Finding highly-skilled staff is an undeniable struggle for Australian businesses, especially those in the accounting industry or businesses needing bookkeepers or in-house accounting staff. In fact, vacant job listings for accounting professionals are up 34% year-on-year. This skills shortage has prevented many companies from getting the work done, meeting ATO deadlines and lodgement programs, increasing capacity, improving productivity, and scaling their business altogether. 

To resolve the shortage, business owners turn to outsourcing in the Philippines. This is a practice wherein companies partner with a business process outsourcing (BPO) company in the Philippines to connect them with qualified remote staff. 

The Philippines is one of the leading countries in offshore business services and is home to many skilled back office and accounting staff. The offshore outsourcing industry helps over 1.2 million Filipino workers enjoy fruitful careers with companies all over the world and these companies, in turn, enjoy the many benefits that come with offshoring. 

If you are looking for a sustainable staffing solution, this blog will outline how hiring staff in the Philippines can significantly help your business. 

The Philippines has the highest literacy rate at 97.95% among Southeast Asian countries. Many Australian firms rely on labour from the Philippines for their huge talent pool across a multitude of industries such as accounting services, customer support, digital marketing, eCommerce, software development and real estate among others. 

The accounting field in the Philippines, in particular, shares a lot of similarities with Australia. For one, they adopt the same International Financial Reporting Standards (IFRS) as their Philippines Financial Reporting Standards (PFRS). In terms of education, the length for an accounting degree is actually longer than in Australia– it is a 5-year full-time study. 

The excellent educational background and skills in the Philippines make it an ideal location for remote staffing. They are fast learners who can easily adapt to new processes and technologies. 

Remote staff in the Philippines share the same time zone as Perth which is only two hours behind Melbourne, Sydney, and Brisbane. This is why many remote workers in the Philippines prefer working for Australian firms– they no longer need to adjust their working hours or work at night. 

The 2021 Education First English Proficiency Index (EPI) ranks the Philippines 18th out of 112 countries and ranks it the 2nd most proficient in Asia. English is one of the Philippines’ official languages and is used for many verbal and written communication. 

Their high proficiency in the English language makes them well-suited for overseas firms such as Australia. Clients can easily train or converse with their remote staff without language barriers in the way. This not only helps them carry out their role properly but also helps them build strong working relationships. 

One of the biggest benefits of offshoring to the Philippines is that it helps businesses save on staffing costs. Because the cost of living is much lower in the Philippines, accounting firms in Australia save as much as $47,000 per employee through offshoring which is 25-50% cheaper than employing someone onshore. 

That said, even though it’s a low-cost alternative, the quality of work is not sacrificed. Offshoring with a BPO in the Philippines helps you ensure the quality of staff and the reliability of their technology. This way, your business can operate smoothly and effectively with your remote team. 

Filipinos are very service-oriented. They have high regard for professionalism, as well as loyalty and integrity. It’s in their nature to be respectful in the workplace and to be friendly with their colleagues. This gives them an excellent work ethic that can significantly contribute to your business. 

Coupled with their skills and qualifications, their positive attitude towards work makes them an attractive offshore team. 

If you’re considering hiring remote accounting staff, then the Philippines is definitely a first-choice destination. The BPO sector in the country is well-regarded and has helped thousands of businesses worldwide ease the difficulties of finding good staff. 

We at The Remote Accountant are offshoring experts in finding accountants for Australian businesses. We are accountants! A CPA-qualified public practitioner heads our company so we understand exactly what you are going through daily before we even speak. We specialise in recruiting and inducting staff on how to do work for Australian practices, as well as mentoring business owners on how they can successfully manage their remote teams.