Outsourcing accounting
services to the Philippines

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What is outsourcing for accountancy?

Outsourcing in the accounting industry is essentially the process of sending certain tasks such as bookkeeping, payroll processing, accounting and more, to a team or team member outside of your organisation - typically overseas. It can dramatically improve your turnaround times, increase staff satisfaction and improve your profit margins.

What are the current accounting industry outsourcing trends?

The accounting industry is feeling the pinch - attracting and retaining staff is harder than it's ever been before.

Many accounting firms are struggling to grow due to Australia’s costly and highly regulated workforce. Wages are increasing, causing margins to shrink even further, not to mention an average industry growth of only 1%.

Firms are struggling to find the right talent for the right job - at the right price. And as a result, it’s not uncommon to see overqualified staff supporting the endless volume of everyday compliance and procedural work that accounting firms are faced with. Resulting in less time spent on billable work and nurturing client relationships. This in turn, not only creates an employee satisfaction and retention issue, but it also provides limited opportunity for firms to grow - or worse, remain viable.

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Why outsource in accounting?

With an expected 29.2% increase in cloud-based technology in firms around Australia, business owners will be able to implement cost saving alternatives. Offshore staffing solutions are becoming an increasingly common solution due to the fact that you can benefit from efficiency gains whilst having a variety of tasks completed for a fraction of the price. As a result, more accountants than ever before are outsourcing to the Philippines and with good reason - if done well, it can improve a firm’s productivity and profitability immensely.

Many of our clients outsource their accounting services and experience the benefits of outsourcing first hand. In fact, one of our clients were able to increase their profits whilst providing an affordable solution for their customers - all due to lower overheads.

Technologies critical for the accounting practices in the next five years

Cloud-based technology
 
29.2%
Data analytics
 
9.7%
Artificial intelligence
 
8.2%
Technology for efficiency and automation
 
4.5%
Accounting technology
 
2.2%

Source: CPA Australia's survey of members and accountants in public practice July 2019

Services

At Beepo, we offer support in an array of roles. Many of our highly trained professionals are CPA and CA accredited so they can help your firm in whatever capacity you require.

By outsourcing accounting and bookkeeping, your local employees will have the time to focus on the tasks they were initially hired to do - the tasks that will keep them motivated and satisfied in their role. As a result of this, your firm will experience major efficiency gains which will ultimately lead to an increase in capacity for your staff to take on more work.

With the help of an offshore team, businesses will experience an increase in employee retention and job satisfaction, in addition to sustainable revenue growth.

What accounting services can you outsource in your business?

Identifying the tasks you want to send offshore can come with its challenges. Most organisations tend to outsource the back-office, process driven tasks - the tasks that usually consume a lot of time. However, we’re increasingly seeing many organisations looking to fill more complex and technical roles offshore.

There are an array of accounting tasks you can outsource in your business ranging from:

  • Audits
  • BAS preparation
  • Budget forecasting
  • Compliance reporting
  • Expenditure allocation
  • Reconciliations. 

We’ll find a team or an employee to support your firm in whatever capacity you require.

Roles you can outsource include:

Outsourcing companies - how to choose your provider

Benefits of outsourcing for accounting and bookkeeping include, improved productivity, efficiency, retention rates and staff satisfaction. It’s a process that can save your firm up to 70% on employment costs compared with hiring talent locally. However, choosing the wrong outsourcing provider can be detrimental to your success.

Selecting a provider with values that align with your business objectives is the ultimate goal. Doing so will ensure your outsourcing journey is nothing short of successful. How do you know you’re choosing the right outsourcing provider? Start by asking the right questions. These questions should drill into their operations so that you’re left with a thorough understanding of how they operate. Some of these questions may include:

  • Can you detail your standard security policies and infrastructure to manage data, security and privacy?
  • What tools do you have in place to ensure staff members remain online and productive 100% of the time?
  • What productivity reporting do you provide as a standard?
  • If things are not working out, what is the notice period and termination fees?
  • How does your recruitment process ensure you find the best candidate for my role?

This step is absolutely crucial in ensuring your outsourcing journey is a success. Remember, not all outsourcing providers are the same. They all have different protocols, facilities, T&Cs and contracts. Analyse, compare and choose the provider that resonates with your firm the most.

The Beepo advantage

Here at Beepo, we always strive to deliver the best service possible. It’s why we offer businesses a distinct competitive advantage with offshore staffing solutions.

We understand the hardships our clients face when it comes to finding and retaining the right employee for the right job. When hiring an offshore team or team member with Beepo, we run a rigorous recruitment process to ensure we’re finding you the best talent possible. Your new full-time Beepo employee will also be 100% dedicated to your business and your business only.

Supercharge your business for growth through outsourcing, speak to us today about a tailored solution for your business.

Interested in learning more about the outsourced solution we can provide for your business?