A look at the CV of a quality, Filipino Accountant
By now, you probably know that many thousands of Australian companies are offshoring and enjoying increased productivity, better business focus and massive cost savings.
But you’re right to wonder – who are they sending the work to? Besides the benefits and advantages of offshoring, it is equally important to discuss the qualifications, experience, and skillsets of the employees you’ll be entrusting with your business, and that of your clients.
Meet Brian: Qualified CPA
Brian is a made up name, but not a made up accountant or CV. He is a highly experienced and qualified CPA who graduated with honours from Far Eastern University, one of the top Universities in the Philippines. It ranks 3rd in the list of Accountancy schools with the most CPA Licensure Exams passers with an 85% passing rate per year.
Brian is also well-versed in Accounting systems and software currently being used in Australia like Xero, Xero Workpapers, QuickBooks, and MYOB. His 13 years of solid work experience in the industry includes team management and direct client liaison. This has given Brian plenty of exposure to industry best practices and is adept at working with foreign clients.
It didn’t take Brian long to familiarise himself with the tasks and adjust to the workload. In fact, he barely needed any training at all. Because of his excellent English communication skills, he regularly & effortlessly calls, chats, or exchanges emails with his client and coworkers in Australia.
Brian is an exceptional accountant and don’t tell him we told you this, but… He is one of many great accountants available to businesses like yours!
Why offshore to Filipino Accountants?
Skills and qualifications. Accountancy is one of the top University courses in the Philippines. Each year, 7000 to 8000 new Certified Public Accountants (CPAs) are added to the roster of the Professional Regulatory Board of Accountancy. Based on their records, there are 188,203 CPAs in the Philippines as of 2018. Filipino CPAs can also become associate members of the Australian CPA. The two CPA associations signed a member pathway agreement in November 2015, facilitating the certification of Filipino financial professionals.
The presence of major Australian accounting firms in the Philippines has helped create a strong talent pool of pre-trained and experienced resources. Among the most notable companies are Deloitte Touche Tohmatsu (Philippine affiliate: Manabat Delgado Amper & Co), Pricewaterhouse Coopers (Philippine affiliate: Isla Lipana & Co.), KPMG (Philippine affiliate: Manabat Sanagustin & Co.) and Ernst & Young Philippines. This has made local accountants well-versed in Australian taxation and accounting standards, procedures, regulations and systems.
Tech Savvy and adaptable. A strong affinity to the Western culture makes it easy for Filipinos to adjust and adapt to the “Aussie way” of doing things. The country is highly urbanised and the professionals are tech-savvy. They are conversant with technological advancements like cloud computing, business analytics software and business intelligence solutions.
Seamless communication. There’s no language barrier between Australian clients and their Filipino staff. The Philippines is one of the largest English-speaking countries in the world with a 97.5% literacy rate. The country was colonised by America for 50 years and they implemented the American public education system so all children had to go to school. This is why Filipinos are intent on finishing their studies and earning a University degree. To this day, English is the primary language of instruction in schools, with some having an “English only” policy so students become confident and fluent in expressing themselves in English.
The fact that Filipinos have neutral accents is a bonus!
Cost savings. Australian accounting firms hire top caliber candidates for back end services and even top management positions. They primarily want to bridge the talent gap in the industry and be able to scale their operations as needed. While not the ONLY reason, it is undeniable that businesses benefit from lower labour costs in the Philippines. LinkedIn places the average salary of an Australian senior accountant at A$77,000 per year. On the other hand, an accountant with Brian’s skills and experience receives A$35,748 per year on average.
The cost savings helps small to medium Accounting firms invest in other areas of the business – be that risk management, marketing or otherwise.