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Bookkeeping In The Philippines
By JimmyMayon
The Philippines is slowly becoming one of the leading players when it comes to Business Process Outsourcing (BPO) services. As of late, there are about 62 BPO operators in the country; most of the larger companies are third-party contractors serving global accounts. It has been reported that in 2006, the back-office sector of many BPO companies has been employing 24,500 full time employees. Comparing revenue growth between years 2005 and 2006, market analysts have seen an 80% growth rate: that is about $180 million in just one year.
Saying thus, it should also be noted that among the back-office and management tasks being assigned to BPO operators in the Philippines, bookkeeping seems to be relatively prevalent. This is due to the fact that this country is home to more than 100,000 accountants and business-related graduates.
Every year, 3,000 accounting graduates subsequently become CPAs or certified public accountants. According to the market report of 2005, the Philippines had an estimate of 113,300 licensed accountants working in various BPO companies nationwide.
Bookkeeping in the Philippines
Accordingly, the US’ Generally Accepted Accounting Principles or GAAP cites that Philippine based accountants are well versed with GAAP and IAS or International Accounting Standards for financial reporting, standards employed in the US, Japan and most of the Europe; and is thereby “among the best in the world.”
Among the 60 other countries in the Asia Pacific, the Philippines is ranked by the Swiss International Institute for Management Development as no.1 when it comes to the availability of skilled workers; no.3 when it comes to the availability of senior managers; and no.12 when it comes to the availability of qualified engineers.
The back-office and management service providers in the Philippines perform a broad spectrum of activities especially in the fields of accounting and finance. Some of these include: accounts maintenance and accounts receivable collection;

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