The benefits of outsourcing to the Philippines goes beyond by simply saving on costs.
The Business Process Outsourcing (BPO) industry in the Philippines plays a vital role in supporting both local and foreign organizations. Over the years, the country has become one of the most sought-after outsourcing destinations across the globe.
The BPO industry in the Philippines also has a great influence on the emerging economy of the country. It is one of the two main sources of foreign exchange in the country, second only to remittances from Overseas Filipino Workers.
Additionally, this sector employs over 1.2 million of the population in the Philippines. In terms of outsourcing practices, BPO companies offer an array of services to their clients. Among these popular outsourcing services are call center, IT-related services, sales and marketing, as well as finance and accounting.
Philippine culture, education and professionalism
The Philippine culture has been heavily influenced by the western culture. This explains why it is an ideal offshoring destination for western companies. Adaptability and a strong work ethic are also two strong traits that are woven into the Filipino culture.
In terms of education, the Philippines has a high literacy rate and uses the English language as a second language. Filipinos also have a neutral accent which makes it easier for them to be understood – or even trained to learn a specific accent. In addition, it is also safe to say that the country is rigged with global talent.
Benefits of outsourcing your accounting to the Philippines
In terms of accounting, it is inarguable that very few companies would consider it as their core competency. This is why a lot of organizations resort to subcontracting this essential part of their business to professionals in the outsourcing industry.
If you are looking to outsource your accounting processes in the Philippines, here’s what you need to know before making a decision:
The country is home to the Philippine Institute of Certified Professional Accountants (PICPA)
PICPA is a part of the International Federation of Accountants (IFAC). This is an organization that supports, develops, and implements high quality international accounting standards. These standardization processes are also being practiced in over 130 countries.
The accounting education in the Philippines is the same as the US
Accounting professionals in both the US and the Philippines most likely have completed the same educational track. Graduates in the Philippines also have to complete a BS Accountancy degree before qualifying for a Certified Public Accountant (CPA) licensure exam.
The accounting career is one of the growing professions in the Philippines
The country is considered to have one of the largest number of accounting schools in Asia. Record shows in 2018, the Philippines has over 188,203 certified public accountants. According to BusinessMirror, the country has the largest number of qualified professional accountants among other Asian countries.
Generally speaking, the benefits of outsourcing to the Philippines goes beyond by simply saving on costs.
