Why should accounting businesses outsource?

Over the past 10 years, the accounting industry has seen significant growth amidst global challenges like the pandemic. Market forecasts are set to hit $734.94 billion by 20251 with a compound annual growth rate of 6%. Businesses need to identify strategies to keep up with these market changes while improving the quality of their service and achieving business growth - enter accounting outsourcing to the Philippines.

In addition to this, there is a current global talent shortage, with nearly 69% of businesses2 having difficulty sourcing and retaining skilled talent. With the pandemic alone pushing global unemployment over the 200 million mark3, it would be fair to assume that employers might ‘have their pick’ from a large pool of quality, skilled workers who suffered because of sudden employment losses or financial turmoil during this time. However, there is research to suggest that applicants are now in control4, wanting more value-based benefits from potential employers rather than just financial gain.

Considering alternative resourcing strategies, like accounting outsourcing to the Philippines, is a way accounting businesses can open up to a global pool of quality talent and reap the following benefits:

  • Cost savings: Outsourcing can save your business money by having day-to-day accounting tasks completed in a lower-cost economy, where employment costs are up to 70% less.
  • Expert support: Outsourcing providers are experts in providing insights and advice at each stage of the accounting outsourcing process. Their expert advice can help your business get the best out of your outsourcing journey and ensure it is optimised for success.
  • Improve business flexibility and availability: Outsourcing can help your business become more agile and flexible by opening up 24/7 availability.
  • Business growth: Outsourcing can free up funds that can be used to reinvest back into the growth of your business. With the additional support of an offshore team member(s), you can increase the capacity for your business to take on more work.
  • Improved staff satisfaction rates: Outsourcing can help you to identify roles and tasks that would be best suited to send to an offshore employee. That way, your local team can focus on what they do best and what motivates them, improving job satisfaction for employees in the long run.

Accounting functions, roles and tasks

We offer support across a variety of accounting functions, roles and tasks. Many of our highly trained professionals are CPA and CA accredited so they can help your firm in whatever capacity you require. Identifying the tasks you want to send offshore can come with its challenges. Most organisations tend to outsource the back-office, process driven tasks - the tasks that usually consume a lot of time. However, we’re increasingly seeing many organisations looking to fill more complex and technical roles offshore.


Accounting tasks

There are an array of accounting tasks you can outsource in your business ranging including, but not limited to:

  • Audits
  • BAS preparation
  • Budget forecasting
  • Checking invoice accuracy
  • Compliance reporting
  • Expenditure allocation
  • HR administration including issuing contracts and letters
  • Inputting and coding invoices correctly
  • Maintaining the billing system
  • Managing WorkCover claims
  • Matching invoices and purchase orders
  • MYOB updates
  • Payroll collecting, calculating and inputting data to distributing pay and updating records
  • Preparing and processing monthly journal entries
  • Reconciliations
  • Weekly reporting in Xero.

Outsourcing companies - how to choose your provider

Choosing the wrong accounting outsourcing provider can be detrimental to your success.

Selecting a provider with values that align with your business objectives is the ultimate goal. Doing so will ensure your outsourcing journey is nothing short of successful. How do you know you’re choosing the right outsourcing provider? Start by asking the right questions. These questions should drill into their operations so that you’re left with a thorough understanding of how they operate. Some of these questions may include:

  • Can you detail your standard security policies and infrastructure to manage data, security and privacy?
  • What tools do you have in place to ensure staff members remain online and productive 100% of the time?
  • What productivity reporting do you provide as a standard?
  • If things are not working out, what is the notice period and termination fees?
  • How does your recruitment process ensure you find the best candidate for my role?

This step is absolutely crucial in ensuring your outsourcing journey is a success. Remember, not all outsourcing providers are the same. They all have different protocols, facilities, T&Cs and contracts. Analyse, compare and choose the provider that resonates with your firm the most.

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