Running a successful business requires a skilled accounting team that can help establish a strong financial foundation for the organization.
However, the truth is, for many businesses, resourcing an in-house accounting department can be incredibly costly and isn’t always an ideal solution for agile companies looking to pivot their organizational structure as needed.
This is where the benefits of outsourcing bookkeeping and accounting responsibilities can be a real game changer for modern organizations.
.png)
Outsourcing can be an effective way for smaller or larger organizations to scale their staffing needs while minimizing long-term investments in overly rigid organizational structures. Below are some of the benefits businesses can experience when taking this approach:
Putting your trust in bookkeeping outsourcing professionals can be a smart move for many businesses. However, there are some potential disadvantages of taking this approach that certain companies may want to consider closely.
For example, when you outsource your bookkeeping responsibilities, you’re essentially trusting this vital role with individuals you won’t have direct daily oversight. Not all businesses can adapt to this new format as quickly as others, and the lack of physical proximity with their outsourced talent when managing accounting-related processes could be challenging to manage.
Another consideration for companies when relying on remote-working individuals to handle their finances is security. Although many reputable staffing companies have proven their ability to carefully vet the accounting professionals they work with, other companies don’t place the same level of importance on business security.
In either of these situations, it’s critical to take the time necessary to thoroughly vet the staffing partners you choose to work with when deciding to outsource accounting and bookkeeping processes.
Rather than outsource their various bookkeeping tasks, businesses can consider using a more targeted solution that ensures they’re getting both the expertise and significant cost savings they need.
At Philippines Accountant, we specialize in providing businesses with a comprehensive offshore matchmaking service. We ensure that you can work with pre-vetted and certified bookkeeping professionals relevant to your industry and business needs. This service is seamlessly provided while helping your business reduce hiring costs by up to 70% compared to traditional in-house hiring strategies.
The financial advantages of working with an offshoring accounting service like a Philippines Accountant are substantial. In Western countries like the United States, a qualified bookkeeping professional will require a minimum of $30 per hour to employ, not including the additional costs associated with onboarding a full-time staff member.
On the other hand, the labor costs are significantly lower when hiring individuals in the Philippines. A similar individual with the same or even more qualifications hired overseas will likely only cost $7-8 per hour, while even senior accounting professionals with a master’s degree only require around $11-12 per hour.
Working with a specialized offshoring partner like Philippines Accountant also eliminates the hassle of going through a long and tedious recruitment and training process. Our experienced staffing professionals handle every aspect of the hiring process, giving your business back valuable time and resources to focus on other critical elements of the company.
Although the benefits of hiring a Philippines-based account are useful for all businesses, we also recognize at Philippines Accountant that different industry sectors have unique financial needs. This is why we work with a highly specialized group of industry professionals who can provide unique value to specific business types, including:
At Philippines Accountant, we’re committed to providing our clients with a completely customized solution for their bookkeeping needs.
Whether you need the expertise of a bookkeepr, Certified Public Accountant (CPA), CFO, or any other accounting-related role, we’ll ensure that every team member you gain access to is equipped with the skills and certifications necessary to best support your organization.Contact us today for a free 15-minute staffing consultation, and let us show you how we can support all of your bookkeeping needs while maximizing your cost savings.
