The accounting profession has always been highly sought after across all industries. In recent years, there has been a rise in new businesses, which also equates to a rise in demand for accountants.
Unfortunately, with the COVID pandemic, economic changes, inflation and the ‘Great Resignation’ surrounding the global job market, businesses and firms are seeing a record number of accountants leaving their profession.
Furthermore, over 75% of CPAs will retire in the next 15 years, according to a study done by the American Institute of Certified Public Accountants (AICPA). But the predicament does not end there. Since 2018, the number of accounting graduates has been dropping. It will be a challenge to replace the old generation of accountants with professionals of the same calibre. There will be a more apparent mismatch in the supply and demand of talent, as some candidates will not be able to meet all the required skill sets by companies.
Though some accounting professionals choose to stay in the field, their motivations are changing. They are now seeking to increase their salaries and find more flexible schedules during this tight labor market.
Businesses have a couple of solutions to address the accounting talent shortage. First, they can choose to fill in the positions with junior accountants and invest in training and developing their skills. While this allows companies to get the accounting positions filled, it takes time to upskill resources and it can be challenging for the business if the need for an accounting expert is pressing.
There is a more efficient and viable solution to consider – offshoring qualified accounting resources to keep up with the business demands.
Resolving the Accounting Talent Shortage with Offshoring
Outsourcing or offshoring qualified accounting professionals from the Philippines is gaining prevalence in the global market. The Philippines is home to a rich pool of accounting professionals. Approximately 8,000 newly qualified CPAs join the profession each year and are employed by local and global businesses.
Offshoring the accounting labor force to the Philippines is one viable option to solve the ongoing talent shortage. Hiring accounting professionals from the Philippines is a cost-effective strategy that does not compromise the quality of talent and resources.
Filipino accounting professionals are trained in the fiscal and financial systems of the West, making it easier to integrate them with global teams and processes. Moreover, they are effective communicators with an excellent command of the English language which allows them to seamlessly work with English-speaking teams from other countries. They are also a hardworking and dedicated workforce that takes pride in providing top-notch service.
Accounting Resources You Can Outsource
Due to the professionalism, excellent skills, and qualifications of accountants from the Philippines, the country is now a hub for global businesses looking for the following resources:
- Accounts Payable/Receivable Specialist. The Philippines has a rich talent pool of experts with the skills, experience, and attention to detail to monitor funds to be received from clients and expenses owed to suppliers.
- Bookkeeper. Bookkeepers are one of the most outsourced roles. They help a business maintain transaction records and ensure accurate book entries. The Philippines has highly skilled bookkeeping professionals who are not only known for their expertise but also for their high retention rate, making them highly sought after talent in the outsourcing market.
- Payroll Specialist. Businesses require a specialist who will process all aspects of payroll, as well as maintain records of employee pay and rate. You can hire highly skilled and experienced offshore payroll specialists in the Philippines for a fraction of the cost when compared to hiring locally.
- Accountant. Accountants play a vital role in keeping a business on top of its finances. Their function goes beyond crunching numbers and can extend to offering expert advice on identifying financial inefficiencies and the company’s overall financial health. The Philippines is an outsourcing powerhouse for this function.
An Outsourcing Expert Ready to Help You Solve the Accounting Talent Shortage
By outsourcing highly-skilled, industry-specific talent that also aligns with the company culture, your company can increase capability, and capacity. Offshoring is a proven cost-saving strategy, and with an expert offshoring partner, it can also be a catalyst for business growth and operational efficiency.
Satellite Office is your premium outsourcing solutions provider that will help you find qualified professionals that match your business needs. Over the years we have helped global accounting firms grow their operations by establishing, building, and managing dedicated offshore Accounting & Bookkeeping teams.
Looking for an offshore support service partner? Get a free assessment now, and let’s see how we can help.