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Outsourcing accounts payable
services to the Philippines
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What is an outsourced accounts payable service?
Outsourcing of the accounts payable function within your accounts department involves sending tasks such as checking, coding and processing invoices for payment, to a staff member or team of staff outside of your organisation. It can cover all tasks related to the management and paying of creditors and this type of work is often sent to overseas locations like the Philippines.
No matter how big your organisation is, sending simple, transactional tasks involved with accounts payable can allow your local team to focus on more complex tasks, and jobs that will be of more value and impact your business growth and development. It’s also a cost-effective alternative to employing locally, giving your accounts team the support they need at a reduced cost.
What are the benefits of outsourcing accounts payable offshore?
An offshore accounts payable officer or team can complete a number of tasks including but not limited to:
- Checking invoice accuracy
- Inputting and coding invoices correctly
- Matching invoices and purchase orders
- Processing and paying invoices
- Following internal payment approval processes
- Scheduling payment runs
- Managing creditor enquiries for payment
- Processing employee expense claims
- Performing reconciliations
- Monthly reporting
- Working with required accounting software such as MYOB, Xero or Quickbooks.
Why do businesses outsource accounts payable services offshore?
Sending accounts payable work to offshore staff allows businesses to focus on more complex requirements within their organisation. It also ensures that creditor payments are accurate and up-to-date so that you know exactly what your financial position looks like.
And because these tasks are not considered to be core to your business and are back-office in nature, they can be completed easily by an offshore staff member. What’s more, without the distractions of your local office, work is often more accurate and efficient.
This leaves your local team to focus on your core business processes and the more complex accounting tasks that involve analysis and deep business understanding and as a result, is likely to lead to a more satisfied employee. It will also give them the time to strategise about ways to improve and grow your business.
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What other job roles are usually outsourced under accounts payable?
Beepo provides support roles covering every aspect of your accounting requirements. These include:
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What can an outsourced accounts payable officer or team do?
Key benefits associated with outsourcing accounts payable services to the Philippines include:
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Cost savings
Outsourcing can save your business money by having day-to-day tasks completed in a lower-cost economy, where employment costs are up to 70% less.
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Expert support
Outsourcing providers are experts in providing insights and advice at each stage of the outsourcing process. Their expert advice can help your business or recruitment company get the best out of your outsourcing journey and ensure it is optimised for success.
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Improve business flexibility and availability
Outsourcing can help your business become more agile and flexible by opening up 24/7 availability.
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Business growth
Outsourcing can free up funds that can be used to reinvest back into the growth of your business. With the additional support of an offshore team member(s), you can increase the capacity for your business to take on more work.
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Improved staff satisfaction rates
Outsourcing can help you to identify roles and tasks that would be best suited to send to an offshore employee. That way, your local team can focus on what they do best and what motivates them, improving job satisfaction for employees in the long run.
What are the costs associated in outsourcing accounts payable services?
Outsourcing your accounts payable systems to the Philippines can represent significant cost savings of up to 70%. At Beepo, we offer a simple monthly fee to help you reduce your overheads and focus on growing your business. This monthly fee covers everything: including infrastructure, security, recruitment and training, management and staff benefits.
For more detailed information on costs, please arrange a business consultation so we can tailor a solution to your business needs.
Frequently asked questions
How long does it take to get an outsourced accounts payable officer or team up and running?
Your outsourced accounts payable officer(s) can be up and running in as little as six to eight weeks. This is dependent on the level of skill and qualifications you require of your accounts payable officer(s). If you require a larger team of accounts payable officers, then our recruitment team may require additional time for the extra sourcing, training and onboarding needed to establish your qualified and ready-to-go offshore team.
What are the costs of outsourcing to the Philippines with Beepo?
Outsourcing with Beepo can save your business up to 70% on employment costs. Here at Beepo, we offer a monthly fee to help reduce overheads and allow you to focus on scaling and growing your business. Included in the monthly fee are infrastructure, recruitment and training, security, staff benefits and management.
What are the qualifications and skills of a successful accounts payable officer?
Successful accounts payable officer skills include:
- Prioritisation and the ability to manage expectations
- A keen eye for detail
- Strong communication skills
- A mathematical mindset or background
- The ability to work independently and stay on task and focused.
A higher education degree or certificate is not necessary for an accounts payable officer to successfully perform their duties. However, an understanding of basic bookkeeping and accounting would be beneficial and can be found through educational institutions.
How can I ensure quality when hiring outsourced accounts payable officers through Beepo?
Beepo’s talent acquisition and recruitment team works just as an in-house team would. We screen, interview and test candidates to ensure candidates meet the needs and requirements as illustrated in our client’s role briefs.
Can you outsource accounts payable in a large organisation?
Yes. You can outsource accounts payable functions for any sized business. Regardless of whether you have one, two or twenty accounts payable officers, outsourcing their tasks can lead to efficiency increases across the board for your accounting team. This includes the ability to have more time to strategise and plan which can help scale your business depending on business requirements.
What are the challenges of having accounts payable officers in-house?
The top challenges that in-house accounts payable functions struggle with are exceptions and mismatches (instances where the information stated does not match what you expect), lengthy invoice approval times and the piles and piles of invoices, electronic or paper-based, which many onshore accounts payable officers deal with day in and day out. This can lead to your accounts payable team feeling overwhelmed as a large majority of their time is spent dealing with these issues.
Offshore accounts payable functions can ‘ease the load’ for in-house or onshore accounts payable teams. They can lower processing costs and help improve workflows. This can help extract value from your accounts payable departments by employing solutions that generate improved back-office efficiencies.
The Beepo advantage
Beepo offers businesses a distinct competitive edge through offshore outsourcing staff solutions. We’re Australian based and we know and understand the challenges businesses face when it comes to staffing. Whether you’re struggling to find the right talent, or struggling to retain them, we can assist. The Philippines has a huge pool of talented finance and accounting staff, fully qualified and keen to work for you. Our recruitment process will find, onboard and train the best talent for your organisation.
We’re then responsible for keeping your team on track and ensuring they have everything they need to complete their work to a high standard, while you maintain control of their objectives and deadlines.
Our qualified and skilled accounts payable staff will ensure your accounts are paid and your creditors are happy with all the required source documentation managed correctly, so that you and your team can get on with business.
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