Seventy-five percent (75%) of employers worldwide struggle with labor shortages. If your search for the ideal candidate to fill a finance position in your company is beginning to feel like an impossible treasure hunt, maybe it’s time your business taps into the global talent pool.
Offshoring refers to the process of moving certain business functions to regions like the Philippines. With the help of offshoring recruitment agencies, businesses can obtain quality specialized talent while cutting costs.
To help you identify which roles to offshore, below are the top five finance positions you can move to the Philippines:
1. Credit Analyst
The central role of a credit analyst is to manage borrowing risk. They do this by validating the creditworthiness of the entity (person or organization) to which the business is considering extending credit. Credit analysts work closely with accountants, bookkeepers, operations management teams, and financial officers to weigh the benefits and costs of offering trade credits, low-interest financing, or installment payments.
Filipino credit analysts are well-regarded for their expertise and skills. They possess strong analytical abilities, attention to detail, and an understanding of financial principles.
Many Filipino credit analysts have worked for major local and international banks and financial institutions. This makes them highly experienced and knowledgeable in assessing credit risks that lead to smart lending decisions for companies in the global financial market.
Duties of a Credit Analyst
· Research the creditworthiness of a borrower
· Analyze business plans and financial statements for loaning purposes
· Modify or restructure existing loans
· Recommend the approval or denial of loans
· Create risk management models to assist management on loan terms
2. Controller
The role of a financial controller encompasses leading the accounting team and maintaining the financial well-being and stability of a business. They undertake several responsibilities, including supervising accounting functions, financial planning, analysis, budgeting, risk management, and forecasting.
Controllers in the Philippines follow Generally Accepted Accounting Principles (GAAP) and adhere to International Financial Reporting Standards (IFRS). This enables them to comply with the accounting regulations of multiple countries, including the US. Many also possess certifications for Certified Management Accountants (CMA) and Certified Internal Auditors (CIA), giving them dependable competency in diverse skills like financial planning, internal audit, and risk management.
Duties of a Controller
· Monitor and make recommendations for improvement of financial performance
· Prepare financial reports and present them to senior management
· Oversee accounting and bookkeeping functions
· Manage budgeting and forecasting processes
· Ensure compliance with tax and accounting regulations
· Assess and manage financial risks
3. Assistant Controller
Assistant controllers provide support to the controller in the finance department. They assist the controller in all accounting-related activities, including financial data analysis, managerial accounting, and high-level accounting. Assistant controllers ensure the accountability of a company’s financial assets and the protection of investor assets.
Many Filipino assistant controllers have undergone similar training and certifications as Filipino controllers. Some are qualified, Certified Public Accountants (CPAs) with a complete understanding of GAAP and IRFS.
Duties of an Assistant Controller
· Assist in issuing and submitting invoices
· Reconcile accounts quarterly
· Review financial data and consult with management about problems or discrepancies
· Establish internal control systems to prevent financial reporting errors
· Coordinate financial audits
4. Treasurer
Treasurers are the right hand of the Chief Financial Officer (CFO) and are in charge of supervising the organization’s budget and investments. A treasurer presides over cash management and oversees proper expenditure to minimize risks and maintain financial growth.
The Revised Corporation Code strictly governs corporate treasurers in the Philippines. This legal framework ensures that Filipino treasurers are held to the highest degree of accountability, transparency, and responsibility.
Duties of a Treasurer
· Oversee and present budgets, financial statements, and accounts to management.
· Ensure compliance with regulations for recordkeeping and accounts
· Manage the banking, receipt, and protection of company funds
· Advise senior managers on risk assessments, such as investments, company loans, and liquidity
· Maintain policies and financial systems controlling the organization’s treasury activities
5. Cost Accountant
Cost accountants manage and track production costs, including materials spending, labor, and overhead. Unlike most accountants who focus primarily on external financial reporting, cost accountants specialize in analyzing and managing financial information to optimize operational efficiency and reduce costs.
The Philippines has about 200,000 CPAs. This substantial number of professionals contributes to the country’s robust financial sector, which supports both local and international businesses. Filipino accountants, in general, are highly regarded for their extensive skills, knowledge, and proficiency in technologies like SAP, QuickBooks, and Xero.
Duties of a Cost Accountant
· Conduct cost analysis to determine the effect of planned activities or changes on profitability
· Suggest changes to policies and procedures to increase the company’s cash flow
· Analyze organizational data and review labor, depreciation, and overhead rates to recommend policy changes that may improve costs
· Establish and update product and service cost standards
Why Offshore to the Philippines?
The Philippines is one of the world’s top hubs for offshore accounting due to several outstanding benefits:
1. Limited Language Barrier – The Philippines ranked second in Asia and 20th globally for English fluency. This makes communication with colleagues in the US easier & smoother.
2. Accounting Expertise – On average, the Philippines produces 200,000 qualified CPAs annually. Filipino CPAs also undergo continuing professional development (CPD) to stay up-to-date on changes in accounting practices and remain competitive in the global field. Combined with their adaptability, Filipino accountants make a great offshore resource regardless of industry.
3. Standardized Processes and Regulations – The Philippine Institute of Certified Public Accountants (PICPA) is a member of the International Federation of Accountants (IFAC). The IFAC supports, designs, adopts, and implements international accounting regulations in 130 countries. This means Filipino CPAs with finance specializations are more than capable of meeting the standards of international clients.
Experience the Filipino Accounting Edge
Offshore companies in the Philippines have proven themselves competitive leaders in providing high-caliber accounting and financial services to countries worldwide. With a large talent pool consisting of English-speaking qualified CPAs who dedicate themselves to their careers, it is no surprise that Filipino professionals are transforming the way companies view offshoring.
At Elite Virtual Employment Solutions (EVES), we strive to help our clients find only the best finance staff from the Philippines. Talk to us at (747) 300-3234 or visit https://evesolutions.net/ for affordable offshore staffing solutions.
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