Accounting & Finance

Outsourcing Virtual Accounting and Bookkeeping to the Philippines

Outsourcing virtual accounting services can work from anywhere, giving them and you the freedom to operate your business without having a fixed office space. It allows you to reduce overhead costs while also providing greater flexibility to you and your team.

Virtual bookkeeping can be extremely beneficial for your business as it allows you to access a global pool of talent while reducing your costs. The Philippines has a strong workforce of qualified accountants, making it easy to build a virtual accounting team. A virtual bookkeeper can keep track of your company’s accounts, payroll, taxes, and day-to-day financial operations.

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What are the advantages of outsourcing your virtual accounting team to the Philippines?

A CPA in the Philippines can meet the needs of your business effectively as they are qualified, experienced, and culturally more compatible than CPAs from other countries. The Philippines is a low-risk offshoring country that has strong business process outsourcing infrastructure, workforce, and strong IP protection. The costs associated with the virtual team based out of the Philippines are much lower than in other countries, too.

You can easily outsource all your accounting and bookkeeping functions in the Philippines and convert a big chunk of fixed costs to variable costs. With most of your costs being variable, you can save a significant amount of money. It also allows for a simpler scaling up or down of your business since you no longer have to deal with fixed infrastructure and costs.

It is also easy to manage your accounting team by connecting with them virtually, which allows you greater freedom of working from anywhere. All you need to connect with the team is a stable internet connection! Another advantage of building your offshore finance team in the Philippines is that the workforce is culturally diverse and can easily adapt to your culture and values.

Virtual bookkeeping is performed using online tools and bookkeeping software. These software and tools can be easily integrated into your business. The offshore accountant can then access them by logging into your company’s secure server, ensuring the safety of your data. Integrating these technologies into a locally-based office is expensive. However, when you have an offshore team, all these services are provided by the staffing agency that has hired the team. You can seamlessly scale your business with smarter technological integration at a much lower cost.

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Your key strategy for growth is to Outsource your Virtual Accounting Services

Having an internal finance and accounting department incurs huge costs in terms of office space, hardware, and office supplies. You don’t have to bother about these things when your accounting team is virtual. All virtual employees have their own home-office set up or another quiet space to work from, a laptop or computer, necessary office supplies, and they are also trained by the staffing agency.

Another major cost to consider is the salary of the employee. With an in-house employee, you would be liable to pay taxes, bonuses, insurance and medical benefits, and sometimes even transport costs, in addition to their basic salaries. All these costs are eliminated in the case of a virtual employee. You can effectively use the money you save on these overhead costs to expand your business.
Along with cost-reduction, outsourcing your financial function also allows you to save valuable time and invest it in more productive tasks. A virtual team is managed by the staffing agency that hires them, so you don’t have to focus on the day-to-day management of the team. You don’t have to worry about spending countless hours conducting interviews, either. The staffing agency does this for you and you only need to select the best candidate from the ones that are already shortlisted for you. 

24x7direct provides specialized Virtual Accounting Services

The process of hiring a virtual bookkeeper and building your virtual accounting team through 24×7direct is fairly simple.
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Apart from the benefits mentioned earlier, hiring remote staff through 24×7direct also allows you to access a global pool of talent. When you’re ready to expand your business, you won’t have to worry about increasing office space and associated costs since your entire team is virtual. It also allows for increased productivity of the staff since they’re working from distraction-free environments. The staff is also more likely to be loyal to your company since they can work from home and have a better work-life balance. You also receive 24×7 IT support regarding technology, communications, and data security!

The following is a list of possible offshore positions to handle all your finance and accounting functions: 

  • Bookkeeper 
  • Accountant 
  • Accounts Receivable Specialist 
  • Accounts Payable Specialist 
  • Payroll Processor 
  • Internal auditor 
  • Financial planner 
  • Financial analyst 
  • Procurement Officer 

The following is a list of the possible financial services that an 
offshore accountant and their team can offer: 

  • Bookkeeping 
  • Managing accounts payable 
  • Managing accounts receivable 
  • Managing cashflows and cashflow analysis 
  • Internal auditing 
  • Payroll processing 
  • Financial planning 
  • Financial analysis 
  • Budget planning and analysis 
  • Tax recording and reporting 
  • Overall business planning 

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A proven track record of success in building virtual teams across a variety of organizational structures and operations.