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Employing offshore Filipino accountants

Tuesday, January 6th, 2015

Featured, Offshoring News

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One of the biggest pain points in business today is that clients continue to demand more for lesser cost.

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Employing Offshore Staffing Filipino Accountants is a highly cost effective and productive alternative to having local accountants performing clerical tasks such as record keeping and entry posting.

Clerical tasks may well be considered lower level, and can be time consuming, but an Accounting background and the appropriate qualifications are ideally required to ensure accuracy and high quality work.

 

What Are the Benefits of Employing Filipino Accountants?

More than 16,000 students graduate with an Accountancy degree in the Philippines each year from a wide range of Universities and Colleges across the Philippines.

 

Accountancy in the Philippines

A Filipino graduate of Accountancy who passed the board exam is called a CPA (Certified Public Accountant), or simply, an Accountant. Their job includes overseeing all financial functions related to the collection, accuracy, recording, analysis and presentation of financial operations within the organisation, as well as a number of critical administrative functions within the company.

The Bachelor of Science in Accountancy (BSA) program includes a number subjects in taxation, audit, accounting, administration and business laws. In the Philippines the degree also includes other core areas of focus such as government, banking and finance, education, social services, Transcriptionist, to name a few. The integration of information technology concepts into business systems is a critical component of the coursework, which results in the creation of a highly organized and systematic method of storing business related data.

 

Admission requirements for the BSA program are rigorous and demanding, with highly selective admission criteria, such as all applicants must:

  • Must pass the English Proficiency examination in the entrance exam
  • Must pass an Accounting specific aptitude test which is separate to the rest of the exam
  • Must be successful in an interview conducted by the college admission officer
  • Must have graduated from high school
  • Must have a pre-determined rating of above-average or higher, varying specific to each college from their entrance examination
  • Many schools in the Philippines require a high school GPA of 85% and above with a minimum requirement of 80% in all subjects
  • Must have achieved an average rating of 85% or more in the National Secondary Assessment Test (NSAT)

 

The Board Exam

All accounting graduates must sit the Certified Public Accountant’s Licensure Examination before they are permitted to practice as an Accountant. This examination is conducted by the Board of Accountancy, and is supervised by  the Professional Regulation Commission (PRC), taking place in May and October each year.

There are 7 board exam subjects in total, comprising of 14 units and 21 hours. Each subject is given 2 units with a minimum of 3 exam hours per subject. A general weighted average of 75% with no rating belong 60% candidate for the examination is a mandatory requirement across all 7 subjects.

 

Quality of Work and English Communication

More than 94% of the Filipino population is English speaking. English is officially recognized as the second language in the Philippines, and indeed in some areas of the country it is the primary language. Nearly all accounting graduates have a high level of both spoken and written English proficiency.

As with any population, there are of course variations in work quality dependent on their le vel of training, experience and ability. With the right education, a good attitude and determination, Filipino accountants are equally as capable of performing at a high level as their Western counterparts.

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