Bookkeeping in the Philippines

The Philippines is slowly becoming one of the leading players when it comes to Business Process Outsourcing (BPO) services. As of late, there are about 62 BPO operators in the country; most of the larger companies are third-party contractors serving global accounts. It has been reported that in 2006, the back-office sector of many BPO companies has been employing 24,500 full time employees. Comparing revenue growth between years 2005 and 2006, market analysts have seen an 80% growth rate: that is about $180 million in just one year.
Saying thus, it should also be noted that among the back-office and management tasks being assigned to BPO operators in the Philippines, bookkeeping seems to be relatively prevalent. This is due to the fact that this country is home to more than 100,000 accountants and business-related graduates.
Every year, 3,000 accounting graduates subsequently become CPAs or certified public accountants. According to the market report of 2005, the Philippines had an estimate of 113,300 licensed accountants working in various BPO companies nationwide.
Bookkeeping in the Philippines
Accordingly, the US’ Generally Accepted Accounting Principles or GAAP cites that Philippine based accountants are well versed with GAAP and IAS or International Accounting Standards for financial reporting, standards employed in the US, Japan and most of the Europe; and is thereby “among the best in the world.”
Among the 60 other countries in the Asia Pacific, the Philippines is ranked by the Swiss International Institute for Management Development as no.1 when it comes to the availability of skilled workers; no.3 when it comes to the availability of senior managers; and no.12 when it comes to the availability of qualified engineers.
The back-office and management service providers in the Philippines perform a broad spectrum of activities especially in the fields of accounting and finance. Some of these include: accounts maintenance and accounts receivable collection; advisory services, inventory control and purchasing; asset accounting and management; claims processing (in the pre-need industry); expense and revenue reporting; financial analysis and auditing; general accounting and bookkeeping services; and HR services (which may include services like benefits administration, compensation planning, employee interface services learning systems and administration, expatriate and relocation services, HR application development and management, HR data management, payroll processing, stock options administration, travel and expense management.)
Other services also include: creating invoice and managing the accounts payable administration; management; payroll (which may include such service overtime tracking); sales auditing; tax reporting and other financial-related services (such as credit cards, factoring, financial leasing and stock brokering); and other arising BPO services like market analysis, market research and intellectual property management.
Kanati.com.ph
Here at Kanati Inc., we have a group of highly skilled employees that can perform specific accounting and financial-related tasks, with bookkeeping tasks being one of them. Our company specializes in streamlining services to fit the very specific ongoing needs of our clients – bookkeeping-related or otherwise.
We also makes quick, intelligent adjustments of the tasks assigned, often anticipating even your most probable demands. And because Kanati Inc. specializes in Open Source technologies (which has little or no charge when it comes to licensing costs,) clients can be assured that not only do they have services outfitted specifically for their company’s needs, but that they are to get quality work at a significantly reduced price.

Jimmy Mayon (MBA, BSEE) is a technologist with an enthusiasm for Horse Racing. During the last 25 years he has been managing banking and online transaction processing technologies for private and public sectors. Today he specializes in open source development using Java, PHP, Linux, and MySQL.
KANATI Inc.