Australia’s international border closures due to the pandemic has raised challenges for accounting firms to recruit and retain staff. Seventy-seven firms in The Australian Financial Review Top 100 Accounting Firms said that they are having trouble finding staff despite increasing sign-on and referral bonuses, raising pay and improving working conditions.
In this day and age of globalisation, many Australian organisations, specifically in the Professional Accounting sector, resort to offshore outsourcing in Australia as a strategy to scale their business and meet the needs of their operations. Zooming into this growing accounting talent shortage in Australia, companies can choose to offshore outsourcing almost all accounting-related roles to the Philippines.
Philippines: Best Offshoring Destination for Australian Companies
Offshoring is a viable way forward to address the accounting staffing crisis. Almost two years into the global pandemic has taught us that people can be trusted to get work done wherever they are, even from a distance. Over the years we have seen SMEs and corporate giants from various industries all over the world outsource and offshore Filipino staff.
Reliable and professional resources from the Philippines offer lower costs in terms of labour and operational expenditure without compromising the quality and excellence of work. The Filipino workforce homes highly skilled and professionally qualified accountants, bookkeepers, accounts payable-receivable officers, payroll specialists and various other roles in financial services.
Aside from having a closer time zone to Australia, the Philippines has an abundant labour force of 44+ million (GDP of c. $305bn) with over 640,000+ college graduates per year. Filipinos are highly educated with strong English proficiency, as a matter of fact, the Philippines is the third-largest English-speaking country in the world. Filipinos also have a strong affinity to Western culture.
Practical Business Growth Strategy
Offshoring offers a wide range of benefits and advantages for businesses that welcome and embrace the practice.
- Firms are enabled to hire highly skilled accounting outsourcing talent overseas more cost-efficiently Three highly skilled offshore resources can be the same cost as one local staff. This gives them a significant annual cost savings of 70% per employee
- Offshoring gives businesses the leeway to scale at speed
- They are empowered to increase capacity and capability depending on business requirements and client demands
The Philippines remains to be the top outsourcing and offshoring destination for Australian companies. Businesses continuously hire Filipino talent to help them with their needs and continue to deliver services to their customers.
With the right provider, offshoring becomes more than a cost-saving strategy, it becomes a business growth strategy! It can help companies improve business efficiency and increase capability and capacity with highly-skilled, industry-specific resources that are also aligned with their company culture.
Satellite Office is your premium outsourcing solutions provider and the trusted partner of Australian Accounting Firms in successfully establishing, building, and managing a dedicated offshore Accounting & Bookkeeping team to grow their operations.