Affordable Offshore Accounting: A guide for Australian businesses

Affordable Offshore Accounting: A guide for Australian businesses

Many Australian businesses can benefit from outsourcing their accounting and finance functions. With the demands of accounting and finance requiring a considerable amount of work, it makes good business sense to look for cost efficiencies in your finance department.

Outsourcing your accounting processes is one way of doing this. However, choosing a skilled and qualified partner for this role is essential.

At Acxelsus, we have finance professionals working for our clients with the expertise to ensure that your invoicing, payment processing, and other bookkeeping processes are taken care of with precision.

This article looks at the most common tasks supported by offshore finance teams and the benefits of partnering with our Philippines-based Acxelsus.

What accounting functions can be outsourced to a BPO company?

When you outsource your accounting and bookkeeping administration tasks, your business doesn’t need to maintain a large, expensive, full-time workforce to achieve economy of scale. This is because your finance team can be scaled up or down as your business needs change, with your offshore team providing skilled and prompt support.

Bookkeeping and accounting tasks

  • Preparing BAS statements
  • Reporting and financial statements
  • Preparing quarterly or annual forecasts and budgets
  • Payroll processing

Accounts payable and receivable

  • Preparing and sending invoices
  • Processing payments
  • Reconciling bank and credit card statements

Accounts Administration

  • Setting up new supplier files
  • Answering invoicing enquiries
  • Electronic filing and record maintenance

Advantages of outsourcing your bookkeeping

Accounts administration, bookkeeping, payroll, and other support services help small and medium businesses reduce operational costs and streamline their business processes.

Flexible remote staffing in neighbouring countries such as the Philippines comes at a fraction of the cost of traditional recruitment, with a comparable level of skill and expertise. Especially since the beginning of the pandemic, businesses are becoming more comfortable with online remote work, and outsourcing is fast becoming the go-to channel to hire great staff.

The advantages of outsourcing your accounting and bookkeeping tasks include saving time and money by allowing businesses to access skilled staff without the traditional costs of hiring locally.

BPO or Business Process Outsourcing companies also help your business adapt and grow, giving you access to a large pool of diverse expertise that can help your business scale quickly.

How to choose a BPO partner

Outsourcing is an economical solution, but choosing the right BPO partner is important. A close partnership with strong, regular communication and proper training will ensure your BPO team is well-equipped to maintain excellent service standards.

When looking for an outsourcing partner, Australian businesses should ensure their chosen support team meets these essential requirements:

  • Proficient in English – talents in the Philippines typically have excellent English proficiency, ensuring communication flows smoothly in both directions.
  • Culture fit – Australian values are well matched to Philippine culture, with a similar outlook on life and a strong work ethic.
  • Cost-effectiveness coupled with high quality – Whilst the cost to outsource may be substantially less, the quality of work is often very well matched when compared with locally based staff.
  • Time zone compatibility – choosing a BPO partner in a similar time zone makes communication and team integration much more manageable.

Outsource your accounting functions with Acxelsus.

Acxelsus is a leader in Business Process Outsourcing (BPO) in the Philippines, offering affordable offshore support for your accounting, bookkeeping and accounts administration functions. Talk to our friendly team to see how we can help your business grow.