Outsourcing accounting services, especially for complex platforms like NetSuite, has become a popular strategy for companies looking to streamline their operations and reduce costs. The Philippines has emerged as a leading destination for outsourcing due to its cost-effective services, highly skilled workforce, and strong business infrastructure. 
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Here are the top five reasons why outsourcing your NetSuite accountants to the Philippines can be a smart business move:
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1. Cost-Effective Solution

Outsourcing NetSuite accounting functions to the Philippines has become a popular choice for businesses seeking to maximize efficiency while minimizing costs. The Philippines offers a unique blend of cost-effectiveness, skilled professionals, and high-quality service, making it an ideal destination for outsourcing accounting tasks related to NetSuite, a powerful and complex ERP system. Here’s why outsourcing NetSuite accounting to the Philippines can be a highly cost-effective solution for businesses:
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Lower Labor Costs Compared to Western Markets

The primary reason businesses consider outsourcing accounting services to the Philippines is the significant cost savings on labor. The cost of living in the Philippines is lower than in Western countries, which translates into lower wages for skilled professionals. Accounting experts in the Philippines, including those well-versed in complex ERP systems like NetSuite, charge much lower rates compared to their counterparts in the U.S., Canada, or Europe.
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This allows businesses to access highly qualified NetSuite accountants at a fraction of the cost they would pay to hire in-house staff or outsource to other high-cost regions. By outsourcing, businesses can free up capital that would otherwise go toward high salaries, benefits, and overhead costs for full-time employees.
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Access to Highly Skilled Professionals Without High Hiring Costs

Although the cost of hiring accountants in the Philippines is lower, the level of expertise available is on par with international standards. The country produces a large number of highly skilled accounting graduates each year, many of whom have experience with global accounting standards such as IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles). Many Filipino accountants also hold certifications like CPA (Certified Public Accountant) or ACCA (Association of Chartered Certified Accountants).
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Outsourcing to the Philippines allows businesses to access these professionals without the need for expensive recruitment processes, training, or relocation costs. This provides cost savings by leveraging a ready-made talent pool of highly skilled NetSuite accountants who are experienced in using the software to manage financial operations.
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2. Skilled Workforce with Expertise in NetSuite

The Philippines has become a global hub for skilled professionals, particularly in the fields of accounting and IT. Many accountants in the Philippines are highly trained and have specialized expertise in platforms like NetSuite, one of the leading cloud-based enterprise resource planning (ERP) systems. 
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Highly Educated and Qualified Workforce**

The Philippines produces a large number of accounting and finance graduates from reputable universities each year, making it a hub for talent in the accounting field. Many of these professionals hold degrees in accounting, finance, or business administration, and have strong foundations in both theoretical knowledge and practical application. 
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Furthermore, many Filipino accountants pursue additional certifications and qualifications from internationally recognized bodies such as:

• CPA (Certified Public Accountant) -  A widely respected accounting designation, many professionals in the Philippines earn their CPA credentials, ensuring they meet global standards of accounting practice.
• ACCA (Association of Chartered Certified Accountants) - Many accountants in the Philippines are also members of the ACCA, a prestigious global organization that provides certification in accounting, finance, and auditing.
• CFA (Chartered Financial Analyst) - Several Filipino accountants specialize in financial analysis and investment management through this globally recognized certification.
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These qualifications_, coupled with the Philippines’ strong emphasis on education, ensure that businesses outsourcing accounting functions to the country can rely on a highly skilled and knowledgeable workforce.
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Download the Salary Guide to compare average salaries of top NetSuite ERP professionals.

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Familiarity with Global Accounting Standards

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Filipino accountants are well-versed in international accounting standards, such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). The Philippines follows the Philippine Financial Reporting Standards (PFRS), which is closely aligned with IFRS, making Filipino accountants particularly adept at managing financial reporting that adheres to global regulations. 
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Whether handling financial statements, tax compliance, or audits, Filipino accounting professionals are equipped to ensure that businesses remain compliant with local and international standards. This expertise is especially valuable for companies operating globally or in multiple markets, as they can be confident that their financial reporting will be accurate and compliant, regardless of their geographic location.
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3. English Proficiency and Communication Skills

The Philippines is one of the top English-speaking countries in Asia, with a high percentage of its population fluent in English. This makes communication with your outsourced NetSuite accountants seamless, as they can easily understand and respond to your needs, provide reports, and troubleshoot issues in real-time. 
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Effective communication is critical when dealing with financial data, and the Philippines offers this advantage over many other outsourcing destinations where language barriers can complicate operations.
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4. Scalability and Flexibility

Outsourcing your NetSuite accounting services to the Philippines offers scalability, allowing you to adjust the size of your accounting team based on your business’s needs. Whether you require additional resources during peak periods like tax season or need to scale back when business slows, outsourcing provides the flexibility to make these changes without the need for complicated HR processes. This agility is especially valuable for businesses that are growing rapidly or undergoing organizational changes.
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5. Focus on Core Business Activities

By outsourcing your NetSuite accounting functions to the Philippines, you can free up your internal resources to focus on core business activities like strategic planning, marketing, and product development. Accounting tasks, especially those involving complex ERP systems like NetSuite, require significant time and attention to detail. Outsourcing ensures that your financial operations are in expert hands while your team can focus on areas that drive business growth and innovation.
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Outsourcing your NetSuite accountants to the Philippines offers a blend of cost savings, expertise, and operational flexibility that can help your business thrive in a competitive landscape. With access to skilled professionals, cost-efficient services, and seamless communication, you can optimize your accounting processes while focusing on growing your core business. 
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Whether you’re a small business or a large enterprise, outsourcing your NetSuite accounting needs to the Philippines can be a game-changer for your bottom line and overall operational efficiency. Book a call with us and let us walk you through the outsourcing process you need to know.

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