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Part of managing a business in the Philippines is keeping a close eye on accounting tasks. By outsourcing accounting in the Philippines, you can leave these tasks in the hands of experts.
Below we discuss the main advantages of outsourcing accounting in the Philippines. We will also detail the different ways you can outsource accounting.
Benefits of Outsourcing Accounting to the Philippines
Outsourcing Accounting in the Philippines is More Cost-effective
Outsourcing is a cost-effective option. Fees paid to a third-party provider are cheaper than the salary of a full-time accountant.
You will also save money on equipment and tools. When you outsource accounting, you won’t need to buy accounting software. You also won’t need to provide computers or a workspace for the accountant.
On top of this, when you outsource accounting, you will only pay for the services you need. You can add or remove services as your business’ needs change.
More Accurate Computations and Financial Records
Keeping accurate records is essential to tax reporting. Outsourcing to experts ensures that your books and financial documents are accurate. Accountants will also maintain accounting standards mandated by the Philippine government.
Maintain Compliance by Outsourcing Accounting in the Philippines
Foreign-owned businesses are not exempt from local laws and regulations. All businesses must comply with tax regulations. In addition to that, companies must also maintain accurate financial records.
Accountants have a deep understanding of relevant laws and regulations. Outsourcing to an accounting specialist ensures compliance with such laws.
Tasks You Can Outsource to a Professional Accounting Service
A professional accounting service can complete the following tasks for you among others:
- Corporate income taxes. A professional accounting service will take care of your corporate income taxes. Emerhub’s accountants will accurately compute your business’ taxes. We will also file your taxes within the mandated period.
- Maintaining general ledger. Outsourced accountants will accurately record your business’ assets and liabilities.
- Processing invoices. An outsourced accountant can handle invoice processing from receipt to payment.
- Making payments. Emerhub’s accountants can make payments on behalf of your company.
How to Outsource Accounting to the Philippines
There are a number of options for outsourcing accounting tasks in the Philippines.
Find a Freelance Accountant
You can find freelance accountants on freelancer portals. Freelancers often work on a per-project basis or part-time. As such, the rates and terms of payment are usually more flexible.
One important thing to note is that freelancers often work alone and have several clients at a time. If they take on too many projects, they might miss deadlines. Even worse, they can terminate your contract and leave you hanging.
Use a Professional Accounting Service Provider in the Philippines
You can also outsource tasks to a company that specializes in accounting services. A professional accounting service provider will likely have better resources than a freelancer. This will be beneficial to your company.
For example, a company has more manpower. With more people working on projects, it’s unlikely that they will miss deadlines. A service provider also makes use of professional accounting software. Using professional software lessens human error and produces more accurate results.
Accounting is one of the main services of Emerhub. Our team of accountants is ready to take care of your company’s accounting tasks. We will accurately compute your taxes and maintain your books and records.
Hire a Full-time Accountant in the Philippines
Some business owners prefer having a full-time accountant on staff. This is particularly true for businesses that are growing. Fortunately, the Philippines has many highly educated accountants that you can hire.
Your in-house accountant can take care of all your accounting tasks. On top of that, they will be on-hand to assist in your business’ internal projects.
Emerhub can find an accountant for your business. Our expert recruiters will help you find expert accountants in the Philippines. Just tell us your requirements and we will match you with the perfect candidate.
Outsource your accounting tasks to Emerhub. Our skilled accountants will manage tax and accounting tasks for your business. We can also help you find and hire in-house accountants for your company. Tell us what you need by filling out the form below or by sending us an email at [email protected].
