-to-date, and businesses outsource it primarily to reduce costs, increase accuracy, and free up resources. The reason that Filipino bookkeepers are popular is because of their attention to detail and proficiency in various accounting software like Quickbooks, Xero, Zoho Books and more!
General Accounting
This encompasses the overall management of a company’s financial information, including maintaining the general ledger, preparing trial balances, and ensuring compliance with accounting standards. As this is directly responsible for maintaining a business’ financial integrity and compliance, many choose to outsource this function to skilled Filipino accountants to ensure high quality services at a lower cost.
Accounts Payable
This involves managing outgoing payments, including invoice processing, payment approvals, and vendor management. The goal is to ensure that all payments are made accurately and on time. By outsourcing this, companies can improve their efficiency and accuracy, at the same time, reducing the risk of errors and fraud. Filipino professionals excel in managing high volumes of transactions and adhering to deadlines, making them a top choice.
Accounts Receivable
This is about managing incoming payments, including invoicing customers, tracking payments, and managing collections. It’s a time sensitive function, and to ensure timely collection of revenue, many choose to outsource this to reduce the burden on internal staff. Since the Philippines offers skilled professionals who are adept at managing receivables and improving collection rates, they’re usually hired for this function.
Payroll
This involves calculating employee wages, withholding taxes, and ensuring compliance with labor laws. The process includes generating paychecks and managing benefits. As there’s plenty of room for error, most businesses outsource to Filipino payroll specialists who are proficient in handling complex payroll processes and regulations to ensure compliance, reduce errors, and streamline payroll operations.
Financial Reporting
This involves preparing financial statements, including balance sheets, income statements, and cash flow statements, to provide a comprehensive view of a company’s financial health. To ensure accuracy and compliance with regulatory standards, companies outsource financial reporting to Filipino accountants who are skilled in preparing detailed and timely financial reports, helping businesses make informed decisions.
CFO Services
This provides strategic financial management, including financial planning, risk management, and advising on financial decisions. This process often includes part-time or interim CFO support, so businesses outsource this to access high-level financial expertise without the cost of a full-time executive. The Philippines offers experienced finance professionals who can provide valuable strategic insights, making them a popular option.
Tax Preparation & Compliance
This involves preparing and filing tax returns, ensuring adherence to tax laws, and planning tax strategies to optimize liabilities. With complex tax regulations and the risk of penalties many companies outsource tax services to Filipino tax professionals who are knowledgeable about local and international tax laws, providing reliable tax solutions to ensure compliance.
Audit & Assurance Services
These include conducting internal and external audits, risk assessments, and compliance checks to ensure the accuracy and integrity of financial statements. As a function that requires objectivity, companies outsource this task to a third party for independent and objective evaluation of financial statements, enhancing credibility and transparency. With a pool of qualified auditors, the Philippines comes as a top choice for high-quality assurance services.
Credit Management
This involves evaluating creditworthiness, managing credit risk, handling collections, and maintaining credit reports for effective management of credit-related activities. Outsourcing credit management improves cash flow, reduces bad debts, and enhances risk management, especially when working with Filipino professionals who are skilled in credit analysis and collections, providing reliable credit management solutions.
Financial Analysis & Planning
These involve analyzing financial data, forecasting future financial performance, and developing strategies to achieve financial goals and improve strategic decision-making. Companies like to outsource this to the Philippines to gain expert insights and get detailed financial models.
Top Finance and Accounting Outsourcing Companies In The Philippines
Knowing what functions you want to outsource to the Philippines? Next is choosing the right outsourcing provider to work with to ensure the best results. We’ve listed the top Philippines outsourcing companies known for providing high-quality finance and accounting outsourcing services.
KDCI Outsourcing
KDCI Outsourcing is a leading BPO company in the Philippines, offering custom finance and accounting outsourcing services to global brands. They specialize in building offshore finance and accounting teams in the Philippines that fit well with your organization for seamless collaboration. Their top services are in general accounting, accounts payable, accounts receivable, payroll, taxation and more. Majority of their clientele are SMEs from the USA, Australia, and Europe. With their varied services and great fit, we recommend them for companies that prioritize collaboration above all else.
D&V Philippines
D&V Philippines is a finance and accounting outsourcing company that provides a wide range of services including bookkeeping, payroll, and CFO support. Their services are tailored to support CFOs in making better financial decisions and professional service firms through staff augmentation. Their clientele are mostly large corporations and enterprises, hence they’re a great choice for CFOs of large companies and professional firms looking for additional hands either temporarily or permanently.
Connext Global
Connext Global is an outsourcing company that offers outsourcing solutions, including finance and accounting services such as finance, accounting, and administrative support. They specialize in offshore accounting, helping clients build accounting teams in the Philippines. Their services cover anything from managing financial records and bookkeeping to tax preparation and compliance. Majority of their clients are small to medium-sized businesses across different sectors, making them an excellent service provider for those looking for support but still want to be a bit hands on in building their offshore accounting teams.
TOA Global
TOA Global is an outsourcing company that specializes in providing dedicated accounting professionals to support accounting firms and financial planners. Their services are designed for speed, quick adoption and scalability, and their primary market is Australia, serving that market for 10+ years; other markets they service include New Zealand and USA. They’re a great choice for those looking for a quick fix, either because they need staff augmentation now or because they need to scale their operations immediately.
Beepo
Beepo is a BPO company that offers outsourced finance and accounting services, such as accounts receivable, and accounts payable, and bookkeeping. They mainly work with startups and SMEs, especially those looking for cost-effective solutions in Australia and beyond. With strong focus on cost, they’re the best choice for brands whose primary reason for outsourcing is to reduce expenses.
Platinum Outsourcing
Platinum Outsourcing is an outsourcing company that offers bookkeeping, payroll support, accounts payable, and accounts receivable services. They primarily cater to Australian businesses, using international financial reporting standards (IFRS) as their financial reporting standards (PFRS & AAS respectively), aligning well with Australian accounting standards. Because of this, we recommend them mainly for Australian companies looking for finance and accounting services with little learning curve.
Personiv
Personiv is an outsourcing company offering custom finance and accounting services, with focus on scalability, efficiency, and cost reduction to help companies sharpen their competitive edge. Their goal is to help companies do more with less, offering customizable teams, starting at one person. This makes them a great choice for companies that prioritize efficiency, looking to do a lot with a lean team.
Yempo-solutions
Yempo-solutions is an outsourcing company that specializes in finance and accounting services, known for their ability to provide instant quotes for those looking to avoid instant negotiations. Their market is mostly Australian companies interested in improving efficiency and cutting costs, making them an excellent partner for those looking to get more done with fewer resources.
Triple Consulting
Triple Consulting is an outsourcing company with services spanning everything from basic to advanced, including payroll, accounting & bookkeeping, tax consulting, and more, with heavy emphasis on compliance and efficiency. Their target audience are SMEs and professional firms seeking reliable finance and accounting solutions, making them a great choice for those looking for comprehensive finance and accounting services.
AHC Certified Public Accountants
AHC Certified Public Accountants offers outsourcing services that primarily revolve around financial reporting and accounting processes – from recording transactions and maintaining books to preparing statutory reports, financial statements, etc. They primarily target SMEs and also individual clients seeking professional accounting and financial services, as such, they can be a great service provider for companies with fewer headcount without inhouse finance and accounting.
Get The Best Finance and Accounting Outsourcing Services
There are plenty of reasons why brands prefer finance and accounting outsourcing services in the Philippines. Be it cost reduction, access to highly capable accountants, or scalability – Philippine finance and accounting outsourcing companies have got you covered!
KDCI Outsourcing is a specialized BPO company that builds outsourced finance and accounting teams in the Philippines. Their specialists are not only vetted and excel in their craft, they’re also handpicked to mesh well with your company culture, so they can collaborate seamlessly with your inhouse teams, bridging the gap between culture, time, and geography so your offshore team feels inhouse.
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