INTHEBLACK August 2024 - Flipbook - Page 34
The economy of the
Philippines is one of the
fastest growing in the region,
with the government
forecasting 2024 GDP
growth of up to 7 per cent.
Business process
outsourcing (BPO)
contributes billions to the
Philippine economy each
year, and its revenue is
expected to increase.
The Philippine BPO
engagement model for the
accounting profession has
evolved to include the provision
of advanced accounting skills
and business acquisition.
Accountants
without borders
Business processing outsourcing (BPO) has evolved into one of the most
important industries in the Philippines. The services offered have become
more sophisticated, prompting some Australian firms to use outsourcing
to manage the accounting skills shortage.
Words Lachlan Colquhoun
Darlow Parazo FCPA9s Philippine-based
accountancy firm, DBA Global Shared
Services, has always had a deep engagement
with Australian industry.
Based in Subic Bay, about 150 kilometres
northwest of the capital Manila, the firm’s
original business model sought to provide
outsourced processing and administrative
services to Australian accounting firms.
Over time, it has evolved. In addition
to keeping the BPO operation going –
servicing about 80 Australian accounting
firms, 30 financial planning practices and
thousands of self-managed super funds –
DBA has been in acquisition mode.
The company has been buying small
Australian accounting firms and keeping
the head offices and client engagement in
34 INTHEBLACK August 2024
Australia, while leveraging its back office and
administration capabilities in the Philippines.
“These are typically firms with A$1 million
or so in annual turnover and are often headed
by founders who lack a succession plan,”
Parazo says, who lived in Australia for more
than 10 years and worked as a practitioner
for small-to-medium-sized businesses.
“We’ve acquired about five firms this way, and
the Australian leads have been happy to stay on
and work with us to ensure a smooth transition
as they transition themselves into retirement.”
The firms that DBA has been acquiring
and servicing share a similar profile – they
are typically small practices that have strong
personal client connections and engagement
but need assistance with administration
and compliance.
