Businesses need to keep accurate financial records to ensure their financial stability and growth. In order to realize this goal, they rely on accountants to handle such a difficult role. Hiring a full-time accountant can be expensive for small and medium-sized businesses. That’s where outsourcing comes in. The Philippines has become a popular destination for outsourcing accountants due to the low labor costs and high-quality talent pool.
If you are still hesitant about this decision, we’ll give you a runthrough of what to expect from outsourcing your Accounting tasks to the Philippines.
First things first: Accountants
Accountants are professionals who specialize in managing and recording a company’s financial transactions. They work with financial data on a daily basis, and this includes revenue, expenses, taxes, and investments. Their primary responsibility is to ensure that the business’ financial records are accurate and up-to-date. This allows the the management to make informed and strategic decisions about its finances, including budgeting, investing, and planning for growth.
What are the responsibilities of the accountants?
The responsibilities of an accountant can vary depending on the business they work for, but some common tasks include:
- Bookkeeping: Accountants keep track of all financial transactions, including invoices, receipts, and payments.
- Financial Analysis: Accountants use financial data to create reports that help businesses make informed decisions about their finances.
- Tax Preparation: Accountants prepare and file tax returns for businesses to ensure compliance with tax laws.
- Auditing: Accountants conduct internal and external audits to ensure the accuracy and integrity of a company’s financial records.
What makes a good accountant?
Not everyone can simply take on the role of an accountant.
For a business to consider someone to take on the role, the individual must have completed a degree in accounting or a related field, such as finance or business. They must also have excellent math skills, attention to detail, and good communication skills. Succeeding in the job requires the accountant to be organized and able to manage multiple tasks simultaneously. In addition, they should be familiar with accounting software and have a good understanding of tax laws.
What are the risks of not getting a qualified accountant?
Hiring an unqualified accountant or not having an accountant at all can lead to serious financial problems for a business. An unqualified accountant may not have the necessary skills to accurately manage a business finances. This can result in inaccurate financial records, missed tax deductions, and other financial problems. In some cases, it can even lead to legal troubles.
On the other hand, if you find a good accountant, your business will surely prosper.
There are many benefits to having a good accountant for a business. Here are some of the most significant advantages:
- Accuracy: A good accountant ensures that a business’ financial records are accurate and up-to-date. This helps businesses make informed decisions about their finances.
- Tax Compliance: An accountant can help a business comply with tax laws, reducing the risk of penalties and legal troubles.
- Time-Saving: Outsourcing accounting services to the Philippines allows businesses to focus on their core operations while leaving the accounting to professionals.
- Cost-Effective: Outsourcing accounting services to the Philippines is a cost-effective way for businesses to get access to high-quality talent without the high labor costs associated with hiring a full-time accountant.
- Increased Efficiency: A good accountant can help a business streamline its financial operations, reducing costs and increasing efficiency.
Here are some of the top software used by accountants:
Managing a company’s financial records also requires various software. Here are some of the most commonly used ones:
- QuickBooks: QuickBooks is one of the most popular accounting software used by businesses of all sizes. It allows accountants to manage transactions, track expenses, generate invoices, and create financial reports.
- Xero: Xero is a cloud-based accounting software that allows accountants to manage financial records, track expenses, and generate invoices. It also provides real-time financial reporting and integrates with other business software.
- FreshBooks: FreshBooks is a cloud-based accounting software that simplifies the accounting process for small businesses. It allows accountants to manage expenses, track time, and generate invoices.
- Sage 50cloud: Sage 50cloud is a comprehensive accounting software that allows accountants to manage financial records, track expenses, and generate invoices. It also provides real-time financial reporting and integrates with other business software.
- Wave: Wave is a free accounting software that allows accountants to manage financial records, track expenses, and generate invoices. It is a great option for small businesses that are just starting and have limited budgets.
Depending on your company, you may already be familiar with any of these necessary tools to keep track of and manage financial records accurately and efficiently.
Philippines has a large pool of highly skilled accountants
It’s no surprise why companies from across the globe seek the service of a Filipino team. In the Accounting field, you can expect to find a large pool of highly skilled accountants who are familiar with the latest accounting software and tax laws. Not to mention, you’d be saving more money by paying a fraction of the cost of hiring a full-time accountant, increasing your business’ efficiency, and improving your financial records.
Our team at KamelBPO is known for providing high-quality service all so you can focus on more important tasks at hand, while reaping the benefits of improved financial reporting and accounting!
Some of the benefits you can get from outsourcing to the Philippines include:
- You will enjoy reduced operation costs by up to 70%. Yes, one of the biggest benefits of outsourcing is saving up on expenses. You can outsource the Accounting function, and still be able to save up on costs on training, security, and infrastructure!
- Access to the pool of Accounting professionals who are committed and exemplary in delivering accounting requirements specific to your business.
- Option to hire on a short- or long-term basis (freelance, part time, full time)
Accountants are vital for all kinds of businesses because they provide essential financial information that helps owners and managers make informed decisions, ensure compliance with tax laws and regulations, and help businesses grow.
Take the next step to improving your company’s financial performance by sending us a message today! We’d be glad to share a free quote for your review.