How the Philippine finance and accounting outsourcing grows

How the Philippine finance and accounting outsourcing grows

Julie Pearl Published on June 23, 2014

financial-accounting-outsourcing--Open-Access-BPO
A significant portion of the Philippines’ outsourcing clientele is composed of businesses under the finance and accounting industry. This makes the nation a leading destination for basic call center services and higher-level business process solutions.

Companies that are outsourcing to a call center in the Philippines typically send out cash processes requested by the customers. These are minor tasks that companies entrust to a third party vendor so that they can focus on core competencies and ultimately cut down costs.

financial-accounting-outsourcing-team-meeting--Open-Access-BPO

But since the Philippines possesses an abundance of highly skilled workers, heavier duties that require finance and accounting proficiency are also being outsourced to the country. In fact, the Philippines produces about 7,000 accounting graduates every year, making it the biggest supplier of accounting professionals in the whole Asia. Seeing this, and considering the affordability of operating in the region as well as the Philippines’ long outsourcing experience, foreign businesses also outsource core processes to Philippine-based firms.

The finance and accounting outsourcing (FAO) sector has indeed grown. Today, FAO services are no longer limited to general accounting and transaction management processes for account receivables and payables. With the growing expertise of the FAO sector, trust of the foreign clients, and support from the local government, core finance and accounting activities such as tax management, treasury and risk management, statutory reporting, and compliance management are also commonly outsourced to the Philippines. This growth is often shown by these indicators:

โ€ข Clients making better decisions

CFOs and CEOs are able to make better investment decisions through the help of their FAO partner who sifts through chunks of financial data and points out what works best for a certain market, during which season, and which supplier.

โ€ข Improved technologies

Good FAO providers not only supplies labor but can also give insights on innovations that the company should invest in that could improve the operations and costs if phased out.

โ€ข FAO analytics

Analytics applications specifically developed to gain knowledge about a company’s financial performance prove that the FAO industry is indeed on a boom.

Philippine outsourcing firms catering to finance and accounting businesses have indeed helped launch the country into a knowledge process outsourcing hub. If these vendors continue providing excellent results, clients will also continue trusting the Philippines for their money-related business process needs.

As one of Open Access BPO's content writers, Julie Pearl shares her BPO knowledge through her blog posts, research papers, and other resources. She writes about outsourcing news and call center management tips and insights.
JOIN US ON FACEBOOK
Open Access BPO
Open Access BPO3 days ago
#Repost | Team Allied Services and You:
๐—ข๐—ฝ๐—ฒ๐—ป ๐—”๐—ฐ๐—ฐ๐—ฒ๐˜€๐˜€ ๐—•๐—ฃ๐—ข is once again supporting #RyansRun during the TCS New York City Marathon this November.

Ryan's Run is a nonprofit organization and NYC Marathon Charity Partner. This #sponsorship supports #charity healthcare system Allied Services and their goal to improve the lives of people with disabilities, life-changing injuries, and chronic illnesses.

Photo shows Open Access BPO CEO Ben Davidowitz presenting the multilingual #CallCenter's donation to Allied Services' Jim Brogna and Steve Davidowitz.

----------
Open Access BPO is a multilingual call center with locations in both the Philippines and the United States. The companyโ€™s Chief Operating Officer, Ben Davidowitz, grew up in Kingston, PA. His brother, Steve, has been part of the charity campaign since its inception in 2010, and will be running the TCS New York City Marathon once again this year as part of Team Allied Services and You. He will be joined by an Open Access BPO employee.

Thank you @openaccessbpo

#openaccessbpo #teamalliedservicesandyou #pinoyrunner
#tcsnycmarathon #partnership #support #WeSpeakYourLanguage
#NYCMarathon2022
Open Access BPO
Open Access BPO5 days ago
Open Access BPO, in partnership with the Philippine Red Cross, is holding a #BloodDonation drive on September 28.

Employees who haven't signed up as #BloodDonors may do so by filling out this form: https://buff.ly/3dvNyI6

๐—ฆ๐—ฎ๐˜ƒ๐—ฒ ๐—ฎ ๐—Ÿ๐—ถ๐—ณ๐—ฒ ๐—•๐—น๐—ผ๐—ผ๐—ฑ ๐——๐—ฟ๐—ถ๐˜ƒ๐—ฒ ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฎ
September 28 | 10:00 AM - 3:00 PM PST
Open Access BPO Makati, Glorietta 2 site lobby

#WeSpeakYourLanguage
#DonateBlood
Open Access BPO
Open Access BPO5 days ago
#Gamification works to create healthy competition and camaraderie among your #CallCenter agents while ensuring productivity and high quality support for your customers.

But it only works if done right. Here are several tips you can use to gamify your contact center: https://buff.ly/3dvR6Kt

----------
Ensure high quality support for your customers: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
Open Access BPO
Open Access BPO6 days ago
Having a branded #CustomerService strategy sets your business apart from others, helping grow your customers base and enhancing #CustomerExperience.
Here's how you can develop a branded customer service strategy: https://buff.ly/3Smzv6A

----------
Outsource #CustomerDelight without losing your #BrandIdentity: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerSupport #branding
Open Access BPO
Open Access BPO2 weeks ago
Quality evaluations may vary per #CallCenter, program, client, business model, or approach. But here are time-tested methods to accurately gauge service quality: https://buff.ly/3RI9Ghr
----------
Give your consumers high quality multilingual #CustomerService 24/7: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerSupport #CallCenterOutsourcing
Open Access BPO
Open Access BPO2 weeks ago
Companies lose billions due to poor #CustomerService. But more than the monetary loss, giving customers reasons to leave can incur a far greater impact on your business.

Read: https://buff.ly/3DktOSk

----------
Step up your #CustomerRetention game by #outsourcing to a #CustomerSupport expert: OpenAccessBPO.com/get-started

#WeSpeakYourLanguage
#CustomerCare #CallCenterOutsourcing
Open Access BPO