Why Outsource Accounting Services to the Philippines?
Once you’ve decided to embrace the cost saving possibilities of outsourcing bookkeeping and accounts payable, you know that you have access to skilled assistance without adding to your company’s headcount. There are several options around the globe to choose from.
So, why should your company outsource accounting services to the Philippines?
The Philippines is a smart choice for several reasons:
- Philippine accounting practices based on U.S. law.
- Accounting courses at all universities are taught in English, so communication is never an issue.
- A robust infrastructure provides high-speed, stable Internet.
- There is a long and respected history and tradition of accounting in the country – the accounting profession has been formally recognized by the government since 1923.
This excerpt is from Numbers that Count, an article in the Business Mirror by Joel L. Tan-Torres. Torres is the chairman of the Professional Regulatory Board of Accountancy. A Certified Public Accountant who placed No. 1 in the May 1979 CPA Board Examinations, he was the former commissioner of the Bureau of Internal Revenue from 2009 to 2010.
From my research, it appears that the Philippines has the “oldest” accountancy profession in Asia. Compared to the other “oldies” in the region, Japan Accountancy is celebrating its 75th anniversary this year, while CPA India is 74 years old. The Philippines also may have one of the largest number of qualified professional accountants among Asian countries. To date, per records of the Professional Regulation Commission, there are 188,203 CPAs in the roster of the BOA. This is a very significant jump in number since I passed the board examination in 1979 as the 39,500th (more or less) CPA.
Among students in the country, there is great interest in accountancy as a profession. Statistics from the Commission on Higher Education show that from 2015 to 2017, there were about 160,622 enrollees in Bachelor of Science in Accountancy in 572 schools registered with the CHED. For the same period, only 23,225 students (about 14 percent of the enrollees) graduated. The number of enrollees and graduates of the accountancy program is expected to increase over the next few years with the introduction by the CHED and BOA of various reforms in the education system, resulting in the issuance of CHED Memorandum Orders 27 to 30 in 2017.
Clearly, these numbers show the rosy state and the bright future of the accountancy profession in this country.
Most importantly, if you’ve ever visited the country, you know that our people are warm, friendly, family-oriented, outgoing and value relationships very highly.
We also care very deeply about education, quality, professionalism and improving our skills. This translates to great working relationships, partnerships and teamwork with people that go the extra mile to make your accounting project a success.
Why Outsource Accounting to Global Virtuoso?
There are many accounting service providers, but there are several benefits that make Global Virtuoso the ideal choice for accounting services.
- US & Canadian owned company
- 24/7, 365 days a year operation
- Back up electricity
- On-site IT support
- Multiple Internet and telephony redundancies
- Reliable, high-quality skilled services in hard-to-find specialties
- We provide frequent training to our team members so they stay up to date on the latest accounting and business practices.
- We have a low turnover and attract the best skilled team members because we provide an ideal place to work with excellent pay and benefits, and we enjoy a fun company culture with activities like our regular Let’s Stop and Celebrate Awhile events.
Ready to Get Started?
Interested in taking the next step? Reach out to us and we’ll schedule a convenient time for a consultation. Global virtuoso is ready and waiting to help you start your journey. Our business solutions team will contact you within 24 hours.
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