Outsource Accounting and Bookkeeping to Virtual Assistants
Learn all the essential information on hiring bookkeeping virtual assistants and outsourcing accountants in the Philippines.
Before getting into the nuts and bolts, this article will benefit you if you're one of the following:
- Small business owner struggling to stay on top of financial records - As a small business grows, the increasing amount of financial records can become difficult for owners to keep up with on their own. Outsourcing bookkeeping helps you manage essential accounting tasks.
- Entrepreneur needing an affordable bookkeeper - Bootstrapping entrepreneurs often can't afford full-time accountants. Outsourcing to affordable Filipino VAs gives you access to bookkeeping help.
- A startup seeking to offload accounting work - Early stage startups need to focus efforts on core business goals. Outsourcing accounting/bookkeeping lets founders allocate resources efficiently.
- A manager wanting to reduce finance staff costs - Managers looking to optimize budgets can reduce finance labor costs by outsourcing accounting instead of large in-house teams.
- A company hoping to improve reporting efficiency - Generating financial reports efficiently is difficult without dedicated staff. Outsourcing to Filipino accounting VAs improves reporting efficiency through specialist support.
Finding qualified and affordable accounting and bookkeeping help can be a challenge for businesses and entrepreneurs. Outsourcing these tasks to virtual assistants in the Philippines provides an excellent solution.
Filipinos Make Excellent Accounting and Bookkeeping VAs
The Philippines has a talented pool of professionals skilled in accounting, bookkeeping and financial services. Filipino virtual assistants are fluent in English, detail-oriented, and comfortable working remotely with technology. Their accounting education meets international standards, and labor costs are significantly lower than in the US, UK, Australia and other western nations.
Outsourcing bookkeeping and accounting work to qualified Filipino VAs offers multiple benefits:
- Access to skilled accounting and finance talent at affordable rates
- English language proficiency for clear communication
- Dedicated full-time or part-time personnel for ongoing tasks
- Flexibility to ramp staffing up or down as business needs change
- Additional bandwidth to focus on core business activities
- Improved efficiency through task delegation
- Reduced operating costs compared to local hiring
Most Common Tasks You Can Delegate When Outsourcing Accounting to a Filipino Virtual Assistant:
- Accounts Payable – Processing vendor bills and paying expenses.
- Accounts Receivable – Managing customer invoices and collecting payments.
- Expense Reporting – Tracking business spending and reimbursing employees.
- Payroll Administration – Calculating wages, withholding taxes, and producing paychecks.
- Bank Reconciliations – Matching bank statement balances to accounting records.
- Budgeting – Creating financial projections and monitoring cash flow.
- Financial Reporting – Generating income statements, balance sheets, and cash flow statements.
- Invoice Processing – Creating, sending, and tracking customer invoices.
- Ledger Maintenance – Recording debits and credits in accounting journals.
- Financial Statements – Producing monthly, quarterly, and annual financial statements.
- Inventory Valuation – Tracking inventory value and cost of goods sold.
- Vendor Payments – Paying supplier invoices and recording transactions.
- Tax Support – Assisting with tax preparation and filing.
- Auditing – Reviewing records for accuracy and compliance.
- Accounting Software – Managing platforms like QuickBooks or Xero.
When to Outsource Accounting and Bookkeeping Tasks
Outsourcing your accounting and bookkeeping to a Filipino VAs makes sense in many scenarios, including:
- Needing full-time bookkeeping help - Requiring continuous, dedicated assistance in managing financial records, transactions, and reports on a daily basis to maintain the company's financial health.
- Lacking financial expertise in-house - Lacks knowledge or skills in accounting and financial matters, necessitating external support to bridge the gap effectively.
- Struggling with bookkeeping workload - Overwhelmed by the volume of bookkeeping tasks, leading to difficulties in managing and completing them efficiently within the set timelines.
- Requiring specific accounting skills - Needing specialized expertise in particular accounting areas or software applications beyond the current team's capabilities to handle specific tasks effectively.
- Wanting to reduce operating costs - Seeking ways to lower overall expenses by exploring cost-effective alternatives such as outsourcing bookkeeping services to cut down on labor and infrastructure costs.|
- Seeking to improve compliance and accuracy - Striving to enhance adherence to regulatory standards and ensure precision in financial records and reporting, avoiding errors or discrepancies
- Planning for business growth or expansion - Anticipating business scaling or expansion and recognizing the need for a scalable and efficient bookkeeping solution to support future growth initiatives.
Where to Find Filipino Bookkeeping Virtual Assistants
We recommend partnering with a professional virtual assistant agency in the Philippines to hire your bookkeeper or accountant. Here are benefits of using an established VA agency:
- Pre-vetted candidates with verified backgrounds, skills and experience
- Accountability with dedicated team
- Ability to easily scale staffing up or down
- Flexible full time schedules
- Assistance with onboarding and training
- Support resolving any issues
- Reputable agencies take care of the entire hiring process for you. Simply provide requirements for your ideal bookkeeping VA's experience, availability, English ability and skills.
Keys to Successful Partnerships with Filipino Bookkeeping VAs
To maximize productivity and results when outsourcing bookkeeping work, implement these best practices:
- Clearly outline expectations, deadlines and procedures
- Share access to accounting software and tools
- Schedule regular check-ins via video chat
- Request standard reports for review
- Provide templates to ensure consistency
- Define workflows using shared apps and tools
- Set up automated alerts and notifications
- Establish controls for accuracy and compliance
- Having the right tools and management processes lays the foundation for an efficient partnership with your offshore accounting team.
Ready to Access Top Filipino Bookkeeping Talent?
Contact us today to learn more about outsourcing your bookkeeping and accounting tasks. Our team is ready to match you with the perfect Filipino VA to grow your business!
