PRESS RELEASE NO. - 28 - 2020
(13 October 2020) – IT-Busines Process Outsourcing (IT-BPO) executives promoted outsourcing of backroom and accounting functions during the webinar on “Managing backroom operations: Outsourcing accounting and financial functions to enable your company to focus on your core competencies” on 1 October 2020. James Donovan, Co-Founder and Group CEO of ADEC Innovations and Bernice Parsons, President and Co-Founder of Vertaccount served as resource speakers during the 8th installment of the eight-part “Global Business Processes Powered by the Philippines Webinar Series”. The online event is organized by the Philippine Trade and Investment Centers (PTIC), Embassy and Consulates General of the Philippines in the United States. The webinar series aimed to promote the Philippines as the preferred destination for outsourcing and offshoring among small and medium-sized businesses in the United States.
James Donovan of ADEC discussed the professional employer organization (PEO) market in the Philippines. PEO consists of providers offering the following HR solutions: payroll management, tax management, benefits administration, workforce management, compliance management, employment screening, and other HR related functions. The Philippines is a market leader in PEO owing to its highly capable manpower, strong government support and fiscal incentives, established economic zones, improved technology infrastructure, and resilient working conditions. Based on the 2019 Tholons Services Globalization Index (TSGI), the Philippines ranks 5th in Top 50 Digital Nations with Manila and Cebu making it in the list of Top 100 Super Cities. TSGI provides ranking of countries based on their attractiveness to companies, analysts, investors, and other stakeholders in the services outsourcing industry.
Bernice Parsons of Vertaccount, meanwhile, expounded on the Financial and Accounting Outsourcing (FAO) sector of IT-BPO. FAO involves contracting with a BPO provider or external firm for support within the finance and accounting (F&A) function such as: bookkeeping, accounts payable, accounts receivable, general ledger, financial reporting, treasury and cash management, and other specialty processes. Some of the benefits of engaging in FAO are: permanent overhead savings, increased productivity and efficiency, reduced personnel risks, application of best practices and procedures, and provisions for continuity and scalability.
ADEC Innovations is a global company with 30 years of group experience in environmental, social, and governance (ESG) assurance solutions covering professional and workforce services, technology, global development, and impact capital. The company’s ESG assurance services offerings include: data management solutions; Software-as-a-Service (SaaS); consulting services for ESG and technology solutions; managed services for private equity and impact capital requirements. Vertaccount, meanwhile, is a boutique Finance and Accounting Outsourcing provider with offices and affiliates in the United States, Australia, Singapore and the Philippines. Founded in 2010, Vertaccount has been providing outsourced accounting services to hundreds of small and mid-sized enterprises (SME’s) across the globe with a growing staff of over 70 accountants.
The recorded version of the webinar is available at the Philippines ITBPM YouTube Channel: https://www.youtube.com/watch?v=iuooNPBEyAg
To know more about outsourcing, interested parties can also contact the nearest PTIC, Embassy, and Consulates General of the Philippines in the US. (END)
