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Beyond Borders: Harnessing Filipino Accounting Talent for US Accounting Firms

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Filipino Accounting Talent for US Accounting Firms

The need for skilled and US-ready accountants is at an all-time high and with the US producing fewer and fewer accounting professionals by the year the empty seats skyrocket to over 200,000. It becomes clear that it’s time to look for other options. Enter: Filipino accountants.

The Philippines is an uncharted territory for many US accounting firms, but some have already succeeded. Filipino professionals are emerging as unexpected partners for the US and accounting firms worldwide. Here we’ll explore how Filipino accountants can help with the talent crisis in the US.

Proficiency in International Accounting Practices

One of the major concerns that prospecting US accounting firms might have is whether Philippine accounting translates to the US. The short answer is yes.

Filipino accountants are well-versed in US accounting standards, they undergo rigorous training that includes a deep understanding of the US Generally Accepted Accounting Principles (GAAP) and International Financial Report Standard (IFRS). Many Filipino Professionals pursue certifications like CPA (Certified Public Accountant) ensuring they are well-equipped to navigate the complexities of US accounting law and regulations.

TOA Global for one, takes accounting education even further by providing top-class finance qualifications, masterclasses, and short courses to aspiring Filipino professionals. Powered by Ab2 Institute of Accounting’s massive learning library, TOA provides access to comprehensive accounting and bookkeeping courses, accounting software courses, intricate tax training, and more.

Cultural Compatibility

It’s no surprise that Filipinos love Americans, the US has been the Philippines’ oldest ally, and the American culture is deeply imprinted within Filipinos to this day, so much so that English is one of the Philippines’ official languages.

Beyond basic technical English, Filipinos are also well-versed in American idioms, slang, and colloquialisms, facilitating clear and effective communication with US-based clients and colleagues.

Filipino culture places a strong emphasis on collaboration, respect, and teamwork —values that align with most US accounting firm’s work values. This positive chemistry fosters a pleasant work environment and team members who enjoy each other’s company, ultimately driving greater productivity and success.

Filipinos Are Tech-Savvy

Filipino tech savvy blog

The Philippines has cemented its position as one of the key centers for business process outsourcing (BPO), including finance and accounting services. This exposure has equipped Filipino accountants with advanced technological skills, particularly in software such as QuickBooks, Xero, and SAP. Their capability in leveraging technology not only streamlines accounting processes but also enables firms to stay ahead in the digital age.

Unbeatable ROI

Outsourcing accounting services to Filipino accountants offers US accounting firms a cost-effective solution without compromising on quality. The lower cost of living in the Philippines allows firms to access highly skilled talent at a fraction of the cost compared to hiring domestically.

Even considering the inflation you can hire an outsourced Filipino accountant ranging from $500 up to $1,000 per month depending on experience and certifications while the average hourly rate for US accountants is $37 per hour, that’s $6,413.33 per month and $76,960 annually.

This reduced cost enables firms to optimize their resources and improve profitability while remaining competitive in the industry.

Commitment to Excellence

Filipino professionals hate to disappoint, it’s in their blood to strive for excellence. Whether it’s preparing financial statements, conducting audits, or providing advisory services, Filipino accountants consistently strive for accuracy and quality in their work, instilling confidence in clients and strengthening the reputation of US accounting firms.

Build Your Filipino Accounting Team with TOA Global

In the dynamic landscape of US accounting firms, Filipino accountants are proving to be reliable partners. By harnessing the strengths and capabilities of Filipino accountants, US accounting firms can elevate their service offerings, scale, and position themselves for long-term success in the ever-evolving world of accounting and finance.

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Looking to build your Filipino accounting team today? Let’s explore working together by scheduling a no-obligation call with us. We’ll help you find the best Filipino accountant that fits your team.