Are you thinking of outsourcing accounting or outsourcing your bookkeeping to the Philippines?
In this video, I will possibly save you a small fortune by dispelling why many companies are quoting you $12.00 to $18.00 per hour and why you don't need to pay it!
Michael Brodie reveals the actual salary and how you can avoid paying expensive markups!
Accounting outsourcing can be great for lowering costs. And it's an intelligent thing to do. However, like everything, there is the right way to do it and the wrong way to do it.
In this video, I reveal it all by pulling the curtain and showing the tricks that most BPO companies use to get you to believe they are worth the fees they claim to be worth.
IMPORTANT UPDATE (2024)
The original video was from 2017. Since 2017 salaries in the Philippines have increased, as has inflation and the cost of living, not by a lot, but by a little bit. Please find the corrected amounts below that reflect the most up-to-date salary guides for hiring accountants and bookkeepers in the Philippines.
Hire accountants
You can hire accountants in the Philippines for between $3.50 and $6.00 per hour. You should expect to be hiring somebody at entry-level for this salary range, or perhaps only 1-2 years experience.
If you set a budget of between $4.00 and $10.00 per hour, you can expect to hire intermediate-level accountants who have likely passed the CPA board exam, as well as have several years of work experience.
For the best accountants in the Philippines, or CPAs that are very experienced and at senior or expert level. You should budget between $6.00 and $15.00 per hour. When hiring this type of CPA, they will be licensed, have 5+ years of experience, and have exceptional accounting skills, which would be comparable with a $60k-$100k a year employee in the USA!
Hire Bookkeepers
Bookkeepers cost less than accountants. You can expect to budget between $3.00 and $12.00 per hour to hire a bookkeeper. Entry-level and intermediate bookkeepers can usually be hired for less than $6.00 per hour. However, it might sometimes be worth paying a little more to hire a bookkeeper of exceptional quality.
Hire Bookkeeping Virtual Assistant
As a bookkeeper, a bookkeeping virtual assistant does basic bookkeeping and might do other tasks such as posting on social media, admin, and data entry. In effect, a bookkeeping VA is similar to a general virtual assistant but happens to have some knowledge and expertise in bookkeeping.
Things that remain TRUE to the video
- 90% of you don't need to go through an outsourcing provider. Instead, hire directly on the Virtual Staff marketplace.
- Pay a fair hourly rate. This has nothing to do with ethics. It is simply my advice for you to successfully hire the best long-term accountants and bookkeepers in the Philippines.
- Sometimes it's worth paying an extra couple of dollars an hour to hire somebody who is an excellent fit for your business.
- You've already won the game by outsourcing to the Philippines in the first place. The employee cost savings are enormous. However, win it with a more significant score and not use BPO companies.
- Suppose you need professional outsourcing help, legal protections, compliance, amongst a bunch of other things. Take a look at our Enterprise Solution. 90% of you don't need this. 10% of you will get tremendous value from it!
