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:

• 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.

• 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.

• 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.

Leave a Reply

JOIN US ON FACEBOOK
Open Access BPO
Open Access BPO11 hours ago
91% of customers use #email every day, which makes it a staple of every brand's #multichannel strategy. As promising as it may be, however, it also has its own limitations.

Find out what these constraints are and how you can deal with them: https://buff.ly/3tCqTNf

#WeSpeakYourLanguage #EmailSupport #CustomerService
Open Access BPO
Open Access BPO2 days ago
Moderating content is the best way to protect online reputation. Before tapping an expert, it's vital to understand your options and the advantages they provide to ensure maximum security and efficiency: https://buff.ly/2QgAXNm

Visit www.openaccessbpo.com for more information about our services.

#WeSpeakYourLanguage #Outsourcing #ContentModeration
Open Access BPO
Open Access BPO3 days ago
Setting the right performance metrics helps your #CustomerService team achieve business goals and scale as you grow. Partner with a qualified #BPO provider for seamless program management: https://buff.ly/3xfhcXl

#WeSpeakYourLanguage
Open Access BPO
Open Access BPO6 days ago
Consumers turn to #SocialMedia and apps to learn and interact with brands. However, about 60% of online harassment happens on these channels.

Moderate content to keep your online spaces safe for users: https://buff.ly/3wYzqvS

#WeSpeakYourLanguage #ContentModeration
Open Access BPO
Open Access BPO7 days ago
Explore limitless business opportunities with #SmartOutsourcing.

Open Access BPO develops higher-value services that empower our clients to make a positive difference in the lives of their customers and communities: https://buff.ly/32jn4QO

Choose the Open Access Difference. Visit buff.ly/2Q7Ae0X to learn more.

#WeSpeakYourLanguage
Open Access BPO
Open Access BPO7 days ago
The success of an #offshore program depends heavily on how team leaders guide their agents. Ensure your program's success by cultivating these skills in your #CustomerService team: https://buff.ly/3uNCXeH

#WeSpeakYourLanguage
Do NOT follow this link or you will be banned from the site!