As I pause to look back on my incredible five-year journey at Profitmaster, I’m overcome with a profound sense of gratitude and pride. What began as a new professional chapter after relocating from Dubai to the Philippines has blossomed into a transformative experience that has shaped both my career and my personal growth.   When I joined the Profitmaster family in 2019 as the Executive Assistant to our esteemed leader, Richard, I had no inkling of just how enriching this experience would be. Working in such close proximity to an exceptional visionary leader has been an honor and a privil ..read more

In today’s increasingly globalised accounting sector, outsourcing has become a key strategy for Australian firms to streamline their operations and maximize efficiency.  Among the popular outsourcing destinations, the Philippines has emerged as a hub for accounting outsourced services. However, choosing a reputable outsourcing partner is a critical decision that demands careful consideration.  Here are my Top Eight “best practice” strategies for accountants when selecting a reliable outsourcing partner in the Philippines.   1. Assess Existing Accounting Experience: One of the fo ..read more

Efficiency and productivity are two of the most popular goals among managers today. Everybody wants better results with fewer resources. Because efficiency and productivity are highly sought after they are often mistakenly interchanged.  They are two different things, although closely related.   The Difference Between Efficiency and Productivity Efficiency is about producing the same output using fewer resources, while productivity is producing more output using the same amount of resources.  Efficiency is about working smarter while productivity is working harder.  The fi ..read more

Virtual teams. Remote work. Outsourcing. Offshore staff. These terms were not used in the business world 10 or 15 years ago as much as they are today. People were forced to work remotely, accelerating the shift to a global team setup. A SocArXiv paper shows that: 80% of global corporate remote work policies adopted virtual and hybrid forms of work collaboration by June 2020; and For 64% of organisations, remote working has become a permanent change. TeamBuilding cites that remote job openings on LinkedIn more than tripled between 2020 and 2021. Global business teams are here to stay. Busines ..read more

We understand that in order for us to be the best in our industry, our employees must first be the best. That is why we encourage our employees at Profitmaster to live their lives to the fullest and to pursue their personal and professional goals. We accomplish this by ensuring that they have a healthy work environment that provides them with all of the encouragement and motivation they require to get to the next level. Here are some of our best practises that set our workplace apart!   Free Lunch We believe that getting out of the office and spending time with coworkers is important, so ..read more

Effective communication is critical to productivity and efficiency, whether you run a small business or manage a large corporation. Communication has a significant impact on how well employees collaborate and perform their jobs. However, when it comes to outsourcing projects, it’s critical to be able to communicate effectively with both your offshore team and the other parties involved.   Impact of Communication on Management At Profitmanster, we recognize the fact that management relies heavily on communication. To be successful, any type of business must have efficient processes and sys ..read more

The inflation rate in the Philippines hit 7.7 percent in October 2022, according to a report released this month by the Philippine Statistics Authority (PSA). The agency said this is the highest inflation rate since December 2008 and was pushed by a 5.4 percent year-on-year increase in the average consumer price index (CPI) for January-October 2022 vs. 2021. The PSA explained that the primary driver for faster inflation was the higher annual growth rate in the index for food and non-alcoholic beverages, which was up from 7.4 percent in September to 9.4 percent in October 2022. The report also ..read more

Did you know many businesses are subjected to new cyber threats on a regular basis? Worse, these threats are continually evolving.   According to IBM, the global average cost of data breach in 2022 was $4.35 million. That’s an increase of about 12 percent since 2020.   And it’s not just big businesses that are taking the huge blows. Around 60 percent of small businesses sink into bankruptcy within six months after a data breach.   What’s the cyberattackers’ favourite target? The highly sensitive healthcare data. And that’s just the tip of the iceberg.   Highly regulated ind ..read more

It appears that the majority of organisations are following the trend of global outsourcing. As a result of this shift in how companies source their talent, we’re seeing an evolution in the way people work. Cost-cutting Strategy Outsourcing has been fully embraced by businesses like ours as a viable cost-cutting strategy. As businesses look for ways to cut costs in order to stay afloat, outsourcing has become a profound way to do so. In fact, companies stand the chance of saving up to 90% of labour costs while still paying decent wages to its outsourced workforce. According to additional resea ..read more

First, you need to hear the “bad news”:       32% of customers will stop interacting with a brand after one bad experience       50% of customers will do so after several negative experiences       60% of customers will switch brands due to unfriendly service These are findings from the PwC report Experience is everything: Here’s how to get it right.  Now here’s the good news: Keep your clients happy and they will be your customers for life. What clients are looking for Any business needs to find out what its specific target market looks like ..read more