Every business needs a sleek financial management whether it is a large enterprise or a small startup. It is not possible to keep a thriving business if your accounting is all over the place. Accounting has time-sensitive tasks as it must always be updated.
Accounting is not easy if you have limited time and resources as there will be a tendency that it will not be accurate. A great way to keep your accounting in good shape is to get data enrichment services or outsource it. Among the global outsourcing industries, Philippines ranked third among top countries and Manila ranked fourth in terms of city ranks based on sizable revenue. International companies who are outsourcing in the Philippines enjoy these benefits.
Of course, all outsourcing companies are proud to say that you can save money if you do outsourcing since you don’t have to deal with employees’ salaries, benefits, and additional equipment. However, the Philippines offers the most efficient outsourcing accounting work at the lowest labor costs. The average annual salary of an accountant in the Philippines is Php 292,416. On the other hand, a person with the same job description earns around Php 2.6 million or $49,749 a year.
Access to Expert Skills
Filipinos are known to easily adapt and learn. The same goes for language and multiple skills. Add to that, Filipinos working in outsourcing industries are meticulous in their jobs especially that their firms have strict quality control. A simple mistake in accounting can deprive company growth if not bring it to ruins. With this in mind, you can access highly skilled accounting professionals in the Philippines. The Philippines has a 96.3% literacy rate and the accountants have an intensive knowledge of the tax code and laws on various industries.
If you do your accounting yourself, you have to buy tools and applications to keep things smooth. If you outsource your accounting tasks, there is no need to pay for those costs in full. Many accounting providers divide the costs to their clients, saving operational costs while still enjoying the same tools.