Skills shortage is one of the reasons many firms consider offshoring. They don’t have enough staff with the right skills for the jobs they have. While there are enough people available to hire, not everyone has the exact skill sets required for certain roles.
In one of our roadshow sessions, Chairman Nick Sinclair shared a common scenario:
And it’s a problem that’s only getting worse. Most of the time, firms either can’t find good resources or they find people with the wrong skill sets. Or if they do, retaining them can be a challenge.
The solution: offshore accounting services.
More Firms Need To Offshore
Aside from skill matching, offshoring provides other benefits like cost savings, improved productivity, and enhanced capacity.
Over the years, offshoring has become a preferred business model for many firms. While there’s a decent amount of businesses that opted to offshore specific functions, there are still many others that have yet to get their feet wet.
Interestingly, a significant number already knows about offshoring and its benefits. But they either still haven’t gotten around to doing it or need more information about offshoring.
Offshoring is a viable strategy that can help scale firms and with the right offshoring partner, problems, like skills shortage, can be dealt with accordingly. Highly qualified professionals are available to take on positions you need to fill. And a lot of them can be found in places like the Philippines.
An Ideal Place To Offshore
For years, the Philippines has been considered as one of the biggest players in the outsourcing arena, which is why it’s not surprising that it’s now the top country to invest in, according to recent study.
The Philippines has made its name as one of the ideal places to offshore accounting services. It has outperformed its neighbouring competitors in this industry for various reasons:
Strong affinity with western culture
Filipino professionals offer cultural compatibility because of their strong affinity with western culture. Years of exposure has made Filipinos highly flexible and adaptable. In fact, a lot of their traditions are heavily influenced by the West, so adjusting to the nuances and personalities will not be an issue.
TOA Chairman Nick Sinclair previously shared expert tips on how he was able to bridge the cultural gap in his company. Learn more in this video.
Impressive English proficiency
Filipinos have an impressive proficiency to the English language. The country ranked third in the most recent EF English Proficiency Index for Asia while it placed 15th in the world ranking.The literacy rate in the country is 96.6% (as of 2015) and 70% of the population are fluent in English. The Philippines is actually one of the largest English-speaking countries in the world.
Commendable work ethic
Filipino accountants (and professionals, in general) have a strong work ethic. They strive for excellence by adding value for clients. Skills are undoubtedly commendable but it’s the Filipinos’ attitude towards work that makes them the ideal staff.
They are respectful; they recognise authority and have no problems following instructions. They are enthusiastic about their work, which means they are always motivated and will go the extra mile to deliver value. They also have no problem with being busy, which means they will get any task done when needed.
Most importantly, they show appreciation in the good things, like their jobs, so you can expect them to give importance to their jobs by making sure they do it right.
Largest producer of accountants in the region
The country produces at least 3,000 CPAs annually. But recent data has shown that there could be more. According to Joel L. Tan-Torres, chairman of the Board of Accountancy (BOA), in an interview about the rising demand for accountants, between 7,500 and 8,000 accountants are certified each year in the Philippines. The Philippines is the largest in the region when it comes to the number of accountants produced.
The Philippines is one of the most preferred destinations for Information-Technology Business Process Outsourcing (IT-BPO) in the region because of the many things it can offer. The country has consistently delivered exceptional results.
Filipino professionals are highly qualified for specific jobs. The high English proficiency makes them ideal for foreign firms looking to outsource certain tasks. When combined with their strong customer orientation, impressive work ethic and cultural compatibility, they become the ideal staff for your firm.
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We’re cooking up something exciting for you. Get first-hand information on how to drive success to your firm from industry experts in our very own podcast called The Offshore Accountant Podcast. Stay tuned!
Looking to scale your business by getting the right people to do specific roles? Call our global offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.