Unlock Global Talent:Why Financial Companies are turning to the Philippines for Remote Employees

AUTHOR

Kylie Confiado

PUBLISHED

January 2025

TABLE OF CONTENTS

Struggling to manage bookkeeping, payroll, and financial reporting? Discover how Filipino remote professionals can optimize your financial operations.

The financial services industry runs on accuracy, efficiency, and compliance. Whether it’s managing bookkeeping, preparing financial statements, or ensuring tax compliance, the work behind the scenes is critical to delivering value to clients.

But with rising operational costs, talent shortages, and growing workloads, financial firms often struggle to manage these functions efficiently.

The solution? Filipino remote professionals. With an Employer of Record (EOR) like Siegen Solutions, you can hire skilled bookkeepers and accountants—whether CPA or non-CPA—who can handle your back-office financial tasks with precision and reliability.

The Problem: Challenges in Financial Operations

Financial firms face growing complexity in their operations. Common challenges include:

  1. Time-Consuming Bookkeeping Tasks
    Recording transactions, reconciling accounts, and tracking expenses require dedicated resources to ensure accuracy.

  2. Payroll Management and Compliance
    Calculating wages, managing deductions, and ensuring compliance with tax laws can overwhelm existing teams.

  3. Financial Reporting Bottlenecks
    Preparing accurate and timely financial statements, forecasts, and reports can delay decision-making.

  4. Rising Staffing Costs
    Hiring local bookkeepers and accountants increases operational overhead, limiting profitability.

  5. Scaling Challenges
    Expanding financial operations without straining existing resources can be difficult.

These challenges don’t just slow down operations—they can also lead to compliance risks and missed opportunities.

The Solution: Filipino Remote Financial Talent as Your Operational Advantage

Imagine a team of skilled remote bookkeepers and accountants managing your financial operations efficiently and cost-effectively.

Why are financial companies turning to the Philippines for remote employees?

  1. Experienced Bookkeepers
    Filipino professionals are adept at managing day-to-day financial transactions, reconciling accounts, and ensuring accurate records.

  2. Skilled Accountants (CPA and Non-CPA)
    From tax preparation and financial analysis to compliance reporting, Filipino accountants handle complex tasks with precision.

  3. Payroll Specialists
    Filipino remote staff manage payroll processes, ensuring timely payments and compliance with local tax laws.

  4. Cost-Effective Operations
    Reduce staffing costs by up to 50%, freeing up resources for client acquisition and business growth.

  5. Cultural Compatibility and Communication Skills
    With strong English proficiency and a meticulous work ethic, Filipino professionals integrate seamlessly into global financial teams.

  6. Scalability Without Overhead
    Expand your financial operations with a flexible team that grows with your needs, without the fixed costs of local hires.

The Missing Piece: An Employer of Record (EOR)

Here’s the challenge: hiring Filipino remote workers directly is illegal unless you establish a legal entity in the Philippines.

The Labor Code of the Philippines and DOLE regulations (Department Order No. 174, Series of 2017) mandate that foreign employers comply with labor laws to protect employees’ rights.

Non-compliance can lead to:

  • For Employers: Legal action, fines, and potential blacklisting.

  • For Employees: Loss of essential benefits like SSS, PhilHealth, and Pag-IBIG.

Setting up a legal entity is costly, time-intensive, and requires ongoing compliance. That’s why financial firms rely on an EOR like Siegen Solutions.

Why Siegen is the smarter choice.

Hiring in the Philippines offers immense potential, but navigating the intricacies of local labor laws and compliance can be daunting. That’s where Siegen Solutions comes in.

As your Employer of Record (EOR) partner, we ensure that every aspect of the hiring process is managed with precision, from compliance to payroll and employee support.

Here’s how Siegen supports your financial company:

Compliance Experts

Full Compliance with Enhanced Security Measures: We handle all legal and regulatory requirements to protect your business and employees. Additionally, we provide secure laptops pre-installed with VPNs, single sign-on controls, and administrative access management to ensure your remote team operates safely and efficiently.

Seamless Payroll & HR

Streamlined Payroll and Benefits Management with Real-Time Visibility: From managing salaries to ensuring healthcare contributions and compliance with local tax laws, we handle all aspects of payroll. Plus, our platform allows you to track employee payments and payroll summaries, offering complete transparency.

End-to-End HR Services

Recruitment Expertise at No Extra Cost: As a licensed recruitment firm in the Philippines, Siegen Solutions maintains a robust applicant tracking system filled with highly qualified candidates across various industries. Unlike other EOR providers, we include recruitment services as part of our package, ensuring you find the perfect fit for your team without incurring additional costs.

Real People, Real Support

Dedicated Human Support for HR and Payroll: Our HR and payroll experts are just a call or email away, providing real-time support for any employee-related queries or concerns. This human-centered approach ensures seamless operations and personalized assistance.

The financial services industry thrives on accuracy and efficiency, and Filipino remote bookkeepers and accountants deliver just that. Whether you need CPAs for compliance and reporting or non-CPAs for day-to-day bookkeeping, Filipino professionals provide the expertise and scalability you need to grow. By partnering with an Employer of Record like Siegen Solutions, you can streamline operations, reduce costs, and focus on delivering value to your clients.

Ready to optimize your financial operations? Contact Siegen Solutions today to discover how an EOR can help your firm build a high-performing remote team.

Download Our FREE Employer of Record Guide

Want to learn more about how an EOR can simplify your expansion into the Philippines?

Download our FREE Employer of Record Guide and get all the information you need to start hiring confidently.

Award-Winning Excellence at Your Service

Philippines' Top 1 Best Place to Work 2023, 17th in Asia—bringing award-winning HR excellence to meet your needs.

Talk to our Team!

Connect with a Siegen Solutions expert to explore how our Employer of Record services make it easy to hire top Filipino talent without the need to establish a local entity.

Stay compliant with local labor laws and regulations, minimizing risks and ensuring smooth operations.

Optimize your growth potential with our flexible services that adapt as your business expands, all while keeping overhead expenses low.

Leverage our extensive experience in sourcing and recruiting top remote talent to find the perfect fit for your needs.

Benefit from our complete coverage of administrative tasks, including payroll and tax management, so you can focus on driving your business forward.

Ready to enhance your hiring strategy with our EOR services?

Schedule your personalized consultation today!