Tackling the Accounting Shortage with Outsourcing

What’s behind Australia’s accounting skills shortage?

The skills shortages Australia is experiencing are having a profound effect, leading many businesses to consider accounting outsourcing as a solution to at least one area of their operations. Despite some improvement in the number of overseas candidates after border restrictions were eased post-Covid, according to CPA Australia, there is still a dearth of accountants available to fill the number of accounting jobs on offer. Other factors contributing to the shortfall in people with accounting skills include an ageing population — older people retiring and insufficient younger candidates stepping up to replace them — and the increased attractiveness of alternative careers.

What are the benefits of offshore accounting?

Better profitability and savings on costs are just two of the positive results of accounting outsourcing when it is delivered by an experienced and dedicated accounting services firm. Cost savings start at 70%, and they are not restricted to staff wages. Your business can also be relieved of expenses such as payroll tax, and spending on rent, hardware, utilities and other financial burdens.

There is more information on using offshoring to control your costs here.

With time-consuming and labour-intensive tasks being taken care of by remote staff with accounting skills, the onshore operation can dedicate itself to more client-facing tasks, with the focus on customer care and attention and boosting the client experience.

To achieve successful and sustainable finance outsourcing, your business should not only focus on boosting revenues and reducing costs but also on outsourcing skills to highly qualified people on your offshore accounting team. By diversifying your staff, you are future-proofing your business and enhancing competitiveness. Accounting outsourcing allows you to tap into a more highly qualified and harder-working talent pool for less outlay.

The examples outlined above represent just a few of the benefits of outsourcing with Intogreat Solutions.

Why should I consider outsourcing with Intogreat to the Philippines?

The Philippines has much to offer to businesses who are looking to scale up and achieve their long-term business goals. The benefits of outsourcing accounting skills to Intogreat Solutions Philippines include:

• Filipinos are well-known all over the world for their hospitable and empathetic nature.
• Working with an offshore accounting team in the Philippines is easy as the people are proficient in English.
• Your accounting outsourcing team in the Philippines is flexible and will have no problem in working in alignment with your local business hours.
• With a population that understands English well, Filipinos have adapted to Western culture. Filipinos are also hard-working, results-oriented and can collaborate smoothly with your onshore team to ensure maximum productivity and efficiency.
• More than 700,000 graduates join the Philippines’ workforce every year. The country’s diverse educational opportunities provide the job market with highly educated, job-ready graduates possessing technical and soft skills. This massive resource of well-qualified and adept offshore accounting professionals means that hiring a team with accounting skills in the Philippines will help you transform and expand your business in no time.
• The Philippines has a lower cost of living index than Australia. Savings on salaries can deliver the same level of productivity (or even better) at less cost, thus providing your business with a golden opportunity for growth.