How to Outsource your Bookkeeping to the Philippines
Starting your own business can be a fascinating but a daunting task. Since you’re already running your own organization, it can be a challenge to navigate accounting and bookkeeping tasks.
Outsourced bookkeeping services can give you a huge break from having to handle the tedious process of overseeing your bookkeeping and accounting needs.
Outsourcing your bookkeeping comes into play. The proper way to outsource your bookkeeping to the Philippines is through finding the right remote staffing partner and knowing what tasks you want to outsource.
Before that though, let’s explore the cost of outsourcing your bookkeeping to the Philippines.
How much is the cost of Outsourced Bookkeeping Services?
The typical costs of outsourcing accounting and bookkeeping can range from $400 – $5000 a month, maybe even more if you want to establish an in-house team. Your overhead costs could skyrocket if you hire experienced accountants or bookkeepers who can charge you higher for $21 – $30 an hour.
If they work full time, you may be looking at $4800 for a professional accountant or bookkeeper’s salary and that still does not include overhead costs.
If you outsource to iSuporta, we can offer remote bookkeeping services ranging from $8.50 – 10.00 an hour which may give you a $1360 – $1600 for hiring a full-time, professional remote outsourced bookkeeping employee.
The prices of our outsourced bookkeeping services are negotiable, you can check our remote employee cost comparison page here.
What are the Benefits of Outsourcing your Bookkeeping?
1. Outsourcing your bookkeeping saves time
Outsourced bookkeeping saves you time because it relieves you of many of the rote routines such as data entry, checking transactions and putting them on spreadsheets. If you hire bookkeepers from a reliable outsourcing company, it gives you the leading edge because you can now focus on more analytical and managerial tasks that a CEO would focus on, than rather than doing the math yourself.
2. Outsourcing your bookkeeping saves money
If you outsource to the Philippines and you get great bookkeeping professionals who can work for you at much lower rates than Western bookkeepers – but still deliver you quality accounting and bookkeeping results, then you will have maximized your investment and gained more results.
3. Outsourcing can give you relevant information
You can use your outsourcing of bookkeeping to gain relevant information and not just before you spend, but prior to making any movements on your investments and finances, you can gain an understanding of your current standing and that guides your decision making as a company moving forward.
4. Outsourcing improves your accuracy
If you were multi-tasking and performing accounting and bookkeeper’s tasks yourself, you may be getting half baked and may not be able to implement the necessary changes. The benefits of outsourcing to your business can give you a platform for checks and balances and any improvements you may want to make on your pipeline.
5. Outsourcing helps you stay organized
If you have people doing the number crunching for you, you can think about your own shorthand methods of labeling and organizing your financials gives you more freedom and the ability to present them to your stakeholders. You can also use this information to update your pitch decks and information.
6. Outsourcing gives you an advantage over competitors
If you have leverage through farming out the harder tasks, you can spend more time doing research and development and spend fairly less. Through that, your business can grow if you follow the proper strategies. Accounting and bookkeeping are important to make sure you are not spending more than you earn.
7. Outsourcing allows you to focus on your business.
Outsourcing gives you a chance to focus on your business. If most of the number crunching is taken care of, you need not worry about
8. Get up-to-date financial statements
You can make changes off the cuff with your financials if you outsource your bookkeeping. The reason for this is that income flows in and out of your company. If you have a remote employee keeping track of these changes, all you have to do is sit back and make assessments based on the information you find.
9. Prepare for tax season
Bookkeepers can give you an added advantage because you can stay on top of tax season! There is no reason for you to crunch numbers for long hours. If you choose to outsource your tax preparation or do them in-house, that is up to you. But the data entry which goes into each task can be unburned from you if you farm out these clerking functions.
10. Have peace of mind
You can make decisions and have peace of mind that you acted on accurate information. Outsourced accounting and bookkeeping gives you more of an advantage because you can make sure that if there are trends you need to watch out for, your outsourced accountants can keep
What Bookkeeping Outsourcing Services do you Offer
This is the most basic. If you have the numbers but you don’t have the time to consolidate them necessarily, then your outsourced bookkeeper can take care of the majority of these so that you can then have them summarized and consolidated into graphs or tables.
This is vital. If your company is already producing leads and sales and you don’t account for them, then how can you expect to measure profits and losses. Someone who can look into your invoices and organize them for you is vital for a perfect bookkeeping practice.
If you have a sizable number of employees, payroll will inevitably take your time especially if they are hourly employees. If you want people to take into account the pay periods which go into a given month, then you can hire bookkeeping professionals to make sure that your staff are paid on time.
It’s good to pursue proper forecasting. This allows you to set a proper budget and make sure you don’t overspend. Forecasting can help you work with investors and give them more confidence in your plans going forward.
You can also get your outsourced bookkeepers to perform financial analysis to help you work with questions regarding your income and your capital.
If there are any forms that you need signed, including W-2’s or W-4’s for new employees, then outsourced accounting and bookkeeping professionals can take care of these as well. You can deploy them yourself or in-house but giving us the manual or tedious parts can help you move much faster.
Revising your financial statements per accounting period
You can allow your bookkeepers to make changes to accounting and financials per pay period so you don’t have to worry about the tediousness of tracking these yourself. Staying on top of things is key to a clean and accurate bookkeeping practice.
Price Range Costs for Outsourced Bookkeepers in the Philippines
The price of outsourced bookkeeping can be $8.50 per hour and at that rate $1360 for a full time employee who works 8 hours a day, 5 days a week.
If you want a more experienced bookkeeper or perhaps someone with a background in financial analysis and accounting you can pay for $10.00 per hour.
At that hourly rate, a full time employee may cost you $1600 per month.
But with that you no longer have to worry about overhead costs of an office or your tax burden which could cost thousands more if you were operating in the West.
NOTE: The Price ranges in this article are variable and negotiable, we are just giving you the benchmark.
We don’t charge low because we want to give you quality employees and a remote office and infrastructure complete with on-site supervision for your outsourced bookkeepers.
How to Outsource your Bookkeeping with iSuporta
- Tell us your bookkeeping needs
- Give us the qualifications for outsourced bookkeepers you want.
- Interview your potential bookkeeping professionals through an online conference call
- Pay once your employees go live and get started.
We handle the onboarding and the compensation and benefits! Tell us your needs and we’ll help you.
Let Us Handle Your Business’ Bookkeeping Needs
“We will always use outsourced Accounting from now on”
One of our long time Bookkeeping service customers, who has saved 70% on their back office costs, and even more on less headaches with dealing with local employees that were inhose and onshore. Try our services for 1 month and you’ll see the same.