Hire Offshore Accountants in the Philippines: Key Benefits

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Table of Contents

It is no wonder that the Philippines has the most educated English-speaking population. This means their expectation with regards to salary is relatively low. Considering this, the Philippines is one of the most sought-after countries for outsourcing because of its good work ethic and cultural adaptability to the US. With a strong work ethic and cultural adaptability to the US. This is one of the reasons that it remains a top destination for firms hiring offshore accountants in the Philippines.

Key Benefits of Hiring Offshore Accountants in the Philippines

Working accountants from the Philippines function as offshored employees who work independently as part of your team and adapt to your work procedures and internal workflows. This approach improves teamwork, increases communication, and instills a strong sense of ownership, enabling better coordination and efficiency within the company.

1. The Growing Demand for Accountants

The Philippines has many professionally prepared accountants because of its drive to promote accounting and finance literacy in the education sector, which has led to an influx of graduates.

The rest of the world celebrated the centenary of the accounting profession in March 2023, and Philippines suppliers are set to benefit from the industry’s boom. Companies can use a workforce with robust accounting knowledge by outsourcing accounting work to the Philippines.

This talent served as a silver bullet during the capacity constraints stemming from a meager talent pipeline, rising demand for accounting skill sets, pressure on current employees, and a mass migration of staff of retirement age.

2. Cost Savings in Accounting Outsourcing

Offshore accounting in the Philippines is much cheaper than in Australia or New Zealand. This is primarily due to differences in wages and the cost of living. It is easy to see why the Philippines offers more than 70 percent savings in offshore accounting services.

3. Government Support & Data Security in Philippines Accounting Offshoring

Global offshoring and accounting functions have found an international center in the Philippines. The government is conscious of the economic gains from the sector, which is why numerous incentives and even infrastructure development are meant to grow the industry. Moreover, the government has enacted policies to ensure the safekeeping and protection of the data, as well as intellectual property and international compliance as stipulated in the Data Privacy Act 2012, thereby securing the confidence of companies that outsource their accounting to the Philippines.

Best Practices for Hiring Offshore Accountants

Many firms have adopted offshore accounting teams because of their ease of use, cost efficiency, and greater operational effectiveness. As remote work has become mainstream and convenient software that allows for asynchronous communication has emerged, it has become much more straightforward to form and manage an offshore accounting department.

1. Setting Clear Goals for Offshore Accounting Recruitment

Setting your goals and needs for your offshore accounting team will assist significantly during the recruitment process. Having tangible goals will allow you to identify the specific skills that you need in each position. Consider budget, time zone compatibility, and cultural fit when setting your goals.

2. Search for Offshore Accounting Providers

Seek offshore accounting providers that match your extensive due diligence. Check their past client reviews to understand the prospect’s experience and reputation in the industry. Recruiting firms can help with this. Companies specializing in recruiting remote employees give access to highly qualified candidates simply without going through the lengthy and tiresome process of sourcing and screening them.

3. Evaluate Potential Partners

After shortlisting candidates, accounting professionals should be highly vetted. Check their proficiency in English and other specific accounting skills you may require for your firm.

4. Define Roles and Responsibilities

When you select your team members, for optimum productivity and operational flow, assign clear roles and responsibilities that every member must adhere to to avoid ambiguity. As a result, setting performance targets becomes more manageable while fostering accountability becomes effortless within your offshore accounting team.

5. Onboard Wisely

Similarly, when selecting your offshore accounting partners, their roles and responsibilities must be aligned and defined before onboarding your new team. Provide them with adequate training materials and other resources so that they can perform their assigned functions competently.

6. Maintain Regular Communication

Effective communication is crucial for the success of an offshore accounting team. Therefore, schedule regular check-ins and set up sufficient communication mechanisms, such as video calls and project management systems, to ensure everyone is on the same page.

How to Successfully Manage Offshore Accounting Teams

Dealing with an offshore accounting unit is a delicate process that requires extensive planning and communication. However, improving remote accountants’ onboarding into your firm processes will increase productivity, accuracy, and collaboration. Using strategies built for remote teams does not pose a challenge regarding time zones and culture.

1. Set Clear Expectations

Outline each team member’s roles, responsibilities, and performance expectations. In addition, define specific, measurable, achievable, relevant, and time-bound (SMART) goals that articulate their objectives and how their output helps achieve the overall firm’s strategy. Continuously review, provide feedback, and amend these goals so that the team stays engaged and aligned.

2. Utilize Project Management

Utilize project management applications like Trello, Asana, or Monday.com to track tasks, deadlines, and progress. Additionally, it will introduce time-tracking software to monitor productivity and on-time work. These tools allow visibility into the team's workload, allowing for the identification of bottlenecks and effective resource allocation.

3. Foster Open Communication

Schedule regular meetings and check-ins with remote employees via Slack, Zoom, or Microsoft Teams. Ensure that remote team members can raise their ideas, questions, or challenges over the communication platform without fear of receiving negative feedback. Negative feedback, trust, and the lack of knowledge that many people are the aim of open communication loops, and information is a trustworthy system in which all members are participatory.

4. Provide Regular Training

Use regular staff training to build your member's skills. Make it a point to have your team participate in programs, webinars, online information resources, and accounting forms that update the specialist to modern accounting innovations and information. Learning on your own hurts one's capabilities and enthusiasm and sets one's team’s morale and motivation.

5. Cultivate a Positive Team Culture

Encourage team members to celebrate every achievement, big or small, to stimulate an inclusive and positive team culture. Organize virtual team-building exercises to give team members a sense of belonging and ease. Thank your remote team for their efforts and foster an inclusive, respect-driven atmosphere where everyone feels appreciated, whether in-house or overseas. A cohesive team culture leads to enhanced job satisfaction and retention.

6. Functions of Offshore Accountants

The world of accounting firms has become fiercely competitive, making it necessary to stay productive and alert. Offshore accounting enables companies to acquire highly skilled professionals at a fraction of the cost.

7. Bookkeeping and Financial Reporting

Self-employed bookkeepers can oversee daily bookkeeping functions like monitoring income, expenses, and cash flow. They also assist in crafting comprehensive financial reports that enable you to manage your firm's financial position.

8. Accounts Payable and Receivable Management

Offshore accountants can effectively manage invoices, payments, and collections. Offshore teams use special tools to handle all accounts payable and receivable correctly.

9. Tax Preparation and Compliance

Offshore accountants have the required skills for your country’s taxation regulations and prepare taxes while ensuring compliance. They prepare annual tax returns, complicated tax filings, and deductions that can become hassle-free for firms.

10. Payroll Processing

Additionally, offshore teams can handle payroll functions so your employees are paid correctly and on time. This includes calculating net salary and other compensation, such as bonuses, and ensuring compliance with proper tax and local law.

11. Financial Forecasting and Budgeting

Offshore accountants can help you with your detailed financial goals by creating realistic budgets and other forecasts for expansion. Their in-depth knowledge allows them to analyze valuable financial data and make informed decisions to achieve all firm objectives.

Conclusion

Hiring offshore accountants in the Philippines is very effective and economical for firms looking to manage their financial processes more efficiently. The Philippines retains its position as one of the top outsourcing destinations for accounting services due to its proficient workforce, inexpensive labor, and strong government support concerning data security and compliance. From bookkeeping services to auditing and tax preparation, the country has a reliable resource pool that guarantees the desired output.

FAQs

Hiring offshore accountants in the Philippines provides access to a skilled workforce with strong English proficiency and expertise in international accounting standards at a lower cost.

Yes, many CPA firms hire offshore tax preparers in the Philippines for CPA firms, as they are well-versed in tax regulations and can handle complex tax filing requirements.

With offshore virtual hire in the Philippines, firms can remotely onboard and manage accountants through cloud-based tools, ensuring seamless collaboration and workflow efficiency.

When you hire an offshore tax preparer in the Philippines, you save on labor costs while ensuring accurate and timely tax preparation supported by professionals familiar with global tax laws.

To hire offshore accountants in the Philippines, define your firm needs, choose a reputable outsourcing provider, and ensure proper onboarding for smooth integration into your operations.

Shawn Parikh

Co-Founder & CEO

Shawn Parikh is the CEO and Co-Founder of MYCPE ONE. A Chartered Accountant by qualification, he has over 15 years of experience of being a problem solver for small to mid-size firms and over time he has given consultation to thousands of CPAs, accountants and tax pros. Shawn has always been a big believer and advocate of social enterprises and small accounting firms & businesses. He consults and speaks on several topics ranging from Building Remote Team - Remote Working, Offshore Staffing, strategic planning, Scalability of Accounting Practice, cloud accounting, practice management, LinkedIn marketing, etc.