How to tackle the UK Accounting Skills Shortage with Offshore Talent in the Philippines
In recent years, small and medium-sized businesses (SMEs) in the UK have faced a serious shortage of skilled accounting talent. Difficulties finding and retaining accounting talent sucks up management time and lowers profits for these businesses. Many are looking for alternative solutions that won’t compromise quality or blow-up operational costs. One such solution is outsourcing accounting in the Philippines through companies like Yempo. But don’t be misled by the term ‘outsourcing’. This isn’t about handing off work to nameless individuals. Yempo enables UK SMEs to add dedicated individuals to their teams.
The Current Accounting Skills Gap in the UK
A report by the Financial Reporting Council states that the UK faces an annual shortage of over 10,000 qualified accountants. Due to the high demand, salaries for these roles have surged by nearly 20% over the last five years, putting them out of reach for many SMEs.
Auditors, Accounts payable/receivable, bookkeeping staff are all in short supply.
Offshore Accounting in the Philippines: A Smart Solution for UK SMEs
One of the most effective ways to address this talent gap is through outsourcing accounting to the Philippines. Yempo connects SMEs with dedicated professionals who become long-term, embedded members of each client’s team. Yempo’s accounting professionals are not shared resources; they work solely for one client, building familiarity with the client’s business and providing valuable continuity and expertise.
The Philippines has developed a strong pool of highly trained, English-speaking accounting professionals who meet international standards like IFRS and GAAP, making them well-suited to UK business requirements.
Why Outsource to the Philippines?
1. High-quality, affordable talent
With cost savings of 60 to 70% compared to UK salaries, hiring an accountant in the Philippines allows SMEs to secure top-notch skills without the financial strain. For example, our clients can save up to £30,000 annually on a single accounting role.
2. Valued team members, great client service
Because team members are dedicated solely to one client, they develop a thorough understanding of your business and its clients. They can directly answer client calls and emails. They use the same software that your UK-based staff use. They build business relationships that short-term contractors cannot develop.
3. Streamlined Management and Operations
Yempo handles all recruitment admin (with clients having the opportunity to interview and select from shortlisted candidates), HR, payroll, technology provision, and legal compliance. This allows clients to focus on their core business. SMEs simply pay a guaranteed monthly fee, covering all offshore staffing salaries and administration.
Case Studies: Real Results
- Accounting Consultancy: A growing consultancy partnered with Yempo to handle increased client workloads affordably. Yempo’s accounting talent integrated fully, helping the business reduce costs by 60%.
- Auditing Firm: An audit firm used Yempo to establish a Philippines-based team that freed up local talent for other activities. The new setup streamlined processes, enabling the firm to focus more resources on client-facing activities.
- UK Healthcare Investment Business: “Yempo reduces our costs. Their complete recruitment, HR and regulation service protects our business from risk. Michelle, Yempo’s CEO, is a friend in your camp. We know we’ve someone whose brain we can pick and that will give us valuable advice.’’ – Lizzie R, Group Head of People and Culture.
Ready to Bridge the Accounting Skills Gap?
As the UK’s demand for accounting skills grows, consider outsourcing accounting to the Philippines through Yempo. With access to affordable, dedicated, and skilled professionals, your SME can stay competitive, responsive, and financially stable in an ever-evolving market.
For more details, book a 15-30 minute chat.
For an instant cost comparison use our online quote tool (note: contact us for specific role requirements).
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