Offshoring is very appealing if you’re searching for ways to reduce costs, increase efficiency, and concentrate more on your core business. However, not all countries are the same and it is important to choose the right one for your offshoring needs.
Although cost reductions are important, successful offshoring requires much more than a focus on the lowest cost. In fact, choosing the cheapest can be a very costly mistake. Other factors must be considered, such as culture, work ethics, the state of the economy, government support, fluency in English and the educational levels of the team members.
The Philippines continues to perform well and has established itself as one of the world’s top locations for offshoring. All things considered, the Philippines meets more of these requirements at the right level than any other outsourcing location.
Here are some of the key factors:
- Filipinos are excellent in speaking English
The communication barrier is the biggest concern most business owners and partners have when considering offshoring. This is not an issue in the Philippines. With approximately 90 million English speakers, the Philippines is the fourth-largest English-speaking nation in the world. The government has adopted English as one of its official languages.
Communication is easier when conducting business in the Philippines than it is in Asian countries such as India. This means you and your clients can collaborate and communicate more successfully with your offshore team members leading to improved outcomes.
- Amazing value for money
The key factor driving businesses to offshore is the high cost of skilled labor in their own country. Offshoring with Intelligent Outsourcing allows you to scale more quickly, cut costs and increase revenues.
The cost of living in the Philippines is far lower than it is in the UK, US or Europe. So, you can give someone a good salary and locally competitive pay for up to 50% less than you would have to pay your local employees.
- Large pool of highly skilled professionals in accounting and finance.
The Philippines boasts a large population of highly skilled professionals, and every year over 400,000 university students graduate in accounting and finance and join the workforce, expanding the talent pool of your future team members.
- Long standing connection with foreign clients
Filipino professionals are a natural fit for outsourcing because of their strong affinity with the Western culture. Years of exposure have placed the Philippines in a position where its citizens can cooperate with and adapt, as needed, to many different countries. Many team members in the offshoring space have in fact only ever worked for Western businesses.
- Filipinos will work during your business hours.
No matter what time zone you are in, iO will put together a team that will work the same hours as you. This allows them to work effectively with you, your team and your clients during your working day.
Conclusion
Given the numerous benefits it provides, the Philippines has established itself as one of the leading locations for offshoring. Filipino workers have a earned a reputation as valuable partners in helping Western companies over the years. Expect them to provide excellent work in return if you keep them motivated, treat them with respect, and show them how much you value and appreciate them.
To learn more about how our offshore accountancy team can boost your business, book a free discovery call with us now.
