Companies in the Philippines that specialize in outsourced accounting services: A comprehensive guide
What are outsourced accounting services?
Outsourced accounting services refer to the practice of hiring a professional firm to handle your company’s financial reporting, tax preparation, and compliance requirements. These firms typically work remotely, using advanced software and technology to manage your accounts.
There are several benefits to outsourcing accounting services. Firstly, it can help you save time and resources. By delegating these tasks to a professional firm, you can focus on other aspects of your business, such as marketing and sales. Secondly, outsourced firms typically have the expertise and experience to manage your accounts more efficiently than an in-house team. They can also keep up with the latest accounting standards and regulations, ensuring that your company is compliant. Finally, outsourcing accounting services can help you reduce costs by eliminating the need for expensive software and hardware.
Top companies in the Philippines that specialize in outsourced accounting services
1. Accordion Global Services
Accordion Global Services is one of the leading providers of outsourced accounting services in the Philippines. The company has been in operation since 2009 and provides a range of accounting and financial reporting solutions to clients across various industries, including manufacturing, retail, and service-based businesses.
The firm uses state-of-the-art technology to manage client accounts, including cloud-based software that allows for real-time access to financial data. Accordion also has a team of experienced accountants who are familiar with the latest accounting standards and regulations in the Philippines.
2. SGV & Co.
SGV & Co. is another top player in the outsourced accounting industry in the Philippines. The company was established in 1949 and has since become one of the largest professional services firms in the country. SGV provides a range of accounting and financial reporting solutions to clients across various industries, including manufacturing, retail, and service-based businesses.
The firm uses advanced technology to manage client accounts, including cloud-based software that allows for real-time access to financial data. SGV also has a team of experienced accountants who are familiar with the latest accounting standards and regulations in the Philippines.
3. RSM International
RSM International is a global professional services firm that has been operating in the Philippines since 1954. The company provides a range of accounting and financial reporting solutions to clients across various industries, including manufacturing, retail, and service-based businesses.
The firm uses advanced technology to manage client accounts, including cloud-based software that allows for real-time access to financial data. RSM also has a team of experienced accountants who are familiar with the latest accounting standards and regulations in the Philippines.
4. KPMG Philippines
KPMG Philippines is another leading provider of outsourced accounting services in the Philippines. The company was established in 1960 and provides a range of accounting and financial reporting solutions to clients across various industries, including manufacturing, retail, and service-based businesses.
The firm uses advanced technology to manage client accounts, including cloud-based software that allows for real-time access to financial data. KPMG also has a team of experienced accountants who are familiar with the latest accounting standards and regulations in the Philippines.
5. PwC Philippines
PwC Philippines is another global professional services firm that has been operating in the Philippines since 1948. The company provides a range of accounting and financial reporting solutions to clients across various industries, including manufacturing, retail, and service-based businesses.
The firm uses advanced technology to manage client accounts, including cloud-based software that allows for real-time access to financial data. PwC also has a team of experienced accountants who are familiar with the latest accounting standards and regulations in the Philippines.
Benefits of outsourcing accounting services
1. Save time and resources
One of the main benefits of outsourcing accounting services is that it can help you save time and resources. By delegating these tasks to a professional firm, you can focus on other aspects of your business, such as marketing and sales.
2. Expertise and experience
Outsourced accounting firms typically have the expertise and experience to manage your accounts more efficiently than an in-house team. These firms are familiar with the latest accounting standards and regulations and can help ensure that your company is compliant.
3. Cost savings
By outsourcing accounting services, you can reduce costs by eliminating the need for expensive software and hardware. You can also save money on salaries and benefits for in-house accountants.
4. Access to advanced technology
Outsourced accounting firms typically use state-of-the-art technology to manage client accounts, including cloud-based software that allows for real-time access to financial data. This can help you stay on top of your finances and make informed decisions about your business.
5. Flexibility
Outsourced accounting services can be tailored to meet the specific needs of your business. For example, you may need a firm that specializes in financial reporting or tax preparation, depending on your requirements. Additionally, many firms offer flexible working arrangements, which can help you accommodate changes in your business needs.
Case studies of outsourced accounting services in action
1. ABC Manufacturing Company
ABC Manufacturing Company is a medium-sized manufacturing firm that was struggling to keep up with its financial reporting requirements. The company’s in-house accountants were overwhelmed and often missed deadlines, which led to penalties and fines.
The company decided to outsource its accounting services to Accordion Global Services. Accordion implemented a cloud-based software solution that allowed the firm to access its financial data in real-time. The firm also assigned a team of experienced accountants who were familiar with the latest accounting standards and regulations in the Philippines.
Within a few months, ABC Manufacturing Company saw a significant improvement in its financial reporting processes. The company’s accountants were no longer overwhelmed and were able to meet deadlines with ease. Additionally, the firm was able to reduce costs by eliminating the need for expensive software and hardware.
2. XYZ Retail Corporation
XYZ Retail Corporation is a large retail firm that needed help with its tax preparation processes. The company’s in-house accountants were struggling to keep up with the complexities of tax laws and regulations, which led to errors and penalties.
The company decided to outsource its tax preparation services to RSM International. RSM implemented a cloud-based software solution that allowed the firm to access its financial data in real-time. The firm also assigned a team of experienced tax professionals who were familiar with the latest tax laws and regulations in the Philippines.
Within a few months, XYZ Retail Corporation saw a significant improvement in its tax preparation processes. The company’s accountants were no longer overwhelmed and were able to meet deadlines with ease. Additionally, the firm was able to reduce costs by eliminating the need for expensive software and hardware.
Summary
In conclusion, outsourcing accounting services can be a beneficial solution for businesses of all sizes. By delegating these tasks to a professional firm, you can save time and resources, gain access to advanced technology, and benefit from the expertise and experience of experienced accountants. Additionally, many firms offer flexible working arrangements and can be tailored to meet the specific needs of your business.
