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Outsourced Accounting Companies in the Philippines

More and more Australian businesses are discovering the benefits of outsourcing their back-office finance and accounting functions to specialist BPOs and outsourcers in the Philippines to save them time and money.

Whether you're a small business or large multinational, outsourced accounting companies in the Philippines are ready to handle all elements, from basic accounts management to full accounting solutions.

One of the most important reasons Australian businesses look to shift their accounting and finance functions is to save money - you can expect to save a minimum of 50% compared to the same services here in Australia.

Finance & Accounting Functions to Outsource to the Philippines

Australian businesses can outsource all of their finance and accounting requirements to companies in the Philippines, including some of the more common ones listed below.

1. Bookkeeping and Accounting

  • Daily Transactions:
    • Recording daily financial transactions, including sales, receipts, payments, and expenses.
  • General Ledger Maintenance:
    • Maintaining the general ledger, reconciling accounts, and ensuring accurate financial records.
  • Accounts Payable and Receivable:
    • Managing invoices, processing payments, and tracking receivables to ensure timely collections.

2. Payroll Processing

  • Salary Calculations:
    • Calculating employee salaries, bonuses, deductions, and taxes.
  • Compliance and Reporting:
    • Ensuring compliance with local payroll laws and regulations, and generating necessary reports for tax authorities.
  • Benefits Administration:
    • Managing employee benefits, including superannuation, insurance, and other perks.

3. Tax Preparation and Compliance

  • Tax Filing:
    • Preparing and filing business tax returns, ensuring compliance with local and international tax laws.
  • Tax Planning:
    • Providing advice on tax planning strategies to optimise tax liabilities and take advantage of tax credits or deductions.
  • Regulatory Compliance:
    • Ensuring the business adheres to all relevant tax regulations and compliance requirements.

4. Financial Reporting and Analysis

  • Monthly and Annual Reports:
    • Preparing financial statements, such as balance sheets, income statements, and cash flow reports.
  • Budgeting and Forecasting:
    • Developing budgets, financial forecasts, and variance analysis to assist in strategic planning.
  • Performance Analysis:
    • Analysing financial performance to identify trends, risks, and opportunities for improvement.

5. Auditing

  • Internal Audits:
    • Conducting internal audits to ensure financial controls are in place and operating effectively.
  • Compliance Audits:
    • Performing audits to ensure compliance with industry regulations, standards, and laws.
  • Risk Assessment:
    • Identifying and assessing financial risks, and recommending measures to mitigate these risks.

6. Financial Planning and Advisory Services

  • Strategic Financial Planning:
    • Assisting in long-term financial planning, including capital allocation, investment strategies, and growth planning.
  • Mergers and Acquisitions:
    • Providing advisory services for mergers, acquisitions, and other corporate restructuring activities.
  • Debt Management:
    • Advising on debt structuring, refinancing, and managing credit lines.

7. Accounts Reconciliation

  • Bank Reconciliation:
    • Matching the company's financial records with bank statements to ensure accuracy and consistency.
  • Credit Card Reconciliation:
    • Reconciling credit card statements with internal records to ensure proper tracking of expenses.

8. Expense Management

  • Expense Tracking:
    • Monitoring and recording business expenses, ensuring they are within budget and compliant with company policies.
  • Reimbursement Processing:
    • Managing employee expense reports and processing reimbursements.

9. Treasury and Cash Management

  • Cash Flow Management:
    • Monitoring and managing the company’s cash flow to ensure liquidity and financial stability.
  • Investment Management:
    • Managing the company’s short-term and long-term investments to maximise returns while minimising risk.
  • Foreign Exchange Management:
    • Handling foreign exchange transactions and managing currency risks for businesses with international operations.

10. Risk Management

  • Financial Risk Assessment:
    • Identifying and assessing financial risks, including market, credit, and operational risks.
  • Insurance Management:
    • Managing business insurance policies, claims, and risk mitigation strategies.

Benefits of Using Finance/Accounting Outsourcers in the Philippines

Outsourcing finance functions to the Philippines instead of locally in Australia offers several benefits, making it a popular choice for many businesses.

9 Key Advantages of Outsourcing Financial Services to the Philippines

1. Cost Savings
  • Lower Labour Costs:
    • The cost of labour in the Philippines is significantly lower than in Australia, allowing businesses to save on salaries and other employee-related expenses while still accessing skilled professionals.  You can expect to save a minimum of 50% compared to the same services here in Australia.
  • Operational Cost Reduction:
    • Besides lower wages, the overall operational costs, including office space, utilities, and other overheads, are also more affordable in the Philippines.
2. Access to Skilled Workforce
  • Highly Educated Professionals:
    • The Philippines has a large pool of well-educated and experienced finance professionals, many of whom have expertise in accounting, bookkeeping, payroll, and other finance functions.
  • English Proficiency:
    • English is one of the official languages of the Philippines, ensuring smooth communication and reducing the risk of misunderstandings in financial processes.
3. Scalability and Flexibility
  • Easy to Scale Services:
    • Outsourcing to the Philippines provides flexibility to scale finance services up or down based on business needs, without the long-term commitment required for in-house teams.
  • Adaptable to Business Requirements:
    • Philippine outsourcing providers can quickly adapt to specific client needs, offering customised solutions that align with business goals.
4. Round-the-Clock Operations
  • Time Zone Advantage:
    • The Philippines’ time zone allows for extended working hours or even 24/7 operations, which can be advantageous for businesses that require continuous financial processing and support.
  • Faster Turnaround Times:
    • This time zone difference can help accelerate the completion of financial tasks, ensuring that work is done outside of Australian business hours and ready for the next working day.
5. Focus on Core Business Activities
  • Freeing Up Resources:
    • By outsourcing finance functions, Australian businesses can free up internal resources to focus on core activities, strategic planning, and growth initiatives, without getting bogged down by routine financial tasks.
  • Improved Efficiency:
    • Outsourcing allows businesses to streamline their operations, reduce administrative burdens, and improve overall efficiency.
6. Advanced Technology and Processes
  • Access to the Latest Tools:
    • Many outsourcing firms in the Philippines use advanced financial software and technology, providing clients with access to the latest tools and processes without needing to invest in them directly.
  • Process Optimisation:
    • Outsourcing providers often have well-established processes and best practices that can improve the accuracy and efficiency of financial operations.
7. Focus on Quality and Compliance
  • Adherence to International Standards:
    • Philippine outsourcing providers are familiar with international accounting standards, including IFRS (International Financial Reporting Standards), ensuring compliance with global financial regulations.
  • Strong Quality Assurance:
    • Many firms have robust quality assurance processes in place, ensuring that financial tasks are completed with high accuracy and attention to detail.
8. Cultural Compatibility
  • Western Business Practices:
    • The Philippines has a strong cultural affinity with Western business practices, making it easier to align with the expectations and working styles of Australian businesses.
  • Customer-Oriented Approach:
    • A focus on customer satisfaction and service quality is prevalent in the Philippine outsourcing industry, ensuring a positive working relationship.
9. Risk Diversification
  • Business Continuity Planning:
    • Many Philippine outsourcing firms have strong business continuity plans, reducing the risk of disruptions due to local issues or natural disasters.
  • Geographic Diversification:
    • Outsourcing to the Philippines provides geographic diversification, which can help mitigate risks associated with having all business functions concentrated in one location.

Search Outsourced Accounting Companies in the Philippines

Search the finance/accounting services outsourcers in the Philippines below or use the search filters to discover other back-office outsourcing partners by function or country.