Accounting Outsourcing in the Philippines: A Great Pandemic Solution for Businesses
Remotely Philippines • July 29, 2022
It has been more than a year since the pandemic hit the world. Many have been affected by this major uncertain event, and the Philippines is not an exception. It greatly affects various sectors, especially the businesses that are trying to survive and beat the unseen enemy.
As the pandemic hit the country, there were so many problems that continuously emerged over the period. The government continued to restrict the public from going out, which also hinders businesses from requiring employees to work onsite.
Working from home was not common in the Philippines prior to the pandemic, but as the global crisis began to affect every Filipino's daily life, some companies allowed employees to work from home for everyone's safety. Included in the businesses and industries that decided to implement work-from-home setups is the accounting sector. As soon as employees realized that working from home is possible even here in the Philippines, many employees started to consider opportunities with work from home set up because it allows them to stay at home without compromising their health and safety. In addition, working from home is one way to reduce travel expenses as well as travel time. Due to this, accounting outsourcing started to become popular over the years, even now that we have slowly recovered from the pandemic.
On the part of employers, business outsourcing helps them because it allows them to engage with the most skillful professionals without adding too many expenses. After all, most outsourced individuals are paid based on a contract. In addition, the companies are not required to provide office space and equipment to the outsourced individuals because some of them are working from home. Due to this, the companies can focus more on their core competencies and put their resources to work on more important things that will help them achieve their long-term and short-term goals.
Accounting outsourcing is said to be one of the greatest pandemic solutions. Here’s why:
Continuity of Business
As the pandemic spread, many businesses in the Philippines were forced to close due to an inability to continue operations. In this case, accounting outsourcing has been seen to be an effective way to be able to have flexible finance and accounting support even when the city is under quarantine. Accounting outsourcing nowadays helps businesses to keep functioning amidst pandemics, and even if the company is also understaffed due to pandemics, it will not be pressured to hire quickly because the duties can be outsourced to accounting professionals.
Reduce Cost
According to the Deloitte Global Outsourcing Survey 2020, most businesses' primary reason for outsourcing is cost reduction. Currently, the business industry is facing this dilemma. The cash flow falls while the expenses are constant. So, to lower expenditures, companies tried to outsource their accounting services based on their budget and organizational structure. Outsourcing accounting services will reduce and exempt companies from costs such as hiring and training in-house employees; taxes; HR expenses related to employment; equipment costs; and office space.
Boost Productivity
The main reason for some companies' engaging in accounting outsourcing is to accelerate growth. Because of this dilemma that we are all facing, boosting productivity in businesses seems to be impossible. Due to this, companies engage in accounting outsourcing to avoid low efficiency. Outsourcing accounting services helps firms become more productive while concentrating on the company’s main activity. Aside from enhanced productivity, it also saves time and assures the company meets its deadline for every task.
Access to Reliable and Expert Accounting Professionals
Accounting outsourcing helps the firm to work with reliable and expert accounting professionals. In these times, many companies find it hard to hire or look for a well-trained, experienced, and knowledgeable person in finance and accounting. Also, hiring is time-consuming and costly for some employers. With the help of accounting outsourcing, companies can pool accounting professionals with good credentials that will fit the needs of their businesses. Furthermore, by hiring the best accounting professionals, companies can make sure that sound accounting practices will be monitored and implemented. Due to this, companies can focus more on generating more income and the success of their business.
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