Accountancy is one of the leading college courses that Filipinos take. On top of that, there are many schools that offer tutorial services to help these students learn more and pass the accountancy board exam.
The growing economy of the country spurted the need for individuals who can prepare the books not only for local companies but for global clients, too. For a time, most accountants are only found in huge accounting firms. But today, their services are also offered in BPO companies.
By why would you outsource bookkeeping services? Is it not better to just hire someone locally? Together, let us explore the benefits of getting this part of your business done by a vendor and not a local bookkeeper.
Privacy and Security
This is a critical component of your business. Local accountants may not be able to provide this, not because they lack integrity but because they may not be equipped with the appropriate technical infrastructure to prevent data theft.
BPO companies in the Philippines treat privacy as a top priority. It is so important that all employees must go through data security training and pass them. There are also regular updates and quarterly exams put in place about international privacy laws. If you fail this test, you can lose your job.
Satisfactory Service at a Lesser Cost
If you do your own books, you are risking the possibility of errors. And if you do, the IRS is not going to happy. You need to repeat the process and waste precious time when you could have been making more money.
This is why you should leave it to the professionals. Accounting outsourcing is the way to go. If you let a professional do it, you will rest assured that your report has integrity, and you will avoid questioning from the IRS.
Hiring your own accountant means you have to pay retainer fees even if the accountant did nothing. If you outsource your bookkeeping service in the Philippines, you will be paying on a project basis. Of course, the cost will depend on the complexity of your business, especially in cases where you only ask to prepare for reports on a quarterly basis.
If you decide to hire in-house, it is true that you can manage them, but you have to spend money on training them. You also have to pay for their office space, their computers, and all other expensive things like QuickBooks.
You do not want all of this. You are better off discussing your needs with back-office outsourcing services company and then just get on a call regularly to see their progress.
There is nothing to lose if you outsource your bookkeeping. Business process outsourcing in the Philippines has been around for at least two decades, and the companies that offer this offshore service have what it takes to get the job done right.
The tools, real estate, infrastructure, skilled bookkeepers, are all ready and on standby to help you accomplish your bookkeeping requirements while you focus on the things that matter like marketing and sales.
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