How to hire Accountants from the Philippines?
Known for their strong financial acumen, English proficiency, and adaptability to global work hours, Filipino accountants offer a valuable solution for businesses seeking to expand their operations. With a large pool of qualified professionals and a proven track record of success, they can help you manage your finances effectively and efficiently. However, the growing demand for Filipino accountants has made it increasingly challenging to find and hire top talent.
This is where Global Squirrels comes in. Our SaaS platform not only simplifies the hiring process but also provides comprehensive employee management and HR services, ensuring a seamless experience for your business. In this blog, we will delve into the roles and responsibilities of an accountant, the salary expectations, the advantages and challenges of hiring Filipino accountants, and how Global Squirrels can streamline the hiring process for you.
What are the roles and responsibilities of an Accountant?
Accountants play an important role in the financial health and success of your business. They do this by ensuring that all financial records are accurate, up-to-date, and compliant with the laws. Accountants help you make valuable decisions, from managing tax obligations to assisting you with budgeting and forecasting. When you plan to hire accountants, you must be aware of their job roles and responsibilities. Hence, here are some of their roles and responsibilities:
1. Financial record keeping
Maintaining accurate financial records, including tracking income, expenses, assets, liabilities, and equity, is a part of the accountant’s responsibilities. They ensure that all the transactions taking place are documented and categorized to be compliant with the law and simplify reporting.
2. Financial reporting and analysis
Financial statements, including income statements, balance sheets, and cash flow statements, are all done by accountants. They analyze these reports to assess the financial health of your business and provide you with insights. This helps you understand your financial standing and make informed decisions.
3. Tax preparation and compliance
Accountants help you comply with tax regulations by preparing and filing tax returns accurately and in a timely manner. They also help you with tax planning to minimize all liabilities and advise on the tax implications.
4. Budgeting and forecasting
Accountants help you plan for the future by helping you create budgets and financial forecasts. They track the performance against budgets, identify variances, and provide suggestions on how to correct them to align better with the financial goals.
5. Internal controls and audits
Accountants help you design and implement internal controls in order to safeguard your company’s assets while ensuring the accuracy of the records. They also support audits by giving you necessary documentation and ensuring compliance with accounting standards and regulations. This helps identify potential risks and prevent financial mismanagement.
What is the salary of an Accountant from the Philippines?
According to reports by Glassdoor, the average monthly salary for an Accountant in the Philippines having 5+ years of experience is $627.89.
What are the advantages of hiring Accountants from the Philippines?
Cost-effectiveness
Hiring accountants from the Philippines can lead to significant cost savings for your business when compared to outsourcing accountants from other countries such as Georgia and Mexico. Here is a cost comparison for reference:
| Countries | Monthly salary in U.S. Dollars |
| Philippines | $627.89 |
| Georgia | $741.06 |
| Mexico | $836.90 |
Proficient in English communication
The Philippines has a highly educated workforce with excellent English proficiency. 80% of Filipinos understand written and spoken English, making the country an attractive location for businesses in the U.S. to outsource accountants.
Willingness to work in the U.S. timings
Filipino accountants can be a great asset to your business due to their ability to work seamlessly with international teams in U.S. time zones. This flexibility ensures real-time communication and collaboration, making Filipino accountants a valuable resource for your business.
Want to learn: how to hire accountants from India?
Top reasons to avoid hiring Filipino Accountants as freelancers
Compliance issues due to non-filing of W-8BEN form
Freelance accountants in the Philippines must fill out and submit the W-8BEN form. It certifies that they are not U.S. taxpayers, which allows them to benefit from reduced tax withholding. Most companies fail to obtain this form when hiring accountants in the Philippines, leading to compliance issues, including withholding taxes and IRS penalties.
Lack of commitment to your projects and high billing
Hiring freelancers can always be a risk as they can suddenly stop working for you without any notice, leaving your business in a bind. The time and resources that you may have invested in their training could go down the drain, which could impact your project’s progress. In addition to this, freelancers often work with multiple clients simultaneously, meaning they are not exclusively working for you, which can affect their focus on your projects. While you may be paying for full-time hours, there is a risk they are only delivering part-time work. This lack of commitment and transparency can lead to inefficiencies and ultimately cost your business more in the long run.
Excessive time required to find top accountants
Many accountants prefer to be full-time employees of local entities rather than independent freelancers. This is because they get benefits that come with formal employment, which include access to government health insurance (PhilHealth), housing benefits (HDMF), and social security. While you may have access to a number of accountants who are proficient at their work, the most qualified accountants often prioritize long-term security over freelance opportunities. This can make it difficult and time-consuming to secure top talent.
Learn more about benefits: Employee Benefits and Compensations in Philippines
How does Global Squirrels solve these challenges to ease your hiring process?
Global Squirrels is a SaaS platform that simplifies international hiring and payroll processes. Our platform handles HR tasks like payroll and offer letters and ensures compliance with global labor laws. Global Squirrels lets you hire both locally in the U.S. and offshore, ensuring that you receive curated profiles within 2 to 5 business days. Our platform minimizes legal risks and provides a smooth onboarding experience. When you partner with Global Squirrels, you can easily scale your workforce while ensuring efficient staffing and compliance.
Let us discuss how Global Squirrels can help you hire accountants from Philippines.
1. With our Purple Plan and Orange plans, you can either convert your existing freelancers to full-time workers or onboard full-time employees you have already recruited from the Philippines. This way, you will not have to worry about obtaining the W-8BEN form and avoid any compliance issues or IRS penalties.
2. The Global Squirrels platform ensures that you hire accountants from the Philippines who work dedicatedly for your business. Our platform will send them offer letters with employment clauses stating that the accountant will only work for your business, along with notice period clauses to ensure that they provide you with proper notice before ending their employment.
3. As most accountants prefer to work as full-time employees than freelancers, with the help of our Purple and Orange plans, you can find and attract top talent by offering competitive benefits equivalent to industry standards, such as health insurance like PhilHealth, housing loan benefits like Home Development Mutual Fund, and social security benefits.
Are you ready to hire accountants from Philippines who meet all your business requirements? Request a demo today!
