Outsourcing has become a popular trend in recent years, especially in business. It allows companies to access a global talent pool, reduce costs, and focus on their core business activities. The property management industry is no exception, and many companies are now considering outsourcing their property bookkeeper role to the Philippines.
The Philippines is a top destination for outsourcing, with a large pool of highly skilled and English-speaking professionals. In recent years, the country has become known for its skilled workforce, low labor costs, and strong business environment, making it a popular destination for outsourcing in many industries, including property management.
Property bookkeeping is an essential aspect of property management. It involves managing financial records, including rent collection, accounts payable and receivable, budgeting, and financial reporting. A property bookkeeper ensures that all financial transactions are recorded accurately and that financial reports are generated on time.
Can a property management company outsource this role to the Philippines?
The answer is yes. Outsourcing a property bookkeeper role to the Philippines offers many benefits, including:
- Cost savings: Outsourcing to the Philippines is significantly cheaper than hiring in-house staff in many countries. This is because the cost of living and salaries are lower in the Philippines, which makes it an attractive destination for outsourcing. Property management companies can save money on wages, benefits, and other overhead costs by outsourcing their property bookkeeper role to the Philippines.
- Access to skilled professionals: The Philippines has a large pool of highly qualified English-speaking professionals, including accountants, bookkeepers, and financial analysts. Property management companies can access this talent pool and find the right person for their property bookkeeping needs.
- Increased productivity: Outsourcing to the Philippines can increase productivity. The property bookkeeper can focus solely on their role without the distractions and interruptions of working in a traditional office environment. Additionally, outsourcing to the Philippines allows property management companies to tap into the expertise and experience of their outsourced bookkeeper, which can lead to more efficient and effective financial management.
- Flexibility: Outsourcing to the Philippines allows property management companies to access their property bookkeeper 24/7, which can be especially useful for companies with properties in multiple time zones. This can also help manage financial records in real-time, which is essential for property management companies.
Outsourcing a property bookkeeper role to the Philippines is challenging.
Here are a few of the challenges that property management companies may face:
- Communication: Communication can be challenging when outsourcing to the Philippines, as cultural and language differences can create misunderstandings and miscommunications. Property management companies should ensure clear and effective communication with their outsourced bookkeeper.
- Time zone differences: The Philippines is in a different time zone than many countries, making it challenging to communicate with the outsourced bookkeeper in real-time. Property management companies should consider this when outsourcing their property bookkeeper role.
- Trust: Trust is critical in any business relationship, especially when outsourcing. Outsourced bookkeeper for property management must be trustworthy, skilled and efficient.
In conclusion, outsourcing a property bookkeeper role to the Philippines offers cost savings, skilled professionals, increased productivity, and flexibility. Companies must consider communication, time zone, and trust challenges when outsourcing and find ways to address them.