Why Startups Should Outsource a Bookkeeper from the Philippines
Regardless of the size of the business, day-to-day bookkeeping is an important business task, but it can also be a chore. If you’re running a startup, it could be a financial drain to hire a full-time bookkeeper if you want your team to remain lean and agile.
Startups need to devote their time and resources to the core business. Bookkeeping can expend valuable energy that is best used to grow the company. One option is to outsource bookkeeping services, with the Philippines a possible choice. Why? Read on to find out.
1. A Strong Educational System
To find top-notch bookkeepers for your startup, look no further than the Philippines. In fact, the Philippines is a great place to source bookkeepers. The country has a 95% literacy rate and boasts of countless world-class universities that produce thousands of accountancy graduates every year. It also helps that, in the Philippines, accountants are seen as a prestigious professional—often at par with doctors, lawyers, and university professors. A recent report from the Commission on Higher Education states that in 2018, more than 751,000 Filipinos graduate from higher education institutions every year, with 207,000 graduating from business management and related fields.
2. English-Proficient Professionals
English is an official language in the Philippines, alongside Filipino. As such, Filipino workers have strong English proficiency and are able to communicate effectively, both verbally and in writing. Many Filipinos also speak English with a neutral accent. With a common understanding of the same language, your startup would do well to tap the services of Filipino bookkeepers and accountants.
3. A Strong Work Ethic
And Filipinos are known for their strong work ethic, and in general, are thankful to have a fulfilling and good-paying white-collar job. They will go above and beyond the job requirements in order to provide exceptional service.
4. World-Class Skills at a Lower Price Point
The icing on the cake of Philippine bookkeeping outsourcing is that you get all the advantages listed above, at a lower price point. This is perhaps the biggest reason why your startup should outsource a bookkeeper from the Philippines. The cost of living in the Philippines—owing to the fact that it is a classified as an emerging economy—is a lot lower than in first-world countries, like the United States, the UK, and Australia.
The Bottom Line
A strong educational system that puts a premium on producing quality accountants and bookkeeping professionals, an English-speaking workforce, a strong work ethic, and a lower labor costs—these are all good reasons your startup should outsource a bookkeeper from the Philippines.