The Growth in Finance and Accounting Outsourcing to Philippines
BPO companies in the Philippines, has proven itself as a reliable partner in terms of delivering services in the global outsourcing arena. This is mirrored by the rising number of start-ups and relocation of many businesses in the country from multinational businesses to foreign BPO service providers as well. Currently ranked as the third outsourcing destination, the Philippine BPO industry is projected to rank higher in the coming years as mentioned in multiple business reviews worldwide as recently mentioned in the last Belt and Road Forum for International Cooperation in Beijing last April, 2019. This is based upon United Nation’s (UN) statistical and projection reports.
Not only has the UN divulge this information, the World Bank (WB) has also published its latest report which stated the country as having the most dynamically promising future among the countries in the Asian Region. It forecasted that the country will maintain its growth momentum of 6.5 percent growth rate until 2021 evidenced by the decline of the Gini coefficient and steady availability of employment. The measures taken by the government to attract investors had added to this shared prosperity which is reflected in the higher number of educated professionals graduating from universities in recent years.
Filipinos are culturally inclined in business long before the Spanish rule. Pre-colonial Filipinos traded with Westerners, Easterners and other Asian neighbors. This skill was furthered enhanced by Chinese traders who put up the biggest business ventures in the country. Schools have incorporated business subjects in their curricula as early as high school from computer to mercantile, bookkeeping and accounting subjects making it an easy option for already skilled students to further enhance this skill in their chosen field of study in universities. The end result is having skilled and talented workers keen on actual and theoretical aspects of business functions and enterprise readily available and capable of performing task needed in the finance industry.
No wonder the growth in offshore bookkeeping, finance and accounting outsourcing in the Philippines is in its staggering height. Outsourcers found accounting outsourcing in the country quite necessary and explicably helpful. Even finance and accounting outsourcing companies stationed in the United States and the UK have secured the services BPO Companies in the Philippines. The country is deemed to be the most reliable partner for having the most skilled professionals who are most capable in handling diverse business functions competently as opposed to other destinations even their own local options at a much reduced and affordable rate.
Not only do they free themselves from the costly recruitment, hiring and training process but they need not worry about the management and monitoring of their valuable human resource, their Philippine BPO partner does this for them at no extra cost. Maintaining the most desired employees is also handled by the BPO to ensure that expectations and demands are met when needed and as needed. Timeliness of work is essential for if you don’t drive it well, you will be driven out of business.
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