Accounting is a critical pillar in every business. It serves as the backbone for financial management that enables organizations to manage their resources, plan for future growth, and make informed decisions.
The importance of accounting underscores the need for competent accounting staff within the company. Given the complexity and scope of accounting tasks, many businesses find it beneficial to offshore certain roles to qualified professionals.
For companies exploring offshore solutions for their accounting needs, here is a guide outlining the top 10 accounting roles you can offshore to the Philippines.
1. Accounting Manager
An accounting manager oversees the accounting department and ensures the effectiveness of financial strategies. Their role is vital in maintaining a company’s financial health, especially for small businesses struggling with regulatory compliance, optimizing cash flow, and navigating complex accounting processes.
- Monitor the quality of work of the accounting team
- Ensure compliance with accounting standards and corporate regulations
- Supervise and review month-end financial statements
- Coordinate reporting requirements and year-end audits
- Advantage of Filipino Accounting Managers
Filipino accounting managers possess strong technical skills in accounting software, financial analysis, and compliance with financial reporting standards.
2. Accounting Supervisor
Accounting supervisors oversee specific functions within the accounting department, such as Accounts Payable, Bank Reconciliation, and Tax Audits. They also help keep daily operations smooth and ensure all accounting practices are compliant with regulations.
Key Responsibilities
- Oversee daily transactions
- Organize financial data and maintain updated records
- Monitor the accounting ‘department’s performance
- Prepare tax returns and ensure timely tax payments
- Prepare budgeting and forecast reports
- Track and report the progress of financial goals
Advantage of Filipino Accounting Supervisors
Leadership is a critical characteristic for accounting supervisors. Filipinos excel in this regard as they value interpersonal relationships and foster fairness and teamwork in the workplace, bringing out the best in all staff.
3. Accounts Payable Specialist
Accountants Payable Specialists manage outgoing payments, process invoices, and maintain vendor relationships. An accounts payable specialist is essential for managing cash flow and avoiding late payment penalties.
Key Responsibilities
- Review invoices for accuracy and proper approvals
- Record transactions
- Ensure timely payment of dues
- Perform bank and credit card reconciliations
- Assist with the setup of new suppliers
- Advantage of Filipino Accounts Payable Specialists
Accuracy is a must for this role, and Filipino CPAs are known for being meticulous and thorough when managing accounts.
4. Assistant Controller
Assistant controllers support the controller in preparing financial statements, budgeting, and financial analysis. Assistant controllers also assist in financial planning and analysis so stakeholders can make better financial decisions.
Key Responsibilities
- Prepare and consolidate financial reports and statements
- Assist with developing, preparing, and evaluating budgets and reports
- Support the department with all aspects of the general ledger
- Support in the conceptualization and implementation of control systems
- Assist with audits and liaise with external auditors
- Advantage of Filipino Assistant Controllers
Filipino CPAs undergo rigorous training and extensive education to increase their competitiveness. With four years of schooling and training to become a CPA, Filipino assistant controllers can offer the best financial planning for your business.
5. Internal Auditor/Manager
Internal auditors or managers evaluate the effectiveness of internal controls, risk management, and governance processes. Internal auditors preserve the integrity of financial operations and maintain compliance with laws to reduce the risk of errors and fraud.
Key Responsibilities
- Assess the adequacy of the ‘company’s internal controls
- Promote ethics and identify misconduct
- Determine if the financial control system complies with laws and regulations.
- Gauge the ‘company’s level of financial risk
- Identify potential areas of fraud risk
Advantage of Filipino Internal Auditors/Managers
According to a study, 28.04% of Filipino CPAs engaged in public practice as consultants or auditors of small or big auditing firms, including the Big 4, qualifying many for an auditing position.
6. Junior Accountant
Junior accountants handle basic accounting tasks like bookkeeping, preparing financial documents, and assisting the senior accountant. Junior accountants provide essential support to maintaining accurate financial records.
Key Responsibilities
- Enter daily financial transactions into accounting software or a spreadsheet.
- Organize documents for tax filings
- Assist in preparing financial statements
- Communicate with vendors and customers regarding billings and payments
- Provide support during internal and external audits
Advantage of Filipino Junior Accountants
The CPA board exam is notoriously difficult, with a passing rate of around 30% on average. This means that even a newly licensed Filipino CPA possesses high competency and skills to qualify for a junior accountant role.
7. Payroll Accountant
Payroll accountants manage payroll processes to ensure that employees are paid correctly and on time. Payroll accountants ensure compliance with payroll regulations and avoid errors in employee compensation.
- Key Responsibilities
- Maintain and update payroll records
- Ensure timely and accurate payroll processing
- Prepare and file payroll tax returns
- Assist with internal and external payroll audits
Advantage of Filipino Payroll Accountants
Many payroll functions are done through modern payroll technology. Accountants must be adaptable to catch up with changes in technology and regulations, a trait Filipino CPAs hold.
8. Payroll Supervisors/Managers
Payroll supervisors/managers oversee the payroll department, ensuring all processes are efficient and compliant with regulations. Payroll supervisors/managers handle the complexities of payroll processes to maintain compliance, accuracy, and correctness.
Key Responsibilities
- Oversee payroll processes, inquiries, and requests
- Implement, maintain, and review new payroll processes and software
- Develop and implement payroll policies and procedures
- Provide detailed payroll reports and analysis
- Train and develop payroll staff
Advantage of Filipino Payroll Supervisors/Managers
Filipinos are quick to adapt and can utilize the latest technologies and tools (e.g., Xero and QuickBooks) to keep payroll operations fast and error-free.
9. Senior Accountant
Senior accountants manage complex accounting tasks such as preparing financial statements and conducting analyses (e.g., variances, trends, and insights). Senior accountants have broad experience and can provide expertise in financial reporting and strategic planning.
Key Responsibilities
- Supervise junior accountants and other department staff
- Prepare and review financial statements
- Perform cost analysis and control
- Ensure compliance with internal controls and regulatory requirements
- Create a Standard Operating Procedure (SOP) manual for accounting policy and regulations
Advantage of Filipino Senior Accountants
All Filipino CPAs are mandated to undergo Continuing Professional Development (CPD) to remain competitive in their practice.
10. Staff Accountant
Staff accountants perform various accounting tasks, including general ledger entries, financial reporting, and reconciliations. Staff accountants offer versatile support for businesses of all sizes.
Key Responsibilities
- Prepare monthly balance sheets and income statements
- Maintain the general ledger
- File tax forms with the federal, state, and local government agencies
- Monitor and record company expenses
Advantage of Filipino Staff Accountants
The proficiency of Filipino CPAs is proven by ‘Deloitte’s study, stating that 85% of businesses are satisfied with their services.
Streamline Your Accounting Needs with Philippine Offshoring
Offshoring to the Philippines unlocks the unique benefit of accessing cost-effective yet highly skilled professionals capable of enhancing your existing accounting processes.
Partner with Elite Virtual Employment Solution (EVES) to help you find compatible accountants from the Philippines and set your business towards a path of innovation, efficiency, and growth. Contact us at info@evesolutions.net for offshore accounting services.
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