Maximizing cost savings in the financial services sector: The benefits of outsourcing to the Philippines

This article is a submission from Pandr Outsourcing. Pandr Outsourcing is an Australian outsourcing company with expertise in helping businesses grow, increase revenue, and improve productivity through outsourced teams.

The financial services sector in Australia is highly competitive and fast-paced. Businesses operating in this field are always looking for ways to improve their efficiency and reduce costs.

One solution that has been gaining popularity in recent years is outsourcing to the Philippines. This not only opens up access to a highly skilled and motivated workforce, but can also result in significant annual cost savings for businesses.

In this blog post, we will explore the different roles that businesses in the financial services sector in Australia can outsource to the Philippines. We will also discuss the cost savings that can be achieved through outsourcing.

Advantages of outsourcing accounting and finance functions

The Philippines presents a valuable opportunity for businesses in the financial services sector with its highly educated and English-speaking workforce. Outsourcing firms such as PANDR can facilitate seamless communication and collaboration with clients and partners. 

Reduced expenses and access to a talented workforce

Furthermore, the cost of labor is significantly lower compared to many developed countries, resulting in substantial cost savings for financial services companies.

Tip: You can compute estimated offshore staffing costs and savings through this Outsource Calculator.

Financial services roles to delegate in the Philippines

A variety of tasks in an organization fall under the umbrella of accounting and finance. To determine which tasks can be assigned to an offshore team, we have compiled a list of them below.

Customer service and support

One of the most common roles to outsource to the Philippines is customer service and support. The Philippines has a well-established BPO (business process outsourcing) industry, and the country has a large pool of talented individuals who are highly skilled in customer service and support.

Outsourcing this role to the Philippines can result in cost savings of up to 50% compared to hiring locally in Australia.

Data entry & processing

Data entry and processing is another role that can be outsourced to the Philippines, freeing up valuable time for businesses in Australia to focus on more strategic tasks.

The Philippines has a well-established and highly skilled workforce, capable of handling large volumes of data entry and processing efficiently and accurately. Outsourcing this role can result in cost savings of up to 60% compared to hiring locally in Australia.

Accounts payable & receivable

The accounts payable and receivable function is another role that can be outsourced to the Philippines, freeing up valuable time for businesses in Australia to focus on more strategic tasks.

The Philippines has a large pool of talented individuals who are highly skilled in accounting, and outsourcing this role can result in cost savings of up to 70% compared to hiring locally in Australia.

Bookkeeping & accounting

Bookkeeping and accounting is another role that can be outsourced to the Philippines, freeing up valuable time for businesses in Australia to focus on more strategic tasks.

The Philippines has a well-established and highly skilled workforce, capable of handling large volumes of bookkeeping and accounting efficiently and accurately. Outsourcing this role can result in cost savings of up to 70% compared to hiring locally in Australia.

Partnering with Philippine BPO companies

By partnering with outsourcing companies, Australian businesses can reclaim valuable time for more strategic tasks while preserving quality and efficiency standards. Outsourcing certain roles to the Philippines can result in significant cost savings for businesses operating in the financial services sector in Australia.

The Philippines has a well-established BPO industry, and the country has a large pool of talented individuals who are highly skilled in customer service and support, data entry and processing, accounts payable and receivable, and bookkeeping and accounting.

By outsourcing these roles to leading business outsourcing companies like PANDR, businesses in Australia can free up valuable time to focus on more strategic tasks, while still maintaining high levels of quality and efficiency.