The business case for hiring Filipino accounting talent: A strategic advantage for global companies
Acquiring the right accounting candidate for a company can be strenuous. In this context, the Philippines has much to offer regarding international accounting talent. But before we get into why you should hire Filipino accountants, let us discuss why you must choose the Philippines.
Why choose the Philippines?
Filipinos are known for their work ethics, which enables them to work in sync with your needs and your vision for the future of your business. Let us look at different pointers:
1) Educational background
Most accountants from the Philippines have internationally recognized certificates and degrees like ACCA (Association of Chartered Certified Accountants) and CPA (Certified Public Accountant). This ensures that you are getting the best.
2) Save time and resources
Filipinos are well-versed in IFRS (International Financial Reporting Standards), issued by the IASB (International Accounting Standard Board), a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements. This helps ensure that they are aware of the rules and regulations of accounting, are productive, and have a positive outlook toward work.
3) Work culture
Professionals from the Philippines are known for their cultural sensitivity and adaptability. They believe in working positively, being flexible, consistent, and adaptable, and having a solid work ethic.
4) Talent pool
You will have access to a wide range of qualified professionals. Hiring Filipino accounting talent offers significant cost savings compared to recruiting in other developed countries. You gain access to a broader pool of skilled professionals while maintaining quality and expertise. According to Professional Regulation Board of Accountancy Chairman Noe Quiñanola, there are around 200,000 CPAs (certified public accountants) as of 2023 statistics.
Your business can achieve significant cost savings while not compromising on quality. Tap into a pool of accounting services the Philippines offers, as it will benefit your company irrespective of your industry. You can attain these professionals using our B2B accounting services, which are convenient, reliable, and efficient. That makes us the go-to Philippines accountants staffing agency.
Advantages to hiring Filipino accountants
Hiring an accountant is a strategic investment for a number of reasons:
- Financial expertise: Accountants are the backbone of the business, and they spend all their time looking into where you spend and get money and whether the business is according to the law.
- Time management: It always remains crucial to realize that as time goes by, the more you wait, the more your chances of damaging your business grow. Accountants on your payroll will be a useful hand because they will help you save time and improve productivity by enabling you to concentrate on other crucial areas.
- Risk management: Accountants are the people who incorporate risk management by spotting and removing financial risks. This allows your business to run in a safe environment.
- Insights: They are crucial for you to get these crucial discoveries that guide your business to sustainable prosperity at every step.
But you may wonder, “Why should I choose the Philippines?”.
How can Global Squirrels help?
Global Squirrels is here to help you. We offer three types of packages: orange, blue, and purple. We can help you to hire top-tier talent, take care of the payroll, and ensure a smooth transition.
We at Global Squirrels offer a comprehensive solution for your business needs and help you hire the best talent in the Philippines. You will have complete control over hiring and employee relations that allow you to meet your specific needs.
- Cost-Effective Solutions: We offer a competitive pricing structure that ensures you get the value for your investment.
- EOR (Employer of Record): We handle the payroll benefits and ensure compliance with Philippine labor laws. This ensures that there is minimum to no administrative burden.
Know more about: Employer of Record in the Philippines
Here is what we consider before choosing a candidate for you:
1) Understand your needs
Your needs come first to us. We assess your needs by considering different factors like company size, your company’s requirements and needs from an accountant, and the financial complexities of your organization. This will help determine whether you may be looking for a full-time or part-time employee.
2) The types of accountants
The accounting area has many fields. You can choose many more, such as fiduciary, cost, audit, and financial accountants. Considering various types of accountants makes us see that the professional skills and proficiency required by your business regarding accounting will be in accordance with the specified types.
3) Understanding your budget
One must grasp the budget to hire anyone, no exception. We can decide on a wiser investment plan by identifying your disposable income, whether a full or part-time job or outsourcing.
4) Relevant qualifications
Qualifications are the most important thing when hiring an accountant, and we take candidates’ qualifications as the foundation. A CPA (Certified Public Accountant) is the desired qualification for central bankers as it represents top-level expertise. Furthermore, we will inquire about your needs, education, specialization, and experience levels, which will match your business.
5) Experience matters
However, after an outline of all the competencies, experience becomes a determining factor when hiring an accountant. Ensure that you hire only the reputed people to take up any of the accounting responsibilities needed by your business. As the basic, individuals with more seasoned accounts planning can be relied upon to handle complex financial problems, offer strategic thoughts, and quickly identify what risk may cause significant pain without wasting time.
6) Assess technological proficiency
The current time implies that accountants need to become tech-savvy individuals who are in possession of accounting software and other devices and guidelines. The degree of the applicant’s knowledge of famous accounting apps, like QuickBooks, Xero, or Sage, will be appraised. The latest technology is no less than a must-have component, which, if appropriately inserted during the runtime, can make you rule-abiding and solve your problem in an efficient manner.
7) Consider industry-specific knowledge
It also has to do with being able to carry out the activities of the sector that the agency stands for. Eventually, they will understand the difficulties that businessmen face when creating different industries, such as laws and regulations or financial fair play. The experience with industry and sector-specific issues adds more insight to financial reporting and enriches decision-making with the tools of a broader perspective.
8) Evaluate communication skills
Accounting is the firmest stone of the building by means of communication. The skill of an accountant is to unravel multifarious financial concepts and understandably explain them. Taking into account the candidate’s communication skills during the interview is critical for interaction with the rest of the team workers and the stakeholders.
9) Compliance
Take enough time to call and ask the candidate’s former employers and co-workers. Contact both previous employers and clients, if possible, to obtain an opinion regarding the candidate’s work ethic, reliability, and overall performance. Including references on your resume enhances the picture that may not be as obvious from your resume and an interview.
10) Cultural fit
Imagine how the accountant can harmonize with company culture. The excellent fit refers to the situation when you are working in a company that shares your beliefs, knows the work culture, and generalizes the work environment. An accountant who fits perfectly and works with the team is more likely to use his skills to achieve the company’s aims.
Related read: Work Culture in Philippines – Learn the Facts
Conclusion
With the help of Filipino accountants, you can tap into a talent pool that is cost-effective and qualified to practice international accounting principles & ethics. Global Squirrels can help create the team you have always wanted to create. You can, therefore, focus on the development of your business instead of spending a lot of time in the hiring process from the Philippines.
The Philippines is a goldmine for finding employees that range from freshers to seasoned professionals. If you are looking to form a strong global accounting force, Global Squirrels has the best practices for hiring finance professionals from the Philippines.
