Business Hacks 101: Finance & Accounting (F&A) Outsourcing in the Philippines
Outsourcing has been booming in the Philippine business landscape, mainly because of its cost-effectiveness for business owners. The Philippines welcomed outsourcing into the local market since 1992, and is projected to remain secure in the coming years for the various advantages it brings to the table. Outsourcing remains to be a constant source of employment among the Filipinos, which means that unemployment issues are being addressed. In addition, it also fosters growth in the local economy because of the high revenue it generates yearly.
The F&A industry is one of the many to embrace this model and found greater efficiency through it.
Advantages of F&A Outsourcing
- Ensure a reliable service delivery team with back-up employees
- Make sure your assets and resources are allocated properly
- An easier access to the latest tools and technology available
- You can manage your time better
- Reduce your operational costs
- Hand over your numbers to the experts
- Minimize errors and risks and ensure precision
How to Start Finance & Accounting Outsourcing
- Conduct a Strategic and Needs Assessment
- Identify your company needs and specify the services your company should outsource. Assess how outsourcing can help make your processes more efficient and how it will impact your entire core operations.
- Choosing an F&A outsourcing provider
- After carefully assessing your needs, make sure that your outsourcing partner can sufficiently address them and provide appropriate support. They should also be a good fit for your current business needs so that they can help you meet your short-term and long-term goals.
- Discuss your requirements and develop a Service Level Agreement.
- List down all your business requirements and go over it with your chosen outsourcing partner. Set up a sit-down discussion with the key people who will be handling your account and address any questions they might have regarding your operation requirements.
- Start your outsourcing engagement and provide an initial assessment of your outsourcing partner
- First few days of your outsourcing engagement will be for adjustments and alignment. Tell them about what aspects of the outsourcing engagement need to be improved. Establishing a good relationship with your outsourcing partner is one of the key factors in a successful and long lasting partnership.
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Read our paper Outsourcing: How to Make it Work and discover how it can drive your business forward.