5 Reasons to Outsource Bookkeeping to Philippines Accountants

One of the fastest growing business sectors in the past year in the Philippines is Business Process Outsourcing (BPO) that started in 1999. In the global arena, the Philippines consistently rank among the top five BPO locations. The country continues to be an attractive location for offshore BPO services due to its supply of English-speaking professionals, low labour costs and availability of a good infrastucture.

According to rankings based on availability for a high-end Knowledge Process Outsourcing (or KPO), the Philippines is #1 on the list internationally. Why? Below are the top five (5) reasons:

College Accounting Graduates. All our Filipino staff are college/university educated graduate accountants and have professional and corporate working backgrounds. The country has more CPAs than any other in Asia, with approximately 7,000 accounting graduates every year. There is an abundance of finance and accounting talent in the Philippines trained in international accounting standards. And because of that, the results are highly remarkable.
Staffing Cost. The motivation for offshoring was to minimize production cost and maximize profits. Salaries in developing countries such as the US, UK or even in Australia are 60% to 80% more compared to salaries in the Philippines. Filipinos are known to take immense pride in their work and become “part of the family” – concerned about your success as much as you are.
English Proficiency. Along with the local Filipino language, English is an official dialect in the Philippines. This does not mean that everyone understands or speaks English but it does mean that exposure to the
language is so great that those who do speak it can communicate quite fluently. In addition, according to government sources, the overall literacy rate for the country is 94% with the ability to adopt accent and level of easy comprehension.
Resource Optimization. We do everything online. Because of the Philippines’ affordable telecom infrastructure, processes and methods that we use to match the available resources with the needs of our clients are being more established. Also, with the help of cloud accounting software, your financial efficiency will be greater and your business will be more successful.
Economic Growth, Stability and Government Support. As one of the economic pillars and main revenue generators of the country, the Philippine Government recognizes the potential growth of the industry by providing strong support and infrastructure for BPOs.

With all of these, a lot of companies prefer to outsource to the Philippines as it is the strategic move to scale your business to greater heights. And of course, why not include that famous Department of Tourism tagline, “It’s More Fun in the Philippines”?