What are the benefits of outsourcing Accounting and Bookkeeping Services?
- Reduce employment related expenses – Labour rates, regulations, etc.
- Time Management – more time to focus on specific non repetitive tasks, value add tasks and leverage Australian workforce.
- Access to expertise in multiple accounting fields, opportunity to expand services offered.
- Overcome staff shortages, afford excess capacity.
Who is BMG Outsourcing?
- Outsourcing is wholly owned by BMG Accountants, A privately owned Sydney based Accounting Firm.
- BMG Outsourcing was established in March 2011; John Beale, the principal of BMG Accounting has been a Chartered Accountant with a Public Practice certificate for more than 30 years.
- Located in Clark, Philippines.
Why Philippines and the Clark area?
- The Philippines has a large base of skilled quality Accountants at many levels from Bookkeepers to qualified Tax Accountants.
- English is a second language and all our professionals are very clear and proficient in this language.
- The Philippines government is encouraging outsourcing to their country.
- The salary costs of accounting personnel are significantly lower than that of Australia.
- The Philippine CPA qualifications are superior in comparison to many other countries offering outsourcing. However, we recommend adding specialist training to meet Australian standards.
- Clark, located at 80 km north of Manila, is serviced by an international airport with direct services from Singapore and other Asian countries. Clark is designated as a Philippine Economic Zone (PEZA) and under the control of the Clark Development Corporation (CDC). Clark has extensive services including reliable power and high speed internet access.
What specific accounting work can be outsourced?
- Repetitive tasks can be leveraged most effectively through outsourcing.
- However the full range of accounting and superannuation compliance tasks can be outsourced. The salary range and level of expertise of the staff member must be matched to the level of tasks performed, and the extra training required. Tasks may include:
- Accounting and taxation compliance work for companies, trusts, partnerships, sole traders and individuals.
- BAS, interim accounts and other regular accounting functions for small and medium sized business.
- Self-managed superannuation fund compliance.
- Preparation of working papers.
- Payroll functions.
- Bookkeeping for you and your clients.
- Debt Collection.
How can we get started with BMG Outsourcing?
- Work out what your needs and staff requirements are.
- We will then prepare a proposal for mutual consideration and review before finalizing a fixed quote and pricing options.
What are their standard working hours?
Our Clark office works 7am to 4pm which is 9am to 6pm EST. in summer it is 10am to 7pm EST.
How much money can companies save by using BMG Outsourcing?
Typically most clients save 30% – 70% of their current in house processing costs.
How do we know our information is secure?
- You use your company’s own secure servers or cloud host.
- All work is done in our secure office.
- NO work is ever done outside our office or in our employees’ homes.
- There is restricted access to work areas and desktops.
- All employees have extensive personal, educational and background reference checks.
- Employees sign an employment agreement with a confidentiality clause.
- Regular security audits are performed.
Can you recommend work procedures that we should consider when employing our Outsourced Accountant / Bookkeeper.
Yes, we provide you with an ebook that outlines recommended procedures, cultural understanding, BMG office standards and work ethics you can expect from your OA.
How do we send work to our OA?
- You provide your OA with a secure login to your servers /cloud host.
- You can scan and send the necessary documents and instructions to your OA if your business is still paper based. Many cloud hosted clients use Dropbox, Box or other such cloud based business file sharing systems.
Do I need to buy any new software or hardware to send work to my OA?
You will need to supply your OA with a computer and other hardware. In most instances you operate with your existing software infrastructure. We do suggest upgrading your current system to high speed servers/ cloud hosts, so that your data can be easily accessed, available and processed quickly. We use free Skype for voice calls.
What computer software do most OA’s have experience with?
Many OA staffs have experience in software varying from MYOB, Xero and Quicken to specialist accountancy software, superannuation software and proprietary software engineered for specialist companies. Ultimately, all staffs are trained in the accounting industry which allows them to quickly adapt to most software packages with minimal training. Where a package has not been used before, you can recommend your OA undergoes a training period on that software and links are established with the software support team to ensure they are able to undertake their tasks effectively.
How do you recommend I handle my workflow /project?
The best and most effective procedures are usually achieved when you treat your OA as you do your own Australian staff.
- Project Management: We recommend you use a reliable online project management system to monitor and schedule your work. In most cases, companies use their existing practice management software to monitor tasks.
- Customer Relationship: Regular feedback will be provided by our Senior offshore manager regarding your staff member. You can email or call them directly anytime.
- Cost Management: We recommend you estimate and monitor time for every individual project will be quoted and require approval from you, the client, before we will undertake any work on your behalf. This keeps your costs in check and totally under your control.
How do we communicate with our OA – offshore accounting team?
The most effective way is Email, Skype and VoIP.
Who is responsible for overall quality of the offshore financial and accounting work?
- You are responsible for monitoring the quality and processing of work of your OA.
- It is your responsibility to verify and correct any quality issues that may arise in the finished work. You are the person who signs off the work and is ultimately your responsible.
Who controls the overall financial and accounting offshore process?
You are the controlling authority of the entire offshore process. As soon as the work leaves your office, then your OA is responsible for finishing the work and sending it back to you. So ultimately you control the entire offshore process. In this respect, you can consider your OA located at BMG Outsourcing as an extension of your own office extension but located in the Philippines.
Is there any risk associated with engaging BMG Outsourcing for our offshore financial and accounting?
- Trial Project: We offer a trial project that will minimize your outsourcing risks. With this, you can evaluate your staff member and decide what tasks you want to outsource initially. We offer a staff guarantee for three months.
- Procedures: We believe there are few risks and our outsourcing clients have satisfied clients who have been using their OA services. We find our outsourcing clients take this opportunity to refine their services and processes to improve overall practice performance such as workflow management processes, procedure documentation and software BMG Outsourcing is a professional services company that is solely dedicated to providing accounting related outsourcing services.
- Quality: You get access to highly qualified and trained staff, many with Australian experience. We offer an ongoing training program for your staff.
- Cost Savings: You can achieve up to 50% cost savings for your business, Quick turnaround time, and direct communication with BMG Outsourcing Manager.
What sort of pricing strategy do you have in place?
Pay by the hour, contract for 10, 20 or 40 hours per week.
Engage your own dedicated staff member.
How do I pay you and what are your terms?
We will provide you with the invoice details and all necessary information so that you can transfer your payment through PayPal, Visa, Master Card or direct bank transfer to process payments. Should you prefer another method of payment, please contact us to discuss your needs.
- We require payment in advance to ensure staff members are paid on time every time.
- We can negotiate our contract in Aus dollars or PHP pesos.
Are there any additional costs?
All costs are agreed in advance.
Do you offer any discount for prolonged service?
Our pricing is based on a long term relationship aimed at giving maximum benefits to our customers. Hence we do not offer any further discount.