one_thing_businesses_get_wrong_when_they_outsource_accounting_to_the_philippines

One thing businesses get wrong when they outsource accounting to the Philippines

Outsourcing accounting functions and roles has long been a popular and cost-effective strategy for many accounting firms, departments, and independent businesses all around the world. 

Yet, despite the dramatic rise in outsourced accounting services fueled by the rapid growth of cloud-based accounting systems, most businesses never realize the full potential of what building an offshore accounting team can offer. 

Understandably, most businesses that choose to outsource accounting work do so by moving simple bookkeeping tasks and lower end, repetitive processes to offshore teams in low-cost economies such as the Philippines. 

These businesses are able to find fully qualified staff at very affordable rates, who provide them with excellent value. 

The only problem is that when businesses limit themselves to the bare basics, they are missing out on a world of opportunity for their organizations. 

What most businesses don’t realize is that top outsourcing providers can also provide high-end accounting and financial services for every level of business. 

For example, at Cloudstaff, we currently have a number of senior CPAs and financial analysts who have experience working with some of the world’s most prestigious corporations and business entities. 

While these senior top level appointments obviously cost a little more than most outsourced accountants, they still provide extraordinary value for our clients who are able to secure first-class talent that in many cases they simply wouldn’t be able to access in their home countries.    

Cloudstaff CPAs are, however, available at all levels and provide a wide range of services for our customers around the world. 

To give you an idea, here are 5 functions that a Cloudstaff CPA could be performing for your business. 

1. Financial Planning & Analysis

Financial analysis services typically cover data that pertain to product cost calculation; profitability; reviewing of credits and rebills; and reviewing company sales contracts to determine impact on accounting policies, among others. They also provide support in planning, budgeting, and forecasting activities

2. Financial controller services

These services cover coordination with bookkeepers and business owners in the completion of monthly management reports. In the fulfillment of these services, your Cloudstaff CPAs will handle financial data that is crucial to hiring, dealing with clients, and the like—an assessment of how healthy your business is at any given time.

3. Tax Accounting & Compliance

Tax accounting entails data with regard to tax income returns and necessary tax payments for your industry type and according to your area’s bylaws. Cloudstaff CPAs will keep track of all your company’s tax payments, study tax laws, and flag you on any unnecessary tax payments.

4. Management Accounting

Management accounting entails the management of business assets; internal business operations of clients; reports on profit and loss based on the company budget; reports on the fulfillment of key performance indicators or performance metrics that are uniquely adapted by the company; cash forecasts; and revenue projection, among others. 

5. Audit & Assurance Support Services

Cloudstaff CPAs will help you plan effective auditing processes, audit financial statements and assess accounts for accuracy and regulatory compliance, inspect internal systems and controls, assess risk management tactics, report systematic errors or fraud indicators, investigate specific issues regulatory bodies bring forward and explain audit findings and recommend solutions for you and/or your clients.

Looking for other outsourcing tips and strategies? 

Cloudstaff’s outsourcing experts are always available to help. We’ve been setting up teams of outsourced staff in the Philippines for over 10 years for companies of all sizes. From helping you get started, to fine-tuning high-performance teams, we are always happy to share our experience with you. Speak with us today