The ever growing trend for businesses to use overseas finance and accounting outsourcing (FAO) services has resulted in more countries joining the market. In the past businesses would solely look at cost reduction to determine where they were going to outsource. Accounting outsourcing companies can no longer survive by just providing the lowest cost service.
There are many countries that offer FAO services and each has their own set of benefits that stand out. When choosing the top country for finance and accounting outsourcing it is especially relevant to consider the unique strengths and focuses of each.
Top Countries for Finance and Accounting Outsourcing
- One of the most obvious benefits of using the Irish is that their native language is English. They have a good reputation as being friendly and hardworking. Being well established in the European-Union their education system and technology is among the best in the world.
- With the high quality service that they provide also comes the high price tag. For this reason this is the only developed country that makes the list. Businesses should also consider the country’s lack of available talent since they only produce about 50,000 college graduates per year.
- More associated with Olympic games, this country is usually not the first to come to mind for outsourcing. Actually this is one of the most beneficial outsourcing destinations for U.S. companies. Besides being in the same timezone, the Brazilians offer a lot of technical expertise in addition to understanding business. The country made humongous improvements in infrastructure and communications in preparation of hosting the 2016 Olympic games.
- Tax and bureaucracy issues along with the language barrier are things business owners need to consider.
- The powerhouse of the outsourcing industry this country is still the first most businesses consider. Naturally with all of the outsourcing business the country gets the infrastructure gets better and better. Being the most populated country only behind China finding the required talent is never an issue. When it comes to IT-related services there is nothing India can’t handle with its workforce and technology.
- The language barrier continues to be an issue as English speaking businesses often look elsewhere. The wages in India are rising at pace that will eliminate any cost advantage of outsourcing within the next 5 years.
- The up and coming king of the outsourcing industry this country has seen explosive growth in the FAO industry. Filipinos pride themselves on being able to handle complex tasks that require accuracy and integrity. Being apart of the highly reputable BPO industry motivates more than 600,000 students to graduate from college each year. About one third of that number have degrees in Business Administration and 3,000 have passed the CPA exam. The Philippines government is “all-in” when it comes to support for their foreign investments.
While the Philippines is the top country for finance and accounting outsourcing, just like any outsourcing service there are some data security concerns.
OutsourceYourAccounting has a proven business process that dramatically reduces the possibility of any data leakage. With a small team of 9 CPA’s and enrolled agents in 3 different continents they are eager to take on new clients and expand their offerings. Contact them today to explore the different FAO options they have to save time, money and bring your business to the next level!