The article discusses how outsourcing bookkeeping to the Philippines works.
Outsourcing Bookkeeping is the process of offloading the process of recording and organizing of day-to-day financial transactions of a company.
For businesses looking at options to save time or money, or both, they have several options to choose from. Businesses can either choose to hire in their area of operations, or within their geographical location, or hire offshore.
When hiring an accountant based in the client company’s hometown or country, or near the country of operations, the services roughly cost the same as the hiring company.
If the business wants to significantly save money or cut down on costs, hiring an offshore bookkeeper is the more practical alternative.
For businesses looking to hire offshore, the Philippines is one of the countries ideal for outsourcing business processes such as accounting. The country has the lowest labor cost compared to other ASEAN countries.
Also, accounting professionals in the Philippines have completed a Bachelor of Science degree in Accountancy (BSA) degree, higher or equivalent or a Bachelor’s Degree In Accounting (higher or equivalent), and have passed of the Certified Public Accountant Licensure Exam.
Almost all accounting candidates in the Philippines have had some number of years’ experience in an accounting field, or have experience working for large accounting firms that operate in the Philippines.
Easily Outsource Bookkeeping to the Philippines
If you have decided to outsource the bookkeeping function to the Philippines, it is important that you know assigned bookkeeping services you need to outsource. Businesses looking to outsource need to list down the preferred skills, certifications, qualifications, and relevant experience of the desired outsourced staff.
You also have to determine whether your business needs ongoing bookkeeping support or are only in need of a one-time bookkeeping service support.
Typically, the term outsourcing means you are only outsourcing services, or in this case, accounting services. Since the outsourced accountant is directly under the management, businesses have little or no control over the business processes in this model.
There are business process outsourcing providers in the Philippines that offer initial consultation sessions to help you get started on outsourcing bookkeeping services.
Connext sets up consultation sessions with the client to figure out how to address their needs.
Businesses can avail of custom bookkeeping solutions when you work with Connext Global Solutions, an outsourcing provider of bookkeeping services in the Philippines where you can hire outsourced bookkeepers or a dedicated accounting team in the Philippines that you can utilize for bookkeeping and accounting functions.
Outsourced bookkeepers commonly can provide data entry services such as efficient recording of financial transactions, and processing of incoming payments along with the issuing of necessary paperwork for compliance.
Outsourced bookkeepers are responsible for handling and supporting our accounting department with day-to day accounting activities.
In accounting, there is a timeline for payment or clearing for Accounts Payable and Accounts Receivable.
To avoid corresponding penalties of the businesses, it is important to utilize the services of an outsourced bookkeeper. Outsourced bookkeepers review outstanding or pending payables to ensure proper processing, documentation, and timely payment, and make sure payments owed to the business are properly included and recorded. They are capable of providing payroll management, invoice and billing management.
Connext accounting and bookkeeping teams are responsible in ensuring timely AR/AP payments. Aside from this, they also provide efficient preparation and timely processing of financial statements and reports which are important in accounting and finance operations.
Responsibilities of outsourced bookkeepers include generating and reviewing monthly/ quarterly financial reports, publishing financial statements on time, and managing and reconciling balance sheets and financial statements such as the reconciliation.
They are capable of handling monthly, quarterly and annual closings, and maintaining accounting records, and preparation of budget reports and forecasts.
Connext Global Solutions offers different professional services such as Healthcare, Accounting, Engineering and Graphic Design, and Administrative support. Learn more about Connext services.