ACCOUNTING
Keep track of your company’s assets, liabilities, profit and loss, tax and other related financial activities
optiBPO has 8 ideas on how you can create business value through offshoring
Eight Offshoring Ideas
ACCOUNTING
OUTSOURCED ACCOUNTING AND HOW DOES IT WORK
Finance is a critical function of all businesses, with many companies looking at ways to reduce the cost of the transactional activities and focus more on analysis and insights. Outsourcing your accounting and bookkeeping services allows you to reduce transactional costs and free up time and resources to focus on improving business insights for better decision making.
Ready to take your business to the next level? Contact us to know more or click on the link below to view a standard job description for offshore accounting roles.
ACCOUNTING TASKS THAT CLIENTS ARE OFFSHORING
Outsourced accounting professionals may perform a variety of tasks, such as:
BOOKKEEPING
Ensure all of your business’s daily income, expenses, purchases, and receipts are well accounted and documented
PAYROLL PROCESSING
Manage your entire payroll process and benefits, and ensure your employees get paid accurately and on time
ACCOUNTS RECEIVABLE
Help you prepare, post, verify, and record accounts receivable transactions including bills, invoices, and bank deposits
ACCOUNTS PAYABLE
Maintain precise records of all your vendor payments including payroll, purchases, invoices, statements, etc.
TAXES AND COMPLIANCE
Help you calculate, prepare, and file taxes appropriately while following legal guidelines and identifying legal tax savings
FINANCIAL ANALYSIS
Lead the financial planning, forecasting, budgeting, and analysis for your business and identify risks, rewards, and opportunities
CONTROLLING SERVICES
Oversee your day-to-day finance and accounting operations, and ensure the financial stability of your business
STRATEGIC PLANNING
Shape the company’s overall business strategy by conducting research and data analysis to inform business decisions
WHY OUTSOURCE YOUR FINANCE AND ACCOUNTING
Here are some of the benefits of outsourcing your accounting roles to the Philippines:
HIRE ACCOUNTING EXPERTS
Gain access to accounting professionals who are trained, experienced, and knowledgeable in finance and accounting
STREAMLINE YOUR PROCESS
Outsourcing accounting enables you to streamline your accounting process to produce higher quality results and better reporting
SCALE YOUR BUSINESS
Your outsource team will take care of your accounting tasks, while you focus on core business functions to scale your business
INCREASE CAPACITY QUICKLY
Resolve capacity issues and delegate tasks to a dedicated offshore team that has the expertise needed
SAVE ENORMOUS TIME
Free-up your time to spend on the key areas and day-to-day running of your business
LOWER COSTS
Save around 70 to 80 per cent in direct salary costs for a comparable skill set
FINANCE AND ACCOUNTING FAQs
Find answers to frequently asked questions about finance and accounting outsourcing:
What is outsourced accounting?
With outsourced accounting, you partner with a BPO provider to recruit skilled bookkeepers and accountants working dedicated to you on a full time basis. When it comes to outsourcing, the Philippines is one of the world’s top outsourcing destinations and companies like optiBPO can help businesses like yours to plan, build, and manage dedicated outsourced bookkeepers and accountants in the Philippines.
Why has outsourcing become so popular?
With remote working taking over the business world, outsourcing has become even more popular especially for smaller businesses and startups because it provides access to wider global markets. Outsourcing allows companies to maximise the use of offshore resources to operate more efficiently, reduce cost, and boost growth.
How outsourcing finance and accounting work can assist your company?
When you outsource, you can get an expert to do a variety of accounting duties including bookkeeping, payroll, payable, receivable, taxes etc. You can guarantee that your designated tasks will be completed by capable professionals willing to rise to your expectations. By offshoring your accounting needs, you can focus your time, energy, and resources on your core business competencies and help scale your business.
What to do before hiring an outsourced accountant?
Outsourcing accounting tasks in the Philippines can be a great advantage to your business. However, it is worth noting that outsourcing requires planning and thorough assessment. There are factors to consider when making outsourcing decisions and setting goals to ensure outsourcing success. Some of the factors that should be considered are as follows:
- Industry expertise of the outsourcing firm
- Top-quality accounting professionals
- Infrastructure and IT support
- Cost involved
- Recruitment and HR support
- Risk management
- Service-level agreement
How do you get started with outsourcing sales in the Philippines?
At optiBPO, we help clients plan, build and manage dedicated resources in the Philippines that are an extension of your onshore team and not a separate part. To start outsourcing, all you need is a job description and our team will help you employ fully dedicated and qualified staff that fits your requirement. View a sample accounting job description.
BUILD YOUR OFFSHORE TEAM TODAY!
optiBPO will help you set-up, ensure your business is BPO ready, and provide support to your
offshore team to ensure they can be effective contributors from day one