Outsourcing Financial Services to the Philippines
Outsourced financial services is an effective way to improve focus on core business by sending certain process-driven tasks offshore. This may include tasks such as insurance claims processing, loan processing, broker support, paraplanning and more.
Why outsource Financial roles?
Finance plays a significant role in all aspects of a business. By availing of the services of a professional outsourcing team, you can concentrate on the day-to-day running of your business while benefitting from the expertise of that team. From compliance, credit control and payroll to book-keeping and VAT tasks, time can often be consumed by financial admin, thus detracting your attention from growing and developing the business.
Access to the best technology and experts
By outsourcing your financial function, you will have access to professional knowledge and the most current software.
Forget about worrying whether to continually invest in software upgrades or keeping up to date with changes in laws and regulations; all are borne by the outsourced service provider.
You will also avail of experienced professionals who will look after all financial services required, in a timely manner.
Provision of valuable reports to assist decision-making
Having access to a team of qualified professionals also provides you with vital business analysis reports such as monthly Budgets, Management Accounts, Cashflow Forecasts, along with a review of Key Performance Indicators.
Such analysis may not be readily accessed from within the business.
While you concentrate on the daily running of the business, the outsourced team will focus on how the business is progressing financially; identifying strengths, weaknesses, opportunities and threats.
Meeting compliance deadlines
Meeting compliance deadlines are crucial for businesses, especially for businesses that will be seeking third-party funding in the future.
It is important to have a clear history and these various deadlines could easily be missed when focusing on the daily running of the business operations.
An outsourced finance team will be engaged to make sure all returns are up to date and will notify you well in advance of upcoming deadlines. The team will use all resources available to ensure timely and accurate returns are made on behalf of your business.
Achieve high level of accuracy
The outsourced team will be made up of a skilled workforce who are trained for the accounting needs you require. The work will always be monitored by top management to ensure the highest level of accuracy is achieved.
Accounting is a complex area with many rules and regularities which a business owner may not be aware of. To avoid any breaches, it is recommended that the financial side of the business is managed by a professional.
Time-Saving
Time is valuable; outsourcing your business’s financial services allows you to focus solely on the daily operational services, such as keeping your customers and suppliers happy.
Complying with accounting rules won’t be a concern anymore; let the outsourced team do your worrying for you.
Outsourcing frees up time for further value-added revenue-generating tasks.
