According to S&S Insider, the value of the business process outsourcing (BPO) market of accounting and finance amounted to a staggering $60.93 billion USD, with a 2032 projection of $134.65 billion USD. The demand for such services is fueled by companies’ need for innovation, scalable solutions, and access to specialized and cost-effective talent.
In the US, there is a lack of 340,000 accountants. Coupled with retiring professionals and labor shortage, it’s no wonder that accounting and finance are one of the most outsourced departments in the US. If you’re looking for local cost accountants or cost accounting companies, you’re missing out on the opportunities and benefits that outsourcing offers.
Luckily, the Philippines is here to help. With 851 BPO providers, you have plenty of options. To help you search for the right provider, we created a list of the best cost accounting companies in the Philippines — containing a mix of BPO and accounting firms.
What Is Cost Accounting? Definition and Types
Cost accounting is a task in which accountants record and analyze a company’s fixed and variable production expenses. This accounting branch aims to optimize costs and enhance efficiency while ensuring profitability. Below are the common types of cost accounting:
Standard Costing
Standard costing provides estimated costs in production, including materials and overhead, under normal conditions. By comparing actual costs with standard costs, a cost accountant can determine whether there is an excess in the projected spending.
Marginal Cost Accounting
In marginal cost accounting, accountants focus on variable costs, such as commissions and direct labor, resulting from the production of one additional unit. They also use this approach to make short-term decisions and analyses regarding pricing, production level, and profitability of goods and services.
Lean Accounting
Lean accounting refers to the improvement of a business’s accounting processes to drive operational efficiency, minimize waste, generate revenue, and ensure customer satisfaction.
Activity-Based Cost Accounting
Activity-based cost accounting, or ABC accounting, refers to an approach in which purchase orders, product and machine inspections, and other activities related to the production of goods and services are identified and provided with indirect and overhead expenses.
By using ABC accounting, cost accountants can track an organization’s production activity expenses, detect low-value activities, and improve product pricing.
Job Costing
Job costing involves the tracking of costs in the creation of an output or service, such as a custom-made product, construction project, or medical service. This cost accounting technique helps businesses determine how much a project costs, effectively balancing fair and appropriate product pricing with profitability.
What Does A Cost Accountant Do?
A cost accountant is a versatile professional — one who wears many hats on the job. One day, they are financial analysts and strategists; the next, they are collaborators and budget managers.
Essentially, a cost accountant’s job responsibilities involve tracking costs, analyzing financial reports, and preparing and managing the company's budget. Because cost accounting is inherently collaborative, they work with management to provide insights on optimizing costs and driving profitability.
Best Cost Accounting Companies In the Philippines
Here are the top cost accounting companies to consider partnering with in the Philippines:
1. Best Overall: KDCI Outsourcing
Located in Pasig City, Philippines, KDCI Outsourcing — or KDCI — is a BPO company that excels in building dedicated offshore teams for businesses in a wide array of industries. It specializes in multiple finance and accounting services, including accounts payable and receivable, auditing, cost accounting, financial management, and tax accounting.
KDCI onboards cost accounting professionals who are proficient in your company’s accounting software. Whether it’s Wave Accounting, FreshBooks, or any accounting program, you can count on them to automate financial data collection and entry, optimize pricing strategies, create budgets, calculate cost of goods sold (COGS), and enhance decision-making.
These cost accountants are also strategic and critical thinkers, providing appropriate financial advice to help in-house management and executives make informed short and long-term business decisions.
Thanks to KDC’s vast experience in outsourced accounting, it stands as one of the best BPO companies for businesses seeking scalable, cost-effective, and technology-driven cost accounting services.
2. Best for Financial Data Protection: Flatworld Solutions
Flatworld Solutions, or FWS, is a BPO company offering a portfolio of outsourcing services in accounting and finance, engineering, mortgage support, software development, and many more.
By outsourcing cost accounting to FWS, you can work with high-performing cost accountants who can conduct break-even, contribution, overhead, and variance analyses to monitor variable costs, drive profit, and enhance business performance. They can also create cost compliance reports and analyze cost accounting records. If you’re struggling with pricing, your Filipino cost accountants can help you set appropriate prices for your products.
FWS promises cost-effective outsourced cost accounting solutions at world-class quality, letting you experience the top-tier talent of Filipino cost accountants while ensuring a positive ROI in outsourcing. All your financial data is in safe hands, too, as the company has an ISO/IEC 27001 certification demonstrating its commitment to data protection.
Because of these perks, FWS positions itself as a trusted partner for US clients who prioritize high-caliber talent and unparalleled data privacy.
3. Most Diverse Cost Accounting Roles: Outsourced
Outsourced is an ISO-certified outsourcing firm offering world-class, full-time roles in creative, finance and accounting, healthcare, marketing, and other related fields. Among its outsourced accounting roles are:
- Auditors
- Accounts payable specialists
- Accounts receivable specialists
- Bookkeepers
- Cost accountants
- CPAs
- Financial analysts
Its cost accountants, especially, excel in financial planning and strategic thinking. These skills enable them to assist your internal management with asset management, cost optimization, profitability analyses, and decision-making — all of which contribute to your company’s financial performance and stability.
By working with Outsourced’s cost accountants, you get exposed to new and innovative cost accounting solutions, further elevating your business’s finance operations and success.
Like other BPO companies, your offshore team is scalable. This means you can hire another cost accountant and augment your team without straining your outsourcing budget and operational costs. Additionally, Outsourced offers cost accountants from junior to managerial level, as well as cost accountant analysts and assistants.
Whether you’re doubling your headcount or building a full team of cost accountants of varying seniority levels, Outsourced can support your accounting needs every step of the way.
4. Best for Stable Outsourcing Partnerships: KamelBPO
Based in Clark Freeport Zone, KamelBPO is an outsourcing company helping clients build offshore teams for any function or department, such as accounting and finance, customer service, data analysis, and HR.
KamelBPO’s cost accountants can perform cost analyses, conduct financial reporting, and draw up and manage your business’s budget. These help you track expenses and create opportunities for cost savings.
Equipped with strong analytical skills, your cost accountants can review financial reports, uncover trends, and provide data-driven decisions that guide your business to a better financial position.
They can also liaise with your internal management and offer insights and strategies regarding costs, product pricing, and other financial matters, making sure that every recommendation contributes to your business’s short- and long-term goals.
With Kamel BPO’s over 98% retention rate, it gives you the impression that all its accounting professionals are in good hands, so they’re likely to stay with you and the company for months and years to come.
Overall, KamelBPO stands as a reliable outsourcing partner who delivers not just cost savings, but also world-class cost accounting professionals who are dedicated to your success.
5. Best Accounting Firm With CPAs: D&V Philippines
D&V Philippines is an accounting firm with clients spanning from Singapore to the United States. It offers diverse finance and accounting services for chief financial officers (CFOs), accounting practices, and wealth management companies. These include bookkeeping, compliance, cost accounting, financial planning, management accounting, taxation, and many more.
Furthermore, D&V Philippines has cost accountants (and other accounting professionals) of three seniority levels:
- Junior Associate (JA): Fresh accountancy graduates who have one or less than years of work experience.
- Associate: Certified Public Accountants (CPA) who have two to three years working as an accountant.
- Senior Associate (SA): The most experienced out of all CPAs, boasting at least three to five years of work experience.
Employing a flexible service model, this accounting firm tailors its cost accounting solutions based on your staffing and expertise needs. With the ability to scale your business operations, your firm or accounting department can prepare financial reports on time during busy periods.
D&V Philippines also has business continuity plans in place to ensure continuous service delivery during typhoon season or any situation outside of its control. It also doesn’t offer a lock-in contract or charge a termination fee, so you can end your partnership with the service provider if it no longer serves your business needs.
Overall, D&V Philippines is one of the best Philippine accounting firms for clients seeking highly skilled accounting professionals and scalable cost accounting solutions that promise significant cost savings.
6. Most Highly Accredited Cost Accounting Firm: Forvis Mazars
Forvis Mazars is a premier accounting firm with over 40,000 professionals globally. Its Makati-based office, Forvis Mazars Philippines, Inc., is accredited by institutions and regulatory boards, such as the Anti-Money Laundering Council, Bureau of Internal Revenue, Central Bank of the Philippines, and the Professional Regulatory Board of Accountancy.
This company offers auditing, accounting, financial advisory, legal, secretarial, and taxation services, among others. From the real estate to the manufacturing industries, Forvis Mazars has accountants and auditors who are experienced in your particular industry, enabling them to deliver world-class finance services tailored to your industry’s norms and needs.
With its commitment to client satisfaction, Forvis Mazars not only maintains compliance and hires the best accounting professionals, but also promotes continuous growth and improvement in the workplace. Due to these standards and practices, the firm establishes itself as a dependable accounting partner that lives and breathes excellence and integrity.
7. Best for Continuous Improvement: Frontline Accounting
Headquartered in Quezon City, Frontline Accounting is a leading accounting firm trusted by clients globally. While it typically offers outsourced accounting and finance, auditing, and insolvency roles, it also provides outsourced roles outside of finance, like customer service and digital marketing.
As a company with a rigorous hiring process, Frontline Accounting only hires accounting professionals who have a fervent passion for excellence as well as the skills, qualifications, and character to work with US clients. This firm also trains its offshore accountants in leadership, US taxation, and other skills to enhance service quality and foster a culture of continuous improvement.
When outsourcing accounting to Frontline Accounting, take note that you’re responsible for managing your offshore accountants. Employee attendance and HR-related functions, however, will be handled by the company itself.
To conclude, Frontline Accounting is a great pick for US companies that strive for growth and refuse to settle for mediocrity.
8. Most World-Class Accounting Firm: Crowe Philippines
Crowe Philippines, also known as Ramon F. Garcia and Company, CPAs, is an accounting firm with over four decades of experience offering world-class accounting, advisory, auditing, outsourcing, taxation, and risk management services.
Its outsourcing services — handled by the Crowe Philippines Consultancy Inc. (CPCI) — support diverse finance functions, including accounting, bookkeeping, general ledger accounting, payroll processing, and more. Having worked with clients from various industries, CPCI creates tailored solutions that help address their pain points.
CPCI’s expert accounting team possesses not just deep accounting know-how, but also industry knowledge to deliver services that surpass your standards and performance benchmarks. To ensure operational efficiency, CPCI provides recommendations for accounting technologies personalized to the needs of your company or accounting department.
Overall, choose Crowe Philippines and CPCI if you want an accounting firm with the full package of skilled experts, personalized technology recommendations, and vast industry knowledge.
9. Best for MSMEs: KG Consult Group, Inc.
Headquartered in Makati, KG Consult Group, Inc. is a leading accounting company serving both local and international micro, small, and medium enterprises (MSMEs). It offers services in accounting and bookkeeping, business registration, compliance, financial advisory, HR and payroll, IT, and tax compliance.
By partnering with KG Consult Group, Inc., US-based clients can virtually collaborate and schedule meetings with their offshore accountants — all of whom are proficient in your preferred accounting system, whether that’s Microsoft Dynamics or Xero. Alternatively, you can also choose to use the firm’s very own accounting system.
All of the company’s accountants boast unmatched accuracy, ensuring that all financial reports are error-free and comply with US accounting standards.
Although it doesn’t have a set contract period, opting for a retainership set-up will have a six-month contract period. Hence, when outsourcing to KG Consult Group, Inc., it’s important to remember that your type of working relationship with the firm will influence the contract period.
Overall, KG Consult Group, Inc. is a solid choice for US companies looking for an outsourcing partner with comprehensive services and keen-eyed accountants who are experts in internal or third-party accounting systems.
10. Best for Hiring US-Trained Cost Accountants: TOA Global
TOA Global is a staffing solutions company specializing in finance and accounting. It provides US and international clients with outsourced roles for accounting, auditing, bookkeeping, and executive assistance.
The company also has accountants who specialize in US accounting practices. Apart from their degrees in accounting or finance, these professionals undergo hundreds of hours of training to learn the intricacies of the country’s accounting processes and principles, equipping them with the skills and knowledge to deliver high-quality and US-compliant accounting services.
Thanks to TOA Global’s high retention rate, you enjoy the privilege of working with accountants who will consistently provide excellent services and remain committed to your business’s future growth and success.
If you’re a stickler for compliance and consistent service quality, TOA Global is a great outsourced accounting partner for you.
Outsource Cost Accounting to KDCI Outsourcing
Working with a local cost accountant or accounting firm can balloon your expenses real quick, leaving you little wiggle room for scaling and strategic business initiatives. But by outsourcing to the best cost accounting companies in the Philippines, you can work with skilled Filipino cost accountants and optimize your budget for high-impact activities.
At KDCI Outsourcing, our offshore cost accounting teams offer not only accounting skills and knowledge, but also the character and work ethic to collaborate professionally with US clients. We cut your labor costs by 70% while simultaneously driving sky-high operational efficiency and business performance.
Transform your cost accounting operations with KDCI Outsourcing. Contact us now so our outsourcing experts can meet up with you ASAP!
